Konsolide Finansal Tablolar 2016 - db-X markets
Transkript
Konsolide Finansal Tablolar 2016 - db-X markets
Deutsche Bank 31 Mart 2016 Tarihi Mbariyle Hazirlanan Ko.nsoli.de Finansal Tablolar ONEiVSLS NOT Deutsche Bank AG’nin ara donem i.neeIerne raporurtun ekie yer alan TQrk$e tercumess sadece bilgilendirme amaciyla hazirlanmi§tir. Soz konusu tercume, Deutsche Bank AG'nin denetgiieri veya yoneticiferi tarafmdan incelenmi§ ve onaylanmi§ bir tercurrie niteliginde olmayip tamamiyia yatirimci adaylarmin www.db.com adresinden ula§abiiecekleri ara donem inceleme raporunun ingilizce versiyonundan alinmi§tir ve Ingilizce versiyon ile birlikte gegerlidir. Ingilizce ve Turkge versiyonlar arasmda <?eli§ki buiunmasi halinde ingilizce versiyon esas almmalidir. m i§bu beige ingilizce fotokopisinden T iirl^ e’ye •arafimdan kisrni olarak tercum e edilmi§tir. F X D a fA S B N S Y A SEMi DiL'HiZMETLERl T e l / ' 0212 325 9S 98 W Jks 0233" 181 42 59 E-m ail sem i@ atlas.net.tr t 2 - T e y itle r D eutsche Bank 3 ! M a r t 2 0 1 6 itib a riy la A r a D o n e m R a p o r u Inceleme Raporu Deutsche Bank Aktiengesellschaft, Frankfurt am Main D eutsche B an k A k tien g esellsch aft, F ran k fu rt am M a in ’in,W pH G (A lm an M en k u l K iy m e tler T iearet K an u n u ) M a d d e 3 7 w u y a n n c a U9 ay lik finansal donem kism m i o lusturan 1 O cak - 31 M a rt 2016 arasm d ak i hesap d o n em in e ait k o n so lid e g elir tablosu, konsolide k apsam li g elir tab lo su , konsolide bilan?o, k o n so lid e o zk ay n ak degt§im tab lo su , konsolide n a k it akim ta b lo su ve sefilm i? a 9iklayici no tlard an o lu?an ara d onem d zet konsolide finansal ta b lo la n ile birlikte, D eutsche B ank A k tie n g e se llsc h a ft’m ara donern k o n so lid e finansal tab lo larin i incelem i§ bulu n u y o ru z. D eutsche Bank A k tien g esellsch aft y o n etim i, 5 zet ara donem konsolide finansal tab lo larm , U lu slararasi M uhasebe S tand artlari K u ru lu (IA S B ) ta ra fm d a n yay im lan an ve A v ru p a B irligi (A B ) ta rafm d an benim senen U lu slararasi M u h aseb e Standards U M S 3 4 ’e “A ra D onem F inansal R ap o rlam a” uygun olarak h azirlan m asin d an ve ara d o n em g rup yo n etim rap orunun, ara donem grup y o netim raporlari ifin ge^erli o lan W p H G z o ru n lu lu k la n n a uygun je k ild e h azirlan m asin d an sorum ludur. Bizirn so ru m lu lu g u m u z, o z e t a ra d o n em k o n so lid e finansal tab lo larm ve a ra d onem grup y o netim raporun in celen m esin e ili§ldn ula?ilan so nucun afiklanm asidir. O zet ara donem k o n so lid e finan sal ta b lo la r ve ara donem grup yo n etim rap o ru uzerin d ek i incelem em iz In stitu t d er W irtsch aftsp riifer [A lm anya D en et?iler B irligi] (ID W ) ta rafm d an yayim lanrm ? ve A lm a n y a ’d a gene! k ab u l gorm u§ olan fin ansal tab lo denetim stan d a rtla rm a uygun oiarak ger^eklegtirilm i^tir. Bu stan d artlar, incelernenin, ele§tirel d eg erlen d irm e y o luyla, o zet ara donem k o n so lid e fin an sal tab lo larm , o n em li ta ra fla n y la , U luslararasi M u h aseb e S tandartlari K u ru lu (IA SB ) ta rafm d an y ay im lan an ve A v ru p a B irligi (A B ) ta rafm d an ben im sen en U lu slararasi M uhasebe Standard! U M S 3 4 ’e “A ra D dnem F in an sal R ap o rlam a” uygun o larak hazirlanm am i§ o lm asm m , ve ara donem grup y o n etim ra p o ru n u n , o n em li ta ra fla n y la , ara donem grup y o n e tim rap o rlari i$in g eferli olan W pH G g erek lerin e uyg u n o larak hazirlanm am i§ o lm asm m , belli b ir seviyede gtivence ile online g e 9e b ileceg im iz je k ild e p lan lam am izi ve g e r^ e k lejtirm e m izi g erek tirm ek ted ir. B ir incelem e tem elde §irket 9ali§anlarm a g oru§m eler y ap ilm asi ve an alitik d eg e rle n d irm eler ile sim rlidir, dolayisiyla, tam k ap sam h d en etim e k iy a sla d a h a az gtivence saglar. T am kap sam li bir den etim 9ah§m asi yiiriitU lm em esi n ed en iy le b ir denetirn gorii§u b ild irilm em ektedir. In celem em iz so n u cu n d a, o zet a ra d onem k o n so lid e finansal tab lo larm , onem li ta ra fla n y la , U luslararasi M u h aseb e S tan d artlari K u ru lu (IA S B ) tarafm d an y ay im lan an ve A v ru p a B irligi (A B ) tarafm dan b en im sen en U lu slararasi M u h aseb e S tandardi U M S 3 4 ’e “A ra D onem F in ansal R ap o rlam a” uygun o larak hazirlanm am i§ o ld u g u n a, v ey a ara donem grup y o netim rap o ru n u n , onem li tara fla n y la, ara donem g rup y o n etim rap o rlari i 9in g e 9erli olan W pH G gerek lerin e uygun o larak hazirlanm aim § o ld u g u n a ili§kin hi^:bir h u su sa rastlanm am i§tir. F ran k fu rt am M ain (A lm an y a), 2.7 N isan 2016 K P M G A G W irtsch aftsp riifu n g sg esellsch aft P u k ro p sk i W ir ts c h a f ts p r iif e r i§bu beige ingilizce fotokop^sinden Tjjrk^e’ye tarafim dan kisma olarak terciim e edilmi^tir. £ L D A P A SEN SY A S E M I D iL H IZ M E T L E R i Tel. 0 2 1 2 ^ 2 5 9$ $S Faks 0212 2 8 1 4 2 59 E-m ai! sem i@ atlas.nel.!r B e ie r W ir ts c h a f ts p r iif e r D eutsche Bank 31 M a r t 2 0 1 6 itib a riy ia A r a D o n e m R a p o r u 3 - K o n s o i i d e F in a n s a l T a b lola r K o n so lid e G e lir T a b lo s u (d e n e tle n m e m i? ) G e lir T a b lo su m € F aiz ve b en zeri g elirier F aiz g iderleri N et fa iz j»eliri K redi d eg er du§u.§ti k ar§ ih k lan K re d i d e g e r dii$ci$ii k a r s ii i k l a n so rtra si n e t fa iz g eliri K om isy o n ve ilcret gelirleri G ergege u y gun d eg er farki k a r veya zarara yan sttilan finansal v arh k lard an /y u k u m liilu k lerd en n et kazan g lar (zararlar) S atilm aya h a z tr finansa! v arh k lard a n n e t kazan g lar (zarad ar) O zk ay n ak y ontem i ile m uh aseb ele?tirilen y atirim iard an elde edilen n e t k azan ? la r (zararlar) V adeye k a d a r elde tutulan y atirim iard an elde edilen n e t kazan g iar (zararlar) D iger g elirler T o p la m faiz di?i g e lir le r Ucret, ve so syal hakiar Gene! ve y o netim giderleri Polige h am illerin in m en faat ve h a k taiepleri Pe§tem aiiye ve d ig er m addi olm ayar. v arh k la rin deger dusukliigii Y en id en y ap iian d irm a faaliyetleri T o p fa m fa iz di^i jjid e rle r G e lir v e rg isi o n cesi k a r ( z a r a r ) G elir vergisi gideri (kar) N et k a r ( z a r a r ) K ontrol gticii oim ayan p a y iara atfed ileb ilir n e t kar (zarar) D eutsche B a n k h isse d a rla n n a ve ek o zk ay n ak b irim lerin e atfed iieb ilir n et kar S e n a e r e n u? a y lik d o n em 31 M a r t 2016 31 M a r t 2015 6,032 6,457 2,108 2,247 3,924 4,210 304 218 3,620 3,992 2.877 1,297 3,263 2,146 121 106 185 201 0 (257) 4,144 3,194 3,736 44 0 211 7,184 579 343 0 370 6,166 3,433 5,069 153 0 23 8,678 1,479 920 236 559 23 16 544 214 H isse S e n e d i B a^m a K a z a n ? S o n a e r e n ii? a v lik d o n em 31 M a r t 2016 31 M a r t 2015 H isse se n ed i barjina k a z a n e : Adi S ey reltilm ij H isse a d e d i (rnityon): D ola$im daki a g irh k h -o rta ia m a hisse ba§m a tem ei kazancm paydass H isse b a jin a seyreltilm i§ k azan c in pay d asi - d o n iiju m sonrasi diizeitilrni? agirlikh ortalam a h isse adedi € 0 .1 5 € 0 .1 5 € 0 .3 9 € 0 .3 8 1,386.5 1,384.7 1,404.2 1,417.4 Ijbu beige ingilizce fqtokopisinden Tiirk9e ’ye tarafim dan lasm i claral: tercum e edilm ijtir. -ELD A PA SEN SY A S E M l D1L H iZ M E T L E R i Tel. 0 2 1 2 ' 325 98 98 Faks 02-12 i% 1 42 59 E-m ail sem i@ atlas.net.tr 1 D eutsche Bank 3 - K o n s o l i d e F in a n s a l T a b i o l a r 31 M a r t 2 0 1 6 itibarsyta A r a D o n e m R a p o r u Konsolide Kapsam fi Gefir Tablosu (denetknmemis) S o n a e r e n ug a y lik d o n em m € G e iir ta b lo s u n a k a v d e d ile n n e t k a r ( z a r a r ) D iger kan sam li gelir K a r veya z a r a r a y e n id e n s im f la tid in im a y a c a k k a le m te r T anim ianm ig fay d a p lanlari ile ilgili aktileryal k azangiar (zararlar), vergi oncesi K a r / zarara y en id en sim flan d in lam ay an k alem lere ili§kin to p lam gelir vergisi 31 M a r t 2016 236 31 M a r t 2035 559 (177) 121 (118) 229 385 703 (123) (177) 34 (4) 4 5 0 0 0 0 (1,137) 3,642 3 0 13 4 K a r / z a r a r a v ertid en s m if la n d in la b ile c e k k a lc m le r S atilm aya h a z ir finansal v arlik iar DOnern iginde o rtay a gikan, gergekle§m em i§ net k azangiar (zararlar), vergi oncesi D tinem iginde o rtay a gikan, gergekle?m i§ net (kazangiar) zararlar (k ar v eya zarara y en id en sim flan d irilm is), vergi oncesi Nakit. akim lariR in degi^keniigi risk in d en k o ru m a saglayan tu rev ler D o n em iginde ortaya gikan gergekle$m em i§ n e t kazan g iar (zararlar), vergi oncesi D o n em iginde ortaya gikan, gergekle?m i§ net k arlar zararlar (k ar v eya zarara yeniden sim flan d irilm is), v ergi oncesi S atd m ay a h a z ir v arlik iar D o n em iginde ortaya gikan g6rgekle$m em i§ n e t kazan g iar (zararlar), vergi oncesi D onem iginde ortaya gikan, gergekle§m i§ net (kazangiar) zararlar (k ar v eya zarara y en id en sin ifia n d in im is), vergi oncesi Y ab an ci p ara gevrim farklari D onem iginde o rtay a gikan gergekle$m em i§ net kazan g iar (zararlar), vergi Oncesi D 6nem iginde ortaya gikan, gergeklesmi:? net (kazangiar) zararlar (kar v eya zarara y eniden sim flan d m lm i?), vergi 6ncesi O zk ay n ak yontem i ile m uh aseb elejtiriler. y atirim lar D onem iginde o rtay a gikan n et kazan g iar (zararlar) K a r / zarara y en id en sim flan d irilan v e y a sm iflan d in lab ilecek k alem lerle ilgili gelir vergisi toplam i D ig e r k a p s a m li g e lir ( z a r a r ) , v e rg i s o n ra s i T o p la m k a p s a m li g e lir ( z a r a r ) , v e rg i so n ra s i § u n lara atfediiebilir: K ontrol giicii o lm ay an p ay lar D eu tsch e B ank h issed arian ve e k o zk ay n ak birim leri (113) (79) (989) 4,335 (752) 4,695 12 44 (764) 4,651 I§bu beige ingilizce fptokopisinden T i 'u ^ e ’ye tarafnndan kism i olarak tercum e edilmi§tir. ELD A PA SEN SY A S E M I D lL H lZ M E T L E R i Tel. 0212 325 98 98 Faks 0212 281 42 59 E-m ail sem i@ atlas.net.tr 2 D eutsche Bank 3 - K o n s o l i d e F in a n s a l T a b i o l a r 31 M a r t 2 0 1 6 i tib a riy la A r a DQnern R a p o r u K o n so lid e B ilan ^ o (d e n e tie n n ie rn i? ) V arlik iar 31 M a r t 2016 113,040 31 A r a !ik 2 0 1 5 96,940 10,083 12,842 inenkui kiy m etler 22,987 22,456 Odiiri 9 ah n an m enkul k iy m etler 39,369 33,557 m € N ak it ve m erkez b an k asi bakiyeleri B an k alar arasi b ak iy eler (m erkez b a n k a la n harig) Y en id en satim so z lefm eleri u y arm ca satilan m erk ez bankasi fo n la n ve ah n an G erfe g e u y g u n d eg er farki k a r v ey a zarara yan sitilan finansal v arlik iar A h m -satim v a rh k la n 174,947 196,035 T iirev finansal araijiardan p o z itif p iy asa degerleri 581,291 515,594 Gerijege u y gun d eg er farki k a r v ey a zarara yan sitilan finansal varlikiar 107,100 109,253 G erijege u y g u n deger farki k a r v eya za ra ra yansitilan toplam finansal varlikiar 863,338 70,890 820.883 73,583 S atilm aya h azir finansal v arlik iar O zk ay n ak y ontem i y a tin m la n K rediier 1,015 1,013 424,060 427,749 V adeye k a d a r elde tu tu lan m enkul kiym etler 3,233 0 M addi duran varlikiar 2,798 2,846 § erefiy e ve diger m addi o lm ay an d u ran varlikiar D iger v arlik iar 9,906 10,078 171,029 118,137 C ari vergi alacaklari 1,284 1,285 E rtelenm i? vergi alacaklari 7,538 7,762 1,740,569 1,629,130 31 M a r t 2016 559,140 31 A r a lik 2015 566,974 T o p la m v a r lik ia r Y ttfciim liiliik ler ve O z k a y n a k la r m€ M ev d u atlar G eri ah ra so z lejm e lsri u y a n n c a ah n an m e rk e z b an k asi fon'iari ve sati'ian rnenkui kiy m etler O diin? v erilen rnenkui kiym etler 15,115 9,803 2,207 3,270 G e rje g e u y g u n d eg er farki k ar v ey a zara ra yan sitilan finansal yiikum lulukler A h m -satim atriafh yiikum lulukler T tirev finansal a ra fla rd a n n e g a tif p iy asa degerleri G er?ege u y g un d e g e r farki k a r v eya zarara y an sitilan finansal yiikum lulukler Y a tin m sozle§m esi yukttm lulttkleri G er 9 ege u y gun d eg er farki k a r v ey a zara ra yan sitilan finansal yiikS m liilukler toplam i D iger kisa vadeli borylanrnalar 63,810 52,304 561,532 494,076 52,729 44,852 7,917 8,522 685,988 599,754 28,477 28,010 213,682 175,005 K ar$ihklar 9,627 9,207 C ari vergi yiikum liilukleri 1,503 1,699 D ig er yilk iim laltikler E rtelenm i? vergi yukiim ltilU kleri U zu n vadeli b o rfla r T ru st im tiyazli m enkul kiym etler H isse senetierir.i alm a yiikum liilugU T o p la m y iik iim liiiU k ler H isse sen etieri, itibari degeri olm ayan, 2,56 € nom inal degerde 811 746 151,361 160,016 6,112 7,020 0 0 1,674,023 1,561,506 3,531 3,531 Ilave 6denm i§ serm aye 33.451 33,572 D agitilm am i? karlar 21,340 21,182 (210) (10) H azin e hisseleri, m aliyetten H isse senetierir.i satm alm a yiikum liiliigu olarak sim flandirilan ozkay n ak lar B irikm i? d ig er kapsam li gelirSer (zararlar), vergi so n ra si1 T o p la m h is s e d a r iiz k a y n a k la n ilav e o zk ay n ak bile§enleri2 K ontro! gucii o lm ayan p ay lar T o p la m o z k a y n a k la r T o p la m y iik u m liiliik le r ve o z k a y n a k la r 0 0 3,482 4,404 61,592 62,678 4,675 4,675 279 270 66,546 67,624 1,740,569 1,629,130 'T am m lan m i? fayda planlari ile ilgili yeniden olsiim eikileri (vergi sonrasi) harig. 2 U F R S ’n a u y gun o la ra k o zk ay n ak lard a sim flandirilan D eutsche B a n k tem in atsiz ve serm aye b en zeri tah v illeri olu^turan ilave T ier I T ah v illeri ife rm e k te d ir t$bu beige ingilizce fotokopisinden Turk^e’ye tarafim dan kism i olarak tercttrae ed:lmi§tir. E L D A ’PASENSYA S E M I D IL H JZ M E T L E R i Tel. 021 > ^ 2 5 98 98 Faks 0212 281 42 59 E-m ail sem i@ atlas.net.tr 3-K o rtso lid e F in a n s a l T a b io la r D eutsche Bank 31 M a r t 2 0 1 6 i tib a riy la A r a D o n e m R a p o r u K o n so lid e O z k a y n a k D eg isim T a b lo s u (d e n e tle n m e m i? ) H isse S e n e tle ri ( itib a r i d e g e ri y o k ) m € 31 A r a lik 2 0 1 4 iti b a n v l s b ak iv e T o p lam k apsam li g elir (zarar), v ergi so n rasi2 C ikarilrm ? hisse senetleri O denen n ak it tem ettiiler ilav e o zk ay n ak bile§enlerinden k u p o n lar, vergi sonrasi T am m lan m ij fayda planlari ile ilgili yeniden dlQum k azanglari (zarariar). vergi sonrasi R a p o rlam a d6nem ir.de hisse odiillerindeki net degisim H isse b azli u cret p lan lari cjer9 evesinde d ag itilan b an k a hisseleri H isse b azli Ucret p lan lari ile ilgili vergi indirim leri H isse sen etlerini satin alm a yukiirnliilugii o larak sim flan d irilan O zkaynaklara ilaveler H isse senetlerini satin alm a yukiim liilugii o larak sim flan d irilan O zkaynaklardan indirim ler O p siy o n p rim leri v e h isse senetleri iizerir.deki o p siy o n larin d ig er etkileri B a n k a ’n m kendi h isselerin in ahm lari B a n k a ’m n kendi h isselerin in sati§ian B a n k a ’nm satilan kendi h isselerin d en net k azan g iar (zararlar) D iger 31 M a r t 2 0 15 itib a riy la b a k iy e H ave O d e n m i? se rm a y e H isse s e n e tle rin i sa tin alm a yukiim liifiig ii o la r a k s im fla n d irila n o z k a y n a k la r D ag itilm am n s k a rla r H a z itie hisse se n e tle ri, m a liy e tte n 29,279 (8) 0 0 0 0 0 0 0 3,531 0 0 33,626 0 0 0 0 544 0 0 0 0 0 0 0 0 0 41 0 0 0 (36) 0 0 0 0 0 0 234 0 0 22 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (34) 0 0 0 0 0 0 (2,641) 2,403 0 0 0 0 0 0 29,863 0 (12) 0 0 0 (10) 0 0 0 0 0 0 0 0 1 0 3,531 28 33,607 3,531 0 33,572 0 0 0 0 0 21,182 214 0 0 0 0 0 0 0 0 0 (56) 0 0 0 (78) 0 0 0 0 0 0 80 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (129) 0 0 0 0 0 0 (2,047) 1,768 0 0 0 0 0 24 0 0 62 0 0 0 0 33,451 21,340 31 M a r t 2036 itib a riy la b ak iy e 3,531 1 O zk ay n ak y o n tem iy ie d eg erlen en y atirim iard an gerfekle^m em i? n et k azangiar (zararlar) h a rif. 2 T am m lanm i? fayda p lan lari ile ilgili y en id en O ^iim kazarujlan (zarariar) (vergi sonrasi) hari?. (210) 0 31 A r a h k 2 0 1 5 itib a riy la b ak iy e T oplam kapsam li g elir (zarar), vergi so n rasi2 C ikarilm i§ h isse senetleri O den en n a k it tem ettiiler Ilave o zk ay n ak bile§enlerinden k u p o n lar, vergi so n rasi2 T am m lanm i§ fayda p lanlari ile ilgili y eniden 81<;um kazan?lari (zararlar), vergi sonrasi R aporlam a donem inde h isse O diillerindeki net degi§im H isse bazli ucret planlari gergevesinde d ag itilan b an k a hisseleri H isse bazli u cret p lan lari ile ilgili vergi indirim leri H isse sen etlerini satin alm a yiikum lulugii o larak sim flandirilan d zk ay n ak lara ilaveler H isse sen etlerini sa tin alm a yukiim liilugii o larak sim flan d irilan O zkaynaklardan indirim ler O psiy o n prim leri ve hisse senetleri uzerindeki o p siy o n larin d ig er etkileri B a n k a’m n kendi h isselerinin ahm lari B a n k a ’m n kendi h isselerin in sati?lari B a n k a ’m n satilan kendi hisselerin d en net k azangiar (zararlar) D iger i§bu beige ingilizce. folokopisinden T urk?e’ye tarafim dan kismi olarak tercum e edilm ijtir. E L D A PA SEN SY A SE M I D iL H IZ M E T L E R i Tel. 0212 355 98 98 Faks 0212 281 42 59 E-m ail sem i@ atlas.net.tr 3 - K o n s o l i d e F in a n s a l T a b io la r D eutsche Bank 31 M a r t 2 0 1 6 itib ariyla A r a D o n e m R a p o r u Sati§ amaciyia elde tutulan olarak sim flandirilan variiklardan ger^eklefm em if net kazangiar (zararlar), vergi sonrasi1 Yabarna para $evrim farklari, vergi sonrasi1 Ozkaynak yontem iyle muhasebele§tirilen yatirim iardan ger^ekle§memi§ net kazangiar (zararlar) Birikmif diger kapsam li gelirler (giderler), vergi sonrasi2 Hissedarlara ait toplam ozkaynaklar ilave O zkaynak 8ile§enleris Toplam ozkaynak lar Kontrol giicii olmayan paylar Satilmava hazir finansal varlikiar dan ger$ekle§me mi§ net kazangiar (zararlar). uygulanabile n vergi ler ve digerlerinden sonra net1 1,675 412 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2,086 Nakit akim degi§kenligi iiirev riskien koranm a i§lem lerinden ger£ekle§memi§ net kazangiar (zararlar), vergi sonrasi1 79 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 79 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 151 3,650 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3,802 18 4 0 0 0 0 0 0 0 0 0 0 0 0 0 0 22 1,923 4,066 0 0 0 0 0 0 0 0 0 0 0 0 0 0 5,989 68,351 4,610 0 0 0 41 (36) 234 22 0 0 (34) (2,641) 2,403 1 28 72,979 4,619 0 0 0 0 0 0 0 0 0 0 0 0 0 0 46* 4,665 253 44 0 0 0 0 0 0 0 0 0 0 0 0 0 (9) 288 73,223 4,654 0 0 0 41 (36) 234 22 0 0 (34) (2,641) 2,403 1 65 77,932 1,384 165 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,549 97 25 0 0 0 0 0 0 0 0 0 0 0 0 0 0 122 662 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 662 2,196 (1,126) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,069 66 13 0 0 0 0 0 0 0 0 0 0 0 0 0 0 79 4,404 (922) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3,482 62,678 (708) 0 0 0 (56) (78) 80 0 0 0 (129) (2,047) 1,768 24 62 61,592 4,675 0 0 0 0 0 0 0 0 0 0 0 0 0 0 O4 4,675 270 12 0 0 0 0 0 0 0 0 0 0 0 0 0 (4) 279 67,624 (696) 0 0 0 (M,i (78) 80 0 0 0 (129) (2,047) 1,768 24 58 66,546 3 UFRS’n a uygun olarak Ozkaynaklarda sim flandirilan Deutsche Bank iem inatstz serm aye ve benzeri tahvilleri olujturan ilave Tier 1 Tahvilleri iserm ektedir 4 ilave ozkaynak bilesenlerinin alim ve satim m dan net m eblag dahil. i§bu beige ingilizce fotokopisinden T iirk fe’ye tarafim dan kism i olarak terciime edilmi§tir. ELD A PASEN SY A S E M I D JL H iZ M E T L E R l Tel. 0212 329^8 98 Faks 0212 281 ^2 59 E-maii ssmi@atlas.net.tr 5 D eutsche Bank 3 - K o r iso lid e F in a n s a l T a b io la r 31 M a r t 2 0 1 6 itib ariyla A r a D o n e m R a p o r u Konsolide Nakit Akim Tablosu (denetlenmemi?) S o n s eren ii? aylik dOnetn 31 M a rt 2016 m€ 31 M a rt 2015 236 559 Kredi deger d0§0§tl karjihklart 304 218 Yeniden yapiianm a faaliyetleri 211 23 (127) (209) Ertelenmi? gelir vergileri, net 116 506 Deger du$Uklugu, am ortism an ve diger tiikenme paylan, ve deger arti§i 509 124 N et k a r ( z a r a r ) Operasyonel faaiiyetlerden nakit aktmlari: Net karla operasyonel faaiiyetlerden saglanan (kuliamlan) net nakdin mutabakati i9 in yapiian duzeltmeler: Satiim aya hazir finansal varhklarm , Ozkaynak yOntemiyle muhasebele?tiriien yatirim larm ve digerlerinm sati§indan elde edilen kar O zkaynak yOntemiyle m uhasebelejtirilen yatirim iardan net kartn (zararm) payt G ay rin ak d i Ucret, k red i ve d ig er kalem lere g8re diizeltilm i$ k a r (106) (199) 1,143 1,022 247 7,234 (6,584) (12,369) 1,363 (4,673) Operasyonel varhklardaki ve yUkUmlOlUklerdeki net degijim in dtizeitmesi: M erkez bankalari veya merkezleri olm ayan bankalar nezdindeki faiz getirici vadeli m evduatlar1 Satilan m erkez bankast foniari, yeniden sat!? sozle§meleri uyarinca ahnan menkul kiymetler, Odiin? ahnan m enkul kiym etler Gerijege uygun deger farki kar / zarara yansitilan finansal varlikiar Krediler Diger varlikiar M evduatlar 3,136 (16,155) (52,790) (45,208) (6,983) 33,399 7,789 4,085 G erfege uygun deger farki kar / zarara yansitilan finansal yiikum lulukler ve yatirim sOzIejmesinden dogan s0zle§me yUkUmlUlUkleri2 Satm ahnan m erkez bankasi foniari, yeniden satim sOzle$meleri uyarm ca satilan menkul kiym etler ve OdUn? verilen m enkul kiym etler 4,333 5,891 493 (4,649) Diger yUkumlUlUkler 41,283 48,515 Oncelikli uzun vadeli bor?3 (8,502) 11,657 degerleri, net 34,077 (1,563) Diger, net (2,502) (8,169) 16,503 39,017 Satiim aya hazir finansal varhklarm satiji 5,254 3,280 Vadesi gelen satiim aya hazir finansal varhklarm sati§i 1,561 1,643 0 0 Diger kisa vadeli borglanm alar A hm -satim amapli varlikiar yukUmiUlukleri ve tUrev finansal ara<;lardan pozitif ve negatif piyasa O perasy o n el faaliy etierin d en sa g lan an (kuliam lan) net n ak it Yatirim faaiiyetlerinder. nakit akim lan: N akit giri§i: Vadeye kadar elde tutulan m enkul kiym etlerin vadesi gelenler Ozkaynak yOntemiyle muhasebele$tirilen yatirim larm sati§i 18 6 Maddi duran varhklarm satiji 11 2 (7,991) (9,! 00) Alimlar: Satiim aya hazir finansal varlikiar Vadeye kadar elde tutulan menkul kiym etler Ozkaynak yOntemiyle m uhasebele?tirilen yatm m lar M addi duran varlikiar i§bu beige ingilizce fotokopisinden T urk^e’ye tarafimdan kismi oiarak tercume edilmijiir. EL B A PA SEN §Y A S E M I D fL H iZ M E T L E R I Tel. 0212 325 98 98 Faks 0212 2£1 '42 59 E-m ail sem i@ atlas.net.tr 0 0 (12) (45) (110) (97) D eutsche Ban k 3 - K o n s o i i d e F in a n s a l T a b i o l a r 31 M a r t 2 0 1 6 i t ib a r iy la A r a D o n e m R a p o r u §irket bir!e?meleri / elden fskanlan yatirirnlar ifin ahnan (Odenen) net nakit Diger, net Y atinrri faaliyetlerindera sa g lan an (k u ilam lan ) net nakit 79 0 (299) (277) (1,489) (4,588) 3 1,460 (170) (855) Finansmari faaliyetlerinden r.akit akim lan: Sermaye benzeri uzun vadeli borflanm a senedi ihraci Sermaye benzeri uzun vadeli geri Odemeleri ve itfaiart TrOst imtiyazli m enkui kiym et ihraci TrOst imtiyazli m enkul kiym et geri Odemeleri ve itfaiart 6 393 (705) (4,040) 0 0 B anka’nm kendi hisselerinin ahm lari (2,047) (2,641) Banka’nm kendi hisselerinin sati§lari 1,784 2,405 0 0 ilave Ozkaynak Bile§enleri (A T I) ahm lari (82) (239) ilave Ozkaynak Bile§enleri (A T I) sati§lari 81 276 tlave Ozkaynak Bile§enlerinin kuponlari, vergi oncesi 0 0 Kontrol gtlcti olm ayan paylara Odenen tem ettiiler 0 0 (4) (9) 0 0 (1,134) (3,250) (307) 2,561 thra? edilen hisseier ijikartlan Ilave O zkaynak Bile§enleri (A T I) Kontrol giicii olm ayan paylardaki net degi$im O denen nakit temettiiler F in an sm an faaliy etierin d en saglanan (k u ilam lan ) net n ak it Doviz k u r la n n d a k i degi?im in n a k it ve n akde e^dcger v a rlik ia r iizerindeki net etkisi Nakit ve nakde e?deger varhklardaki net arti? (azah?) 13,573 13,740 DOnem ba$indaki nakit. ve nakde e?deger varlikiar 105,478 51,960 DOr.em sonundaki nakit ve nakde e$deger varlikiar 119,049 65,699 42.2 222 Odenen faiz 2,206 2,457 A hnan faiz ve temettiiler 6,075 6,406 111,607 59,60! O p erasyonel faaiiy etlerd en sa g lan an (k u ilam lan ) net n ak it § u n la n ife rir Odenen gelir vergileri, net N ak it ve nak d e e$deger v a rlik ia r ju n la rd a ii o lu ju r N akit ve m erkez bankasm dan alacaklar (merkez bankalari nezdindeki faiz getirici vadesiz m evduatlar dahil degildir)1 B ankalar arasi bakiyeler (m erkez bankalari hari?) (31 M art 2016 itibariyla 4,074m. Euro, 3 i Mart 2015 itibariyla 26,605 m. Euro tutanndaki vadeli m evduatlar dahil degildir)1 T oplam 7,442 6,098 119,049 65,700 1 2 0 1 5 ’te kar§iia§tirmali ra k am lar yeniden ifade edilrni§tir. D etayli bilgi i?in 2015 Faaliyet R aporurnuzun konsolide finansal tablolarinda N o t 1 “O nem li M uhasebe Politikalari ve Kritik M uhasebe T ah m in leri- T ahm inierdeki O nernli B egi$iklikler ve S unum daki D egi§iklikler” kism ina bakiniz. 2 31 M art 2016 ve 31 M art 2 0 1 5 ’e kad a r sirasiy la 1,970 m ilyon E uro ve 8,181 m ilyon E u ro tutarinda oncelikli uzu n vadeli tahvil ihraci v e 2,071 m ilyon E u ro v e 7,847 m ilyon E u ro tu tan n d a geri odem e v e itfa dahildir. 3 31 M art 2016 ve 31 M art 2 0 1 5 ’e k adar sirasiyla 11,328 m ilyon E u ro v e 50,696 m ilyon E u ro tutarinda ihra?, ve 18,928 m ilyon E u ro v e 4 0,067 m ilyon E u ro tu tan n d a geri odem e ve itfa dahildir. I§bu beige ingilizce fotokopisinden T u rk se’ye tarafim dan kjsms olarak tercum e edilmi§tir. ELDA PASENSYA S E M I D I L H iZ M E T L E R i Tel. 0 2 f T 325 98 98 Fa'xs 0212 281 42 59 E-mail semicSjatl3s.net.tr 7 D eutsche Bank 4 - K o n s o l i d e F in a n s a l T a b l o l a r a IIi§kin D ip o tla r 31 M a r t 2 0 1 6 itib a riy la A r a D o n e m R a p o r u Sunuma llifkin Esaslar (denetlenmemi§) D eutsche B ank A G ve bagli ortakliklarirn (to p lu ca "G rup") k apsayan ili§ikteki o zet kon so lid e ara donem finan sal tab io lar, G ru p ’un sunum p ara birim i o lan E uro cin sin d en ifade edilm i^tir. U M S 34 "A ra D onem F inan sal R ap o rlam a" zo ru n lu iu k larin a uygun o lara k sunulm u§ olup, U luslararasi M u h aseb e S tan d artlari K urulu ("IA S B ") tarafm d an yay im lan an ve A v ru p a B irligi (“A B ”) tarafm dan o n ay lan an U luslararasi F in an sal R ap o rlam a S tan d artlarm a ("U F R S ") u y gun o larak hazirlanm istir. G ru p ’un U F R S ’m u y g u lam asi, IA SB tarafm d an yayim lanm i$ olan U F R S ile A B tarafm dan onaylanm i§ olan U FR S ara sm d a h erh an gi bir fark y aratm am aktadir. Y o n etim R a p o ru n a dahil ed ilen bazi U FR S a^iklam alari, ko n so lid e ara donem fin an sal tablolarm ay rilm az b ir p ar?asid ir. B u n lar, Y o n etim R ap o ru n u n O perasy o n el v e F in an sal in celem e: Faaliyet B olum ii b a z m d a S o n u 9lar k ism in d a a 9ikianan F aaliyet B olum ii B ilg ileri n o tu n u n F aaliy et B olum ti b azm d a F aaliy et S o n u ? la n d ir. Bu b ilg ilerin gosterim i U M S 34 ve U FR S 8 "F aa liy et B oliim leri" ile uyum ludur. D eu tsch e B a n k ’m o zet k o n so lid e ara donem fin an sal ta b lo la n den etlen m em i§ tir ve faaliy et boliim leri h a k k m d a bilg ileri i^erm ek te olup, D eutsche B a n k ’m yen i yapssim ve ticari faaliyetlerini yansitm ak uzere 2 0 1 6 ’nm birin ci ^ e y reg in d e y e n id e n ifade ediim istir. O zet k o n so lid e ara donem finansal tabiolar ay rica g e lir tab lo su , b iian co ve d ig e r finansal bilgi hakkm daki ek a 9ik lam alari i^erm ektedir. B unlar, “M u h aseb e ilk elerin d ek i D eg i§ ik lik lerin E tk isi” boliim iinde b e lirtild ig i u zere yeni benim senen m u h aseb e d u y u ru lari hari? o lm ak u zere, D eutsche B a n k ’m 2015 y ih n a ait ve aym m uhasebe ilk elerin in ve kritik m u h a se b e tah rn in leri uygulanm i? old u g u denet!enm i§ k o n so lid e finansal tablolari ile birlikte o k u n m ah d ir. F in an sal ta b lo la rm U F R S k a p sa m m d a h azirlanm asi, y o n etim in belli v a rh k ve yiikum Juliik kategorileri i?in tah m in ve v a rsa y im la rd a b u lu n m asin i gerektirm ektedir. Bu tah m in ve varsay irn lar, v a rh k la rm ve yiikiim liiluklerin raporlanan tu tarlarim , §arta bagli v arh k ve yukilm iiiliiklerin bilan ^o tarih in d ek i a 9iklam asini, ve rap o rlam a donem i i?indeki g elir ve giderlerin rap o rlan an tu tarlarim etk ilein ek ted ir. F iili sonu 9lar yonetim in tahrriinlerinden fa rk h h k g o stereb ilir ve rap o rlan an so n u 9lar, biitun y il i?in b ek len eb ilecek sonuglarm gosterg esi o larak g o ru lm em elid ir. I§bu beige ingilizce fotokopisinden T u r l^ e ’ye tarafim dan kism i olarak iercum s edilmi§tir. ELBA PA SEN SY V S E M I D iL H iZ M E T L E R l Tel. 0212 325 98 98 Faks 0212 281 42 59 E-m ail sem i@ atlas.net.tr D eutsche Bank 4 - K o n s o l i d e F in a n s a l T a b l o l a r a i!i$kin D ip o tla r 3 ! M a r t 2 0 1 6 itib a riy la A r a D o n e m R a p o r u Muhasebe Ilkelerindeki Degipklilderiii Etkisi (denetienmemi$) Yakut Zamarada Benimsenen Muhasebe D uy uru lan A §agidaki m u h aseb e d u y u ru la n G rup i$in g e?erlid ir ve bu ara donem o zet kon so lid e finansal tab lo larm h az irla n m a sm d a uygulanm i§tir. UMS 1 1 O cak 2 0 1 6 ’da G rup, fin an sal rap o rlarm sunum v e a$ ik lam aian m iyile§tirm e inisiyatifm in b ir par^asi olarak, U M S 1 “F in an sal T ab lo larm S unum u” guncellem elerin i benim sem i§tir. Bu giincellem eler, finansal tab lo larm btitiinu i?in o n em lilik ilkesinin u y g ulanacagi, a fik ia m a la rm b elirlenm esinde p ro fesy o n el m u h ak em en in k u llam lm asi gerektigi ve onem siz verilerin dahil edilm esin in a^iklam alarm etkinligini d iifiireb ileceg i h u su su n a a 9ik h k g etirm ektedir. G uricellem elerin, G ru p ’un konsolide finansal ta b lo la n n d a o n em li b ir etkisi olm am i§tir. U F R S 2 0 1 2 -2 0 1 4 D o n g iis iin d e iy i!e § tirm e ie r lA S B 'n m 2 0 1 2 -2 0 1 4 d o n g u sii i9in y ilh k iyile§tirm e p rojeleri so n u cu n d ak i, 90k sayida U FR S stan d ard m d a y ap ilan g iin cellem eler 1 O cak 2 0 1 6 ’d a G rup tarafm d an benim senm i§tir. B unlar, sunum , m u hasebele§tirm e v ey a o lfiim b ak im m d an m u h aseb e degi§iklik!erine yol a?an giincellem elerden ve de f.e§itli m iinferit U F R S stan d artlari ile ilgili term in o lo jik v ey a ed ito ry al g iin cellem elerd en olu§m aktadir. G U ncellem elerin G ru p 'u n k o n so lid e fin ansal ta b lo la n iizerinde onem li bir etkisi olm am i§tir. Muhasebe Duyurulan A §agidaki m u h a se b e te b lig le ri 31 M art 2016 itib ariy la yiirurlukte d eg ild ir, d o lay isiy la bu konsolide ara donem fin an sal tab lo larm h a z irlan m asm d a uygulanm am i§tir. U F R S 9 F in a n s a l A r a ^ la r T em m u z 2 0 1 4 ’te IA S B , U M S 39 “ F inansal A rabian T am rna ve 0 1 ?u m ” iin yerini alan U FR S 9 “ F inansal A ra fla r” 1 yayim lam i§tir. U F R S 9, bir k u ru lu ju n fin ansal v arlik larin i nasil sm iflandirm asi ve o lfm e si g erek tig in e d air y en i zo ru n iu lu k lar g etirm ekte, ihra? edilen b o rfla n m a sen etlerin e ili§kin o larak ‘kendi k re d im iz in ’ d eg i§ ik lik ler i^en n ek te, finansal v a rh k larm d e g er du§iiklugim e dair m evcut k u rallarm y erin i alm a k ta ve risk ten k o ru n m a m u h aseb esi zo ru n lu lu k larm i g u n cellem ek ted ir. U FRS 9, 1 O cak 2018 v ey a so n ra sin d a ba$layan y illik d o n em ler ifin geyerlidir. G rup, U FR S 9 ’un etkisini halen d eg erlen d irm ek ted ir. S tan d art h eniiz A B tarafm d an onaylanm am i§tir. G rup, m erkezi o larak y o n etilen , G ru p ’un finans m udurii ta rafm d an destek len en ve m etodoloji, veri tem in i ve m o d ellem e, IT ijle m e ve raporlam a k o n u la n n m u zm a n larm in y er aldigi bir U FR S 9 p ro g ram in i uygulam i§. G en el yoneti$im , F inans ve R iskin m ii§tereken tem sil edildigi U FRS 9 Y iirutrne K om itesi u zerin d en sag lan m aktadir. 1 O cak 2 0 1 8 ’den itibaren U F R S 9 ’un G rup i?in g e^erlilik k a z a n m a sm a h a z irla n m a k u zere G ru p ’u n i? k o n tro l sistem inin b ir paryasi o larak birim lerde v e §irketlerde U F R S 9 k o n u su n d a reh b erlik ve egitim v erilm ek ted ir. F in a n s a l v a r h k i a n n v e y u k tim lu iiik le rin S in jfla n d s rin a ve U F R S 9 ’a g o re b ir kuruiu§un i§ rnodelinin ve b ir finansal a ra cm akdi nak it akim lari, finansal tab lo lard ak i sin iflan d irm asin i ve d o la y isiy la ol^iim iinti belirler. D eg erien d irm e so nucu her finansal v a rh k y a g e rfe g e u y g u n d e g e r fark i k ar v ey a z arara yan sitilan ( ‘F V T P L ’) olarak, y a tiikenm eye tabi tu tu lan m a liy etten , y a d a D ig er K apsam li G elirler y o lu y la ger 9ege uygun d eg erd en ( ‘F V O C I’) sm iflan d irih r. Bu z o ru n iu lu k lar, m ev cu t IA S 39 k u ra lla n 9e r 9ev esin d ek i d eg erlendirrneierden farkh o ld u g u n d an , IA S 39 k u ra lla ri 9e r 9ev esinde finansal v a rh k la rm sim fla n d irm a ve o ^ iim iin d e bazi fa rk h h k la r o lm asi b ek len m ek ted ir. i§bu beige ingilizce fotokopisinden Turk9e ’ye tarafim dan kism i oiarak terciim e edilmi§tir. E LD A PA SEN SY A S E M I Mil H IZ M E T L E R i Tel. 0 2 H 325 98 98 Faks 0212 281 42 59 E-m ail semi (Mafias, net.tr 4 - K o n s o l i d e F i n a n s a l T a b i o i a r a iii§kin D ip o tia r D eutsche Ban k 31 M a r t 2 0 1 6 itib a riy la A r a D o n e m R a p o r u Fim ansal v a r h k la r m ve y u M m liiliik le rin S m ifla o d irm a ve 6 l? iim it (d evam i) Finansal yiikum luluklerin sm iflandirm a ve ol?um u, UFRS 9 ?er?evesinde, m evcut zorunluiukiara gore biiyiik ciicude degism eden kalm aktadir. Ancak, ihraij edilen bor<?lanma senetleri gerfege uygun degerden tayin edildiginde, bir kurulu§un kendi kredi riskine atfedilebilen gergege uygun deger hareketleri, Gelir T ablosu yerine D iger K apsam li G elirler arasinda muhasebele§tirilir. Standart ayrica, UFRS 9 ’un tam olarak benim senm esinden once, bir k urulujun geryege uygun deger hareketlerini D iger Kapsam li G elirler arasm da kredi riskinde gosterilm esini uygulam ayi se 9mesine de izin verm ektedir. UFRS 9 AB tarafm dan heniiz oriaylanm adigm dan, G rup standardm bu zorunluluklanm erkenden benim sem em i§tir. F in a n sa l v a r h k la r m d e g e r dii§iikltigii UFRS 9 genyevesinde deger diljuklugu kurallari, tukenm eye tabi tutulan m aliyetten 6l?ulen finansal varlikiar veya FV O CI ve kredi verm e taahhutleri ve finansal garantiler gibi bilan^o di§i olgtilen borglanm a senetleri i?in uygulanacaktir D eger dii$ukliigu Z aralannm ve kar$ilikiann tespiti, kredi deger du§ii§lerinin IAS 39 5er?evesinde ‘tetikleyici’ bir olay ger?ekle§tiginde (veya G rubun kredi verm e taahhutleri ve finansal garantilere ta ra f oldugu tarih) m uhasebele§tirildigi, m azur kalinan kredi deger du§u§ii modelinden, bekienen kredi deger diijukliigti m odeline ge?ecek olup, buna gore karjihklar, finansal varhgin ilk m uhasebelejtirilm esinde o zam anki potansiyel kredi deger dii§il§u beklentilerine dayali olarak ayrilm aktadir. UFRS 9 bekienen kredi deger dusii§u yaklajim i kapsam inda Grup, hem hom ojen hem de hom ojen-olm ayan sorunsuz kredi havuzlanndan, ilerideki 12 ayda m uhtem el olan tem erriit olaylarm dan dogm asi bekienen kredi deger dujukliiklerini kaydedecektir (1. ajam a). UFRS 9 ayrica, ibra? veya alim dan sonra kredi kalitesi onem li olgiide bozulm u§ fakat heniiz tem erriide dii§memi§ ( 2 . a§ama) ve kredi deger du§ukliigiine ugrami§ (3. a§ama) varhklarm omril boyunca bekienen kredi deger dii§ii§unun ( ‘omtir boyu bekienen zararlar”) de kaydedilm esini gerektirm ektedir. UFRS 9 kapsam inda bekienen kredi deger du§ilklukleri, m akro-ekonom ik faktorleri de iferen ileriye-donuk bilgileri hesaba katarak ol?ulm ektedir. D eger diijuklugu k u rallan n d a yapilan degijiklikler sonucu, kar§ihklar, gelecekteki ekonom ik durum lann olasihk agirhklarim belirleyecek olan (finansal varhgin omrii boyunca siirekli izlenecek ve dahil edilecek) ileriye donuk m akul ve desteklenebilir bilgilere dayandm lacagi igin, U FRS 9 subjektivitenin artm asm a yol agacaktir. Bu, IAS 39 c;en,:evesinde ger$ekle§mi§ olan kredi olaylarina dayali deger diijukliigu kaydina tezattir. K redi riski ilk m uhasebele§tirm eden sonra onemli Qlfude artmami§ ara?lardan 12-ayhk bekienen kredi deger dii§u§iine denk bir tu tan kaydetm e zorunlulugu nedeniyle, ve om iir boyu bekienen zararlarin ge?erli oldugu finansal varhklarm populasyonunun IAS 39 genjevesinde kredi olaylarm in zaten gergekle$mi§ oldugu finansal varlikiar popiilasyonuna kiyasla m uhtem elen daha fazla olacagi igin UFRS 9 ’un, deger du§uklugii kar§iliklarim n genel seviyesinde bir arti§a yol a?m asi beklenm ektedir. R isk ten k o ru n m a m u h aseb esi UFRS 9 ayrica, riskten korunm a m uhasebesini risk yonetim i uygulam alariyla uyum landirm ayi amaciayan yeni riskten korunm a m uhasebesi kurallari da iferrnektedir. Genel olarak, m evcut kurallar gerfevesindeki bazi kisitlam alar kaldinlm i? ve riskten korunm a m uhasebesi i$in daha fazla £e§itlilikte riskten korunm a ara^lari ve riskten korunan unsurlar m tisait hale gelm ijtir. U F R S 15 M ii jte r il e r He S o z le $ m e Ie rd e n G e lir le r M ayis 2 0 1 4 ’te IA SB, gelirin ne zam an ve nasil m uhasebelejtirildigini belirleyen am a U M S 39 / UFRS 9 kapsam inda finansal araclar ile ilgili gelirlerin m uhasebele§tirilm esini etkilem eyen UFRS 15 “Mii§teriler ile Sozlegm elerden G elirleri” yayim lam ijtir. U FRS 15 halen U FRS kapsam inda gelirlerin m uhasebele§tirilm esinin tabi oldugu 90k sayida diger UFRS standardinm ve yorum unun yerini alm akta ve mii§terilerle yapilan butiin sozlejm eiere uygulanacak prensip bazli be§ adim li tek bir m odel sunmaktadir. Standart ayrica, kurulujun, finansal tablolarm kullam cilarina daha bilgilendirici ve gecerli a$iklamalar saglam asini zorunlu hale getirm ektedir. UFRS 15, 1 O cak 2018’de veya sonrasinda ba§layan yillik donem ler i9in g eferli olup, daha erkenden uygulanm asina izin verilm ektedir. Grup, UFRS 15’in etkisini halen degerlendirm ektedir. Standart heniiz AB tarafm dan onaylanrnairnstir. I§bu beige ingilizce fotokopisinden T iirkse’ye tarafim dan kism i olarak terciim e edilmi§tir. E L D A PA SEN SY A S E M I D iL H lZ M E T L E R E Tel. 02&2, 3 2 f 9 S 98 Faks 0212 2 8 1 4 2 59 E-m ail sem i@ aflas.net.tr 10 D eutsche Bank 4 - K o n s o l i d e F in a n s a l T a b i o i a r a iii$k in D ip o tla r 31 M a r t 2 0 1 6 itib a riy la A r a D o n e m R a p o r u U F R S 16 K ir a la m a la r O cak 2 0 1 6 ’d a IA S B , te k b ir k iralay an m uh aseb e m odeli getiren, ve dayanak. v a rh k dii§uk degerde o!m adik$a k iraiay an in 12 ay d an d ah a uzun siireli biitiin k iralam alar igin v a rlik la n ve yiikiim liiiiikleri m u h aseb ele§ tirm esin i g e rek tiren U F R S 16 “ K irala m alari” yayim lam i§tir. B ir kiralay an , kiralanan d ay an ak v arlig i k u lla n m a h a k k in i tem sil eden kullan m a-h ak k i v a rh g i, ve k ira od em eleri yapm a v ecib esin t tem sil eden b ir k ira yuk u m lulilgu kay d etm ek zorundadir. K iraya v ere n ler igin m evcut m u h aseb ed e sadece u fak degi§iklik!er olacaktir. S tan d art ayrica, kuruiu?larin, fm ansal tablo k u llam cilarin a d ah a b ilg ilen d irici ve k o n u y la alakali agiklam alar v erm esin i de g erektirm ektedir. U FRS 16, 1 O cak 2 0 1 9 ’da v ey a so n ra sin d a ba§layan y ilh k d o n em ler i?in gegerlidir. G rup, U FR S 16’m n etk isin i halen d eg erlen d irm ek ted ir. S tan dart heniiz A B tarafm d an onaylanm am i§tir. Faaliyet Boliimleri ile ilgili Bilgiler (denetlenmemi^) F aaliyet boliim leri ile ilgili a?agidaki bilgiler, faaliyet boliirnlerine kay n ak tah sis etm ek ve p erfo rm an sin i d e g e rle n d irm ek igin faaliy et boliim lerinin, k u ru lu § lan n diizerili o larak list yonetim yani D eutsche B ank Y o n etim K u ru lu ta rafm d an gozden gegirilen ig y o netim ra p o rla rm a dayali sunum unu g erek tiren "yo n etim yakla§im m a" g o re hazirlanm i$tir. Faaliyet Boliimleri G ru p ’u n faaliy et bolilm ii rap o rlam asi, bolurnlerin fm ansal p erform ans degerlendim m esinin ve b oliim lere k ay n ak ta h sisin in esasirn olu§turan dahili y o netim ra p o rlam a sistem lerindeki o rg an izasy o n el y ap iy i izler. G en ellik le, organ izasy o n el yap id ak i kiiguk gap h degi§iklikler nedeniyle o n cek i d o n em in kar$ila§tirm ah su n u m u n d a bazi rakam lar, G ru p ’un y o n etim ra p o rlam a sistem lerinde d ik k ate alm m asi h alin d e y en id en ifade ediim i§tir. 2016 y ih n d a n itibaren, 2020 S tratejim ize uygun o larak ticari faaiiy etlerirn iz asag id ak i faaliy et boliim leri ile yeni bir yapi altm d a y en id en organize edilm i§tir: - G lobal P iy asalar (“ G P ”), K uru m sal & Y atirim B a n k a c ih g i (“ K Y B ” ), O zel, S erv et ve T icari M ii§teriier (“ O S & T M ”), D eu tsch e V a rh k Y o n etim i (“D eu tsch e A M ”), P o stb an k (“ P B ”) ve T em el F a a iiy e tle r di§i O p e ra sy o n la r Birirni (“N C O U ” ) Eski 2015 faaliy et boliim ii y a p im iz d a onceden rap orlanan faaliyet boliim u bilg ilerin e gore tem el d eg ifik lik le r a$agida belirtilm i$tir. G lo b al P iy a sa la r (“ G P ”) - Y en i faaliy et boliim um iiz G P , eski K u ru m sal B an k a cih k & M enkul k iy m etler (“K B & M K ” ) fa a liy e t boliim iim iizun sati§ ve ah m -satim faaliy etlerin i kapsam aktadir. O n ced en K B & M K ’d aki “K re d i U riin lerine” dahil olan belli fin an sm an faaliy e tle riy le alakali gelirler artik “ Sati$ & A lim -satim - tah v il ve d ig er iiriinler” igerisinde y er alm ak tad ir. O nced en “ S atif & A lim satim ” g elirleri ara sm d a ra p o rla n m a k ta olan R W A K redi D egerlem esi D iizeltm esi (C V A ) R W A , F o n lam a D eg erlem esi D iizeltm esi (F V A ) ve belli C V A hesap lam a m eto d o lo jisi a y a rla m a la n ile ilgili m a rk -to -m ark et k azan g iar /z a ra rlar, artik “D ig er” a rasm d a y e r alm ak tad ir. B or? D egerlem esi D iizeltm esi (D V A ), “ D ig er” igerisinde rap o rlan m ay a devam etm ek ted ir. Bu kategori ayrica, m iijteri uriinleri ve iiriin dagitim i so n u c u n d a yeni faaliy et boliim iim uz K u ru m sal & Y atirim B an k acih g m a (“K Y B ”) ve o rad an y ap ilan tran sferleri de igerm ektedir. K urum sal & Y atirim B an k acih g i (“K Y B ”) - Y eni faaliyet boliim iim uz K Y B , eski K urum sal B an k acih k ve M en k u l k iy m e tle r (“ K B & M K ” ) ve G lobal i§lem B a n k a c ih g i (“ G IB ”) birim lerim izin K urum sal F in an sm an i§Ierini b irle$tirm ektedir. M u§teri uriinleri ve iiriin dagitim i sonucunda, yeni faaliy et boliim iim uz G lo b al P iy asalara ve burad an y ap ilan tran sferler, “ K redi U riinleri & D iger” arasm d a y er alm ak tad ir. I§bu beige Ingilizce fotokopisinden Tiirk9e ’ye tarafim dan kism i olarak tercum e edilmi§tir. E L B A PA SEN SY A S E M I D IL K iZ M E T L E R i Tel. 0212 325 98 98 Faks 0212 281 42 59 E-m ail sem i@ atlas.net.tr ll D eutsche Bank 4 - K o n s o l i d e F in a n s a l T a b l o l a r a tli$kin D ip o tla r 31 M a r t 2 0 1 6 itib a riy la A r a D o n e m R a p o r u 6 ze!, Servet ve Ticari M ii§teriler (“O S& T M ”) - Yeni faaliyet boium iim uz O S& TM igerisinde, onceden Ozel & tjletm e M u§terileri (“O iM ”) faaliyet bolum une dahil olan A lm an ve U luslararasi Ozel ve Ticari M usteriler (“O T M ”) i§imiz, onceden D eutsche V arhk & Servet yonetim i (“D eA W M ”) igerisinde yer a!an Servet Y onetim i (“ SY ”) faaliyetleriyle biriejtirilm i^tir. H ua X ia B ank’tan eide edilen gelirler, 2020 Stratejim izin bir pargasi olarak bu yatirim m elden gikarilm asm in beklenm esi nedeniyle O S& TM igerisinde a y n ca gosterilrnijtir. F aaliyet Boliim ieri (devam i) D eutsche V arhk Y onetim i (“D eutsche A M ”) - Deutsche AM faaliyet boium iim uz, eski DeA WM faaliyet bolum iim iizde yer aian V arh k Y onetim i faaliyetlerini igerm ektedir, ve bireysel m u§terilere hizm et veren kurum lara ve arac? kuru lu jlara yatirim gozumleri sunm aya odaklanm aktadir. Postbank (“PB ”) - 2020 Stratejim izde formiile edildigi iizere konsolidasyon d ijin a gikanlm asi planlanan PB artik ayri bir faaliyet bolum ii olarak sunulm aktadir, ve Postbank’in tem el faaliyetierle ilgili olan ve olm ayan (onceden N C O U faaliyet bolum um iizde kaydedilen) bilejenlerini bir araya getirmektedir. K onsolidasyon etkilerinin ve ahm fiyati tahsis unsurlannm etkisi nedeniyle, Postbank faaliyet boliimiinde raporlanan rakam lar, Postbank'm solo raporlam asm dan farkhlik gosterecektir. Tem el Faaliyetler di?i O perasyonlar Birim i (“N C O U ”) - N C O U faaliyet boliim iim uzun eski yapism a gore onemli bir degi§ikiik olara, Postbank ile alakah tem el faaliyetierle ilgili-olm ayan bile§enler artik bu faaliyet bolum ii igerisinde yer alm am aktadir. 2015 faaliyet sonuglanm izda K B & M K ve O iM ile alakali §erefiye deger dujukliigu zararlart, 2015 3.C eyrek deger dii§iikliigu oncesi bu i§ birim leriyle ilgili jerefiye balciyelerine dayali olarak, sirasiyla yeni faaliyet bolum lerim iz G lobal Piyasalar/K urum sal & Yatirim B ankacihgi ve O S& TM /Postbank’a dagitilmi§tir. O nceden ticari faaliyet bolurnlerim iz arasm da yer alan belli Likidite Y onetim i faaliyetleri artik Hazine tarafm dan m erkezi olarak yonetilm ekte olup, dolayisiyla “K onsolidasyon ve D iizeltm elere” aktarilm ijtir ve ticari faaliyet boliim lerim izde dagitilmi§ esasa gore yansitilm aktadir. T ek K arar Fonu (SRF) igin bankacihk vergisi, G rup igin ilk geyrekte tam y ilh k tu tan ile kaydedilm elidir. 2015’in birinci geyreginden farkli olarak SRF gideri bu geyrekte dogrudan ticari faaliyet boliim lerinde tam yilh k tu tan ile kaydediIrni§tir. D olayisiyla yil iginde ticari faaliyet boliim lerinde tahakkuk ve K onsolidasyon & D iizeltrnelerde zam anlam a etkisi oim ayacaktir, Bu zam anlam a degi?ikligini yansitm ak uzere faaliyet boliim lerinde onceki donem ler yeniden ifade edilmi§tir. 2016’mn birinci geyreginde, Y atirim Y apilan V arlikiar igin daha siki bir tam m lam a yururliige girmi§ olup, ek bir olgiit olarak M iijteri V arhklari getirilmi§tir. Dolayisiyla, Y atirim Y apilan V arlikiar, yatirim am aciyla m iijteriler adm a tutulan varhklari ve/ve ya DB tarafm dan ihtiyari veya dam §m anhk esasm a gore yonetilen m ujteri varhklarim ve/ve ya D B ’ye y atm lan varhklari da igermektedir. M ujteri V arhklari, Yatirim Y apilan V arlikiar arti, D B 'n in saklam a, risk yonetim i, idare ve raporlam a (sadece i§lem gergeklejtirm e aracihgi dahil) gibi yatinm--di§? hizm etler sagladigi diger varhklari igermektedir. S erm ay e H a r c a m a la n ve E id en C ik a r m a ia r 2016’in birinci geyreginde G rup, a§agidaki serm aye harcam alanni yapmi§ veya yatinm larm i elden gikarm ijtir: V isa Inc. Kasim 2 0 1 5 ’te V isa Europe L td.’i satm alrnak igin kesin anla§ma yaptigim duyurmu§tur. Bu satin alm am n bir pargasi olarak V isa Europe Ltd., gok sayida D eutsche Bank Grup kurulujlarim n da aralarinda bulundugu biitiin hissedarlanndan, hisselerini bedel karjihgm da iade etm elerini talep etmi§tir. Deutsche Bank, V isa Europe L td.’deki hisselerini O cak 2016’da iade etmi? olup, bedeli ijlem in kapam jinda tahsil edilecektir. A gustos 2015’te D eutsche B ank G rup, H indistan’daki varhk yonetim i i§ini Pram erica A sset M anagers Pvt. L td.’e satm ak uzere bir anla§m aya girdigini duyurm ujtur. M art 2016’da biitiin idari onaylar ahnrni? olup, sati§ tam am lanrm jtir. I$bu beige Ingilizce fotokopisinden T firkfe’ye tarafim dan kism i olarak tercum e edi!mi§tir. E LD A PA SEN SY A SEME D iL H iZ M E T L E M Tel. 0 2 3 2 5 98 98 Faks 0212 2 8 j M 59 E-m ail sem i@ atlas.net.tr 12 D eutsche B a n k 4 - K o n s o l i d e F in a n s a l T a b l o i a r a ili$kin D ip o tla r 3 ! M a r t 2 0 1 6 itib a riy la A r a D o n e m R a p o r u Ortalama Ozkaynak Tahsisi T ahsis ed ilen o rta la m a o zk ay n ak larm to p lam tu ta n , G ru p ’un genel ek o n o m ik risk p o zisy o n u ile, idari serm aye g erek sin im in in , y iik sek o ian m a gore b elirlenm ektedir. 2016 y ilm d a n ba^iayarak G rup, serm aye ta h sisin d e ince ay arlam a yapm i§ ve faaliyet b o lum lerine ortalam a a k tif ozkaynak yerine, ortalam a h issed ar o z k a y n a k la n rn tah sis etrneye ba§lam i§tir. Y eni y o n tem k ap sam in d a, §erefiye ve d ig e r m ad d i-o lm ay an v a rlik ia r igin tu tu lan serm aye artik d ah a kapsam li o larak d ag itilm akta, bildirilen k a rh lik h ed efin i y a n sitm a k igin tah sis edilen m addi h issed ar o zk ay n ak larm m tespitine im kan sag lan m ak tad ir. G ru p ’un g en el ek o n o m ik risk d u ra m u g erek sin im i, D B G ru p ’unun risk i§tahi gergevesinde tam m lan an “n o rm a!” durum u igin igsel serm aye y e terlilik e§iklerim ize gore b elirlen m ek ted ir. Id ari serm ay e g erek sin im i, harici olarak b ild irilen h e d e f o ranlara, yani G rup sev iy esin d e % 1 2 .5 ’lik S erm ay e T ie r 1 h e d e f rasy o su n a (2015 yili b a jla rin d a % 10 ve H aziran 2 0 1 5 ’ten itibaren % 3 1 ) ve % 4 .5 ’Iik kaidirag h e d e f rasy o su n a (2015 yili ba§larm da % 3.5 ve H aziran 2 0 1 5 ’ten itibaren % 5 ) ve C R R /C R D 4 k urallarm m tam uyg u lan d ig i v a rsa y m u n a d ay an dinlm i§tir. E ger G rup, S erm aye T ie r 1 h e d e f ra sy o su n u ve K aidirag h e d e f ra sy o su n u a§arsa, artan ortalam a ozkaynak, K & D ’e atan m ak tad ir. O rtalam a o z k ay n ak larm ticari faaliy et b o lu m lerin e tah sisi, y u k a n d a belirtilen iki hedefe de katkiyi yarisitm aktadir. Faaliyet Boliimleri Bazmda Faaliyet Sonuflari F aaliy et b o liim lerin in so n u g lan igin, U FR S kap sam in d a kon so lid e faaliy et sonuglarm in m utabakati da d ah il o lm ak u zere. liitfen b u A ra D o n em R ap o ru n u n “Y o n etim R aporu: O p erasy o n el ve F inansal incelem e: F aaliy et S o n u g lan : F aaliy et B oliim lerinin F aaliyet S onuglari” k ism m a bakim z. Ubu beige ingilizce fotokopisinden T iirk fe’ye tarafim dan kisn ti olarak tercum e edilmi§tir. E tO A PA SEN SY A S E M I D IL H iZ M E T L E R I Te! S 2 U - ® 5 98 98 Faks 0212 281 42 59 E-mail semi(o>aitlas.neUr S3 Deutsche Bank 4 - K o n s o l i d e F in a n s a l T a b l o i a r a i i i s k i n D ip o tla r 31 M a r t 2.016 i tib a riy la A r a D o n e m R a p o r u Konsolide Gelir Tablosu Hakkinda Bilgiler (denetlenmemi$) Net Faiz Geliri ve Ger^ege Uygun Deger Farki Kar/Zarara Yansitilan Finansal VarhkSardan/YOkOmiuliikierden Net Kazan <?lar(Zararkr) S o n a e r e n ii? a y iik d o n e m m€ 31 M a r t 2 0 1 6 31 M a r t 2 0 1 5 3 ,9 2 4 4 ,2 1 0 A h m - s a tim k a r i1'2 421 1 ,989 G e rp e g e u y g u n d e g e r fa rk i k a r / z a r a r a y a n s itila n fin a n sa l v a r h k la rd a n /y tik u m lu lu k le rd e n n e t kazan<;iar ( z a ra rla r)3 876 157 3,297 2 ,1 4 6 5 ,2 2 1 6 ,3 5 6 N e t f a iz g eliri G e rg e g e u y g u n d e g e r fa rk i k a r / z a r a r a y a n s itila n fin a n sa l v a r h id a rd a n /y u k u m lu lu k le rd e n n e t k a z a n g ia r (z a ra rla r) to p la m i N e t f a iz g e lir i v e ger?ej£e u y g u n d e g e r f a r k i k a r / z a r a r a y a n s itila n f m a n s a l v a r h k l a r d a n / y u k i i i n l i i l i i k le r d e n n e t k a z a n g i a r ( z a r a r l a r ) to p la m i S a tis & A h m - s a tim (h isse se n e d i) S ati§ & A h m - s a tim (ta h v il v e d ig e r iiru n le r) T o p la m S a tis & A h m - s a tim 483 8 42 3 ,5 5 6 2 ,8 6 5 3 ,7 0 7 4 ,0 3 9 K a la n iiru n le r4 G lo b a l P iy a sa la r 88 (2 4 5 ) 2 ,4 7 8 3,461 K u ru m sal & Y a tirim B a n k a c i h g i 5 O z e l, S e rv e t & T ic a ri M usjteriler 513 5 32 1.408 997 67 353 D e u ts c h e V a r h k Y o n e tim i P o stb a n k F a a liy e t D i§i O p e ra s y o n la r B irim i K o n s o lid a s y o n & D iiz e ltm e ie r N e t f a iz g e l i r ie r i v e g e r e e g e u y g u n d e g e r f a r k i k a r / z a r a r a y a n s i ti la n f in a n s a l v a r l i k la r d a n / y i ik i in th iH i k l e r d e n n e t k a z a n ? ! a r ( z a r a r i a r ) t o p la m i 583 6 04 (1 2 8 ) 301 (1 5 2 ) 561 5 ,221 6 ,3 5 6 ! Alim -satim kari, ahm -satim amaph elde tutulan tOrevierden ve riskten korunrna m uhasebesi niteiikleri ta$imayan tiirevlerden kazanplari ve zararlari igermektedir. 2 Onceki dOnem kar$ila§tirmah rakam lari yeniden ifade edilmi§tir. 349 milyon Euro, Ger?ege uygun deger farki kar/zarara yansitilan fmansal varhklardan net kazangiar (zararlar) kalem inden, Korr.isyon ve Ocret gelirlerine yeniden simflandirilmi§tir. 3 SekUritizasyon yapilarm dan 31 M art 2016 ve 31 M art 2015’de sona eren tiper aylik donem ler i?in sirasiyla 2 milyon Euro ve 5 milyon Euro kazanci igermektedir. ilgili ara?lann gerpege uygun deger hareketleri olan, 31 M art 2016 ve 31 M art 2015’de sona eren tiyer aylik dOnemier ipin sirasiyla 2 m ilycn Euro ve (1) milyon Euro, ahm -satim kari i?inde rapor!anmi§tir. Her ikisi ce Sati? & A hm -satim (tahvil ve diger iirunler) altm da raporlanmi$tir. Bu kazar.Qlann ve zararlarin toplam i, bu konsolide sektlritizasyon yapilarm m zararlarmdar. G rup’un payim temsil etmektedir. 3 Kredilerden net faiz spreadini ve kredi tem errtlt swaplarmin ve gerpege uygun deger farki kar /zarara yansitilan kredilerin gerijege uygun degerindeki degijim i igermektedir 4 N et faiz geiirlerini ve gerpege uygun deger farki kar / zarara yansitilan finansal varhklardan/yUkumltllUklerden, ihrap, dam§manhk ve diger ilrtlnlerden net kazamplari (zararlari) igermektedir. K o m is y o n v e U c r e t G e l i r i e r i S o n a e r e n lie a y li k d o n e m m € 31 M a r t 2 0 1 6 P o rtto y y o n e tim fa a liy e tie rin d e n k o m is y o n la r v e iic re tle r M e n k u l k iy m e t y u k le n im v e d ig e r m e n k u l k iy m e t fa a liy e tie rin d e n k o m isy o n la r, a ra c ih k iic re tle ri. k ar m a rjla ri D ig e r m ii$teri h iz m e tle rin d e n iic re tle r T o p la m k o m is y o n v e u c r e t g e l ir ie r i 31 M a r t 20 1 5 1,027 1,059 881 970 1 ,0 8 3 ' 1,122 2 ,8 7 7 3 ,2 6 3 1 Onceki donem kar§ila§tirmah rakamiari yeniden ifade edilm ijtir. 349 milyon Euro, Gerpege uygun deger farks kar/zarara yansitilan finansal varhklardan net kazanplar (zararlar) kalem inden, Komisyon ve Ucret gelirlerine yeniden siniflandirilmi§tir. i§bu beige ingilizce fotokopisinden Turk9e ’ye tarafim dan kism i oiarak tercUme edilmi$tir. E L B A PASEN SY A S E M I D iL H IZ M E T L E R i Tel. 02J-2 325 98 98 Faks 0 2 !2 281 42 59 E-m ail sem i@ atlas.net.tr 14 D eutsche Bank 4 -K o rtso lide F in a n s a l T a b l o l a r a lli^kin D ip o tla r 31 M a r t 2 0 1 6 i t ib a r iy la A r a D o n e m R a p o r u Emeklilik ve Diger Istihdam-Sonrasi Sosyal Haklar S o n a e r e n ii< a y lik d o n e m m € H iz m e t m a liy e ti N e t faiz rn aliy eti (g e iiri) 31 M a r t 2 0 1 6 78 31 M a r t 2 0 1 5 83 (3) ”5 (1) 82 T a n im li k a t k i p l a n l a r i n m t o p la m g id e r le r i 130 314 I s t i h d a t n s o n r a s i s o s y a l h a k g i d e r l e r i to p la m i 20S 196 64 61 T a m m li f a y d a p l a n l a r i m n t o p l a m g i d e r le r i Z o rts n lu A lm a n s o s y a ! g iiv e n lik e r a e k li s a n d ig m a i$ v e re n k a tk is i G rup 2 0 1 6 ’d a em e k lilik sosyal h a k p la n la n n a yakla§ik 325 m ily o n E u ro k atk id a buiunm ayi b ek lem ek ted ir. 31 A ra h k 2 0 1 6 ’d a sona eren yil i?inde G ru p ’a herh an g i b ir p lan v arh g m m geri don m esi b ek len m em ek ted ir. T a n im li f a y d a y u k iim liH u g u n ii b e lir le m e d e k u ila m la n is k o n to o r a tit % 31 M a r t 2 0 1 6 31 M a r t 201S A lm a n y a 1.8 2 .4 In g ilte re 3.5 3.8 4.2 A .B .D . 3 .9 Genel Yonetim Giderleri S o n a e r e n tie a y is k d o n e m 31 M a rt 2016 31 M a r t 201S m € B T rnaliyetSeri 936 865 I§ g aliy e, d 5 $ em e v e e k ip m a n g id e rie ri P ro fe s y o n e l h iz m e t u c re tle ri 454 4 63 520 Ileti$ im v e v eri h iz m e tle ri 193 S e y a h a t v e te m sil g id e r le r i1 B a n k a v e i§lem m a sra fla ri 105 203 104 154 135 5 56 P a z a rla m a g id e r le r i1 56 64 K o n s o lid e e d ile n y a tirim la r D ig e r g id e rle r2 85 105 1,196 2 ,6 1 0 T o p la m g e n e l y o n e tim g id e r le r i 3 ,7 3 6 5 ,0 6 9 1 G rup’un m aliyei raporlam asm daki degijiklikleri yansitrr.ak Uzere, Onceki dOnemin kar§ilas;irmali rakam lari yeniden ifade edilmi^tir. 2 31 M art 2016 ve 31 M art 2015’de sona eren ilper aylik donemler itibariyla sirasiyla 187 milyon Euro ve 1,544 milyon Euro tutannda hukuki ihtilafiarla ilgili giderler, 31 M art 2016 ve 31 M art 2015’de sona eren U9 er aylik donem ler itibariyla 538 milyon Euro ve 561 milyon Euro tutarinda bankacihk vergisi bulunmaktadir. Yeniden Yapilanma Y en id en y ap ilan m a, G ru p ’un 2015 y ih n d a duyurulan 2020 Stratejisi p ro g ram m in b ir par$asim o lugturm aktadir. S trateji 2 0 2 0 , 2018 y ilin a k ad a r n e t 1 ila 1.5 m ily ar E uro ta s a rru f sag lam a am aciyla, Y atirim B an k acilig in i y e n id e n k o n u m lan d irm a, p erak en d e ijin i y en id en §ekillendirm e, cografi ayak izini rasy o nelle^tirm e ve fa a liy e t m odelini donu§turm e inisiyatifleri igerm ektedir. Y en id en y a p ila n m a g id erleri, i§ten 9ik arm a tazm in atlarm d an , istih d am m so n a erm esi ned en iy le heniiz a m o rtism an a tabi tu tu lm ay an ertelen m i? iicret o d u llerin in hizlan d irilm asim k ap sayan ek g id erlerd en ve g ay rim en k u iierle ilgili sozle§m e fesih m aliy etlerin d en olu§m aktadir. i§bu beige ingilizce fotokopisinden TiirkQe’ye tarafim dan kismi olarak tercum e edilmi§tir. EL D A PA SEN SY A S E M I D IL H IZ M E T L E R E Tel. f a t e 325 98 98 Faks 0212 281 42 59 E-m ail sem i@ atlas.net.tr 15 D eutsche Bank 4 -K o riso !ide F in a n s a l T a b l o l a r a S i s k i n D i p o tl a r 31 M a r t 2 0 1 6 i t ib a r iy la A r a D o n e m R a p o r u Boliim bazmda net yeniden yapilanma gideri rrt € G lo b al P iy a s a la r K u ru m sa l & Y a tirim B a n k a c ih g i O z e l, S e rv e t & T ic a ri M u § te rile r D e u ts c h e V a r h k Y o n e tim i P o s tb a n k T e m e l F a a liy e t di$i O p e ra s y o n la r B irim i T o p la m N e t Y e n id e n y a p i la n m a G i d e r le r i S o n a e r e n «i? a y h k d o n e m 31 M a r t 2 0 1 6 31 M a r t 2 0 1 5 (7 0 ) (2 0 ) (7 3 ) (2 ) (5 6 ) (7) (1 ) 0 0 0 (5) (0 ) (2 1 1 ) (2 3 ) T i i r bazjrad a wet y e n id e n y a p ila n m a g id e ri S o n a e re n 0? a y h k do n em m € Y e n id e n y a p ila n m a - P e rs o n e lle ilg ili b u n la n n ic in d e n : I§ten p ik a rm a tazm inatS ari B u n y e d e tu trn a o d e m e le rin in h iz la n d in lm a s i S o sy al g iiv e n lik Y e n id e n y a p ila n m a - P e rs o n e lle ilg ili o lm a y a n 1 T o p la m N e t Y e n id e n Y a p i la n m a G id e r l e r i 31 M a r t 2 0 1 6 (2 1 1 ) 33 M a r t 2 0 1 5 (2 3 ) (1 9 6 ) (1 8 ) (1 3 ) (5 ) (2) (1 ) 0 0 (2 1 3 ) _ ................ (2 3 ) 1 Esasen gayrim enkul ve teknoloji ile ilgili kontrat maiiyetleri. Y en id e n y a p ilan m a k a rjih k la n , 31 M art 2036 ve 31 A ralik 2015 itibariyla, sirasiy la 826 m ilyon E uro ve 65 i m ily o n E uro olrnu§tur. M e v c u t y en id en yap ilan m a k a rjih k la n n fo g u n lu g u n u n , oniim uzdeki iki y il iginde k u ilam lm asi b ek len m ek ted ir. 31 M art 2 0 1 6 ’d a so n a eren 0? ay lik donem de y en id en y ap ilan m a y o lu y la 160 tam za m an h dengi personel azaltilrm §tir. A zaltilan bu p erso n elin b 5 liim ler b azm d a dagilim i $6y!edir: m € S o n a e r e n iic a y lik donem 31 M a r t 201 6 G lo b a l P iy a sa la r 39 K u ru m sa l & Y a tirim B a n k a c ih g i 58 A lty a p i/ B o lg e s e l Y 5 n e tim 61 D ig e r 2 T o p la m ta m z a m a n h d e n g i p e rso n e l 360 Etkin Vergi Oram 2 0 1 6 - 2 0 1 5 U ? A y lik K ar§ila§tirm a G elir v erg isi g id eri 343 m ily o n E u ro (2 0 1 5 ’in ilk 9eyreginde: 920 m ilyon E u ro ) o!m u§tur. E tkin vergi o ram n m % 59 (2 0 1 5 ’in ilk g eyreginde: % 62) olm asi biiyiik olgiide h isse bazli od em elerle ve H ua X ia B ank Co. L td .’d ek i y a tin m im iz la ilgili vergise! etkilerden kaynaklanm i§tir. ijb u beige Ingilizce fotokopisinden Tilrk^e’ye tarafim dan kism i olarak tercanie edilini§tir. E LD A PA SEN SY A SE M I O IL H K M E T L E R i Tel. 0 2 1 ^ 325 9 8 9 8 Faks 0212 281 42 59 E-m ail semi(«3atlas.net.tr 16 D eutsche B an k 4 - K o n s o l i d e F in a n s a l T a b l o i a r a t{i§kin D ip o tla r 31 M a r t 2 0 1 6 itib a riy la A r a D o n e m R a p o r u Konsolide Bilan^o Hakkmda Bilgiler (denetlenmemi$) Gercege Uygun Degeri Kar/Zarara Yansitilan Finansal Varliklar/Yiikiimliiliikier m € 31 M a r t 2 0 1 6 31 A r a ls k .2015 15 9 ,6 0 9 1 7 9 ,2 5 6 A h m -s a tim a m a g h e id e tu tu la n S im fla n d irila n fin a n sa l v a rlik ia r: A lim -s a tiin a k o n u v a rh k la r: A h m -s a tim a m a c li m e n k u l k iy m e tle r D ig e r a h m - s a tim v a r h k la r i1 15,338 16,779 T o p la m a h m - s a t i m v a r h k l a r i 1 7 4 ,9 4 7 1 96 ,0 3 5 T iir e v f in a n s a l a ra < ;!a rd a n p o z i t i f p iy a s a d e g e r le r i 5 8 1 ,2 9 1 5 1 5 ,5 9 4 7 5 6 ,2 3 8 7 1 1 ,6 3 0 A h m - s a tim a m a f h e ld e t u t u l a n s im fla n d irila n f in a n s a l v a r h k l a r to p la m i G e rceg e uygun deger fa rk i kar / zara ra y a n s itil a n sim fla n d irila n fin a n s a l v a rh k la r: G eri s a tim a n la § m a la ri p e rije v e sin d e s a tin a h n a n m e n k u l k iy m e tle r 5 2 ,8 5 5 51 .0 7 3 O d tin ? a h n a n rn e n k u i k iy m e tle r 19,443 2 1 ,4 8 9 K re d ile r 10,719 2 4 ,0 8 2 12,451 2 4 ,2 4 0 G e rc e g e u y g u n d e g e r fa rk i k a r / z a r a r a y a n s itila n d ig e r fin a n sa l v a r h k la r G e r c e g e u y g u n d e g e r f a r k i k a r / z a r a r a y a n s itil a n f m a n s a l v a r h k l a r to p la m i 1 0 7 ,1 0 0 1 09 ,2 5 3 G e r c e g e u y g u n d e g e r f a r k i k a r / z a r a r a y a n s i ti la n to p la m f in a n s a l v a r h k l a r 8 6 3 ,3 3 8 8 2 0 ,8 8 3 1 31 M a rt 2 0 1 6 v e 31 A r a lik 2 0 1 5 itib a riy la s ira s iy la 13.7 rn ily a r E u ro v e 35.5 m ily a r E u ro tu ta rin d a , a lim -s a tim a k o n u k re d ile r d a h ild ir. m € 31 M a r t 2 0 1 6 31 A r a li k 2 0 1 5 6 2 ,9 2 2 5 1 ,3 2 7 A h m - s a tim am aijSi t u t u l a n s im fla n d irila n f in a n s a l y i ik u m lu lu k l e r : A h m - s a tim y u k u m i ii li ik le r i : A h m - s a tim am a p li m e n k u l k iy m e tle r D ig e r a h m - s a tim y iik iirn lu lu k le ri T o p la m a h m - s a t i m y u k u m ii ilii k l e r i T iir e v f i n a n s a l a r a ^ la r d a r t n e g a t i f p iy a s a d e g e r l e r i A h m - s a tim a m a c li t u t u l a n s im fla n d irila n f in a n s a l y iik U m liiliik le r t o p la m i 88 7 977 6 3 ,8 1 0 5 2 ,3 0 4 5 6 1 ,5 3 2 4 9 4 ,0 7 6 6 2 5 ,3 4 2 5 4 6 ,3 8 1 4 0 ,2 3 4 3 1 .6 3 7 68 8 .0 6 4 4 ,3 6 3 79 8 ,7 1 0 4 ,4 2 5 5 2 ,7 2 9 44 ,8 5 2 7 ,9 1 7 8 ,5 2 2 6 8 5 ,9 8 8 5 9 9 ,7 5 4 G e r c e g e u y g u n d e g e r f a r k i k a r / z a r a r a y a n s itila n f in a n s a l y iik iim liiliik le r : R e p o s o z ie jm e le ri ? e r ? e v e s in d e sa tila n m e n k u l k iy m e tle r K re d i ta a h h u tle ri U z u n v a d e li b o rijlar G erijeg e u y g u n d e g e r fa rk i k a r /z a r a ra y a n s itila n d ig e r fin a n s a l y iik u m lu lu k le r G e rceg e u y g u n to p la m i d eg er fa rk i k a r /' z a r a r a y a n s i ti la n f in a n s a l y iik iim liiliik le r Y a tirim so z le§ m esi y iik u m lO lu k le ri1 G e rceg e to p la m i uygun deger fa rk i k ar / zara ra y a n s itil a n f in a n s a l y i ik iim liiliik le r 1 Bunlar, p o life hakom ve ko?ullannm , itfa degerinin gcrfege uygun degerine ejitlenm esine yol a^tigi yatirim sOzlejmeleridir Satiimaya Hazir Finansal varhklar m € B o rg la n m a se n e tle ri H iss e se n e tle ri D ig e r o z k a y n a k p a y la ri K re d ile r S a tiim a y a h a z i r f i n a n s a l v a r h k l a r to p la m i 31 M a r t 2 0 1 6 6 5 ,5 6 2 1,144 31 A r a l i k 2 0 1 5 6 8 ,2 6 6 1,241 90 2 3 ,2 8 2 974 3 ,1 0 2 7 0 ,8 9 0 7 3 ,5 8 3 4 O cak 2 0 1 6 ’d an g e?erli o lm ak Uzere G rup, 3.2 m ilyar E uro tu ta rin d a satiim ay a h azir bonpianm a senedin, vad ey e k a d a r eld e tu tu la c a k yatirirnlar kateg o risin e y en id en sm ifla n d irm ijtir. D aha fazla ayrm ti i9in liitfen b u A ra D o n em R ap o runun N o t “V adeye K ad a r E lde T u tu laca k Y a tm m la r” kism m a bakim z. i§bu beige ingilizce fotokopisinden T iirk?e’ye tarafim dan kism i olarak terciim e edilmi§tir. ELDAPASENSYA S E M I D i L H iZ M E T L E R ! Tel. 0 2 4 2 J 2 5 98 98 Faks 0212 281 42 59 E-mail s e m i^ a tla s .n e t.tr 17 D eutsche Bank 4-K onsolide F m ansal T ablolara D ip o tla r 31 M a r t 2 0 1 6 itib a riy la A r a D o n e m R a p o r u UMS 39 ve UFRS 7 "Finansal Varhklarm Yeniden Smiflandirmasi',iida Degl^iklikler E k ira 20Q8’de y ay im lan m i? olan U M S 39 ve U F R S 7 degigiklikleri gergevesinde, belli fm ansal v a rh k la r 2,008’in ikinci y a rism d a ve 2 0 0 9 ’un ilk ceyreginde gercege uygun d eg e r farki kar/ zarara y an sitilan ve satiim ay a h azir finan sal v arh k la rd a n , k red iler sin ifm a yeniden sim flandinlm i^tir. 2 0 0 9 ’un ilk fe y re g in d e n bu y a n a h erh angi bir y en id en sm iflan d irm a yapdm am i§tir. G rup, bu d eg i^ik lik ler 9e r 9ev e sin d e uyg un olan, ve y en iden sm iflan d irm a tarih in d e, k isa vadede 9ikm a v ey a a h p -sa tm a y erin e ongoriilebi 1ir bir sure i?in elde tu tm a niyet ve im k an m d a net bir degi$iklik olan v a rh k la r b elirle m ijtir. Y en id e n sm iflan dirm alar, v a rh k la rm y en id en sin ifla n d ira ia tarih in d ek i gergege uy g u n d eg erin d en yapilm i§tir. Y e n id e n s i m f l a n d i r i l a n f in a n s a l v a r h k l a r ( a k s i b e lir tilm e d ik ^ e ) K r e d ile r e y e n id e n K re d ile re y e n id e n m lr € sin if ia m d in la i! s i n i f la n d i n l a n a h m - s a ti m a m a ^ h f in a n s a l s a tiim a y a h a z i r fin a n s a l v a rh k la r v a rlik ia r Y e n id e n s m i f l a n d i r m a t a r i h i n d e k i d e f te r d e g e r i B ir ik m i? d i g e r k a p s a m li g e li r le r d e g e r ? e k le ? m e m i? g e r c e g e u y g u n d e g e r z a ra rla ri Y e n id e n s m if l a n d ir m a t a r i h in d e k i e tk in f a iz o r a n l a r i : a ra h g in list u c u a ra h g in a lt u c u Y e n id e n s m if l a n d ir m a t a r i h i n d e b e k ie n e n g e r i k a z a r u ia b ii ir n a k i t a k im l a r i 26 ,6 0 .0 (1 .1 ) % 13.1 % 9 .9 % 2 .8 % 3 .9 3 9 .6 17.6 11.4 2008 v e 2 0 0 9 ’d a y e n id e n s m if la n d m la n v a r h k la r m d e f te r d e g e r le ri v e g e rc e g e u y g u n d e g e rle ri 31 M a r t 2 0 1 6 m € D e f te r d eg eri 31 A r a h k 2 0 1 5 G e rceg e u y g u n d e g e ri D e f te r d eg eri G e rc e g e u y g u n d eg eri K r e d i l e r e y e n id e n s m i f l a n d t n l a n a h m - s a ti m a in a ? ! i f m a n s a l v a r l i k i a r : M enkul kiym etle§tirilm i§ v arhklar Bori;lanm a senetleri K rediler K r e d i l e r e y e n id e n s i m f l a n d i r i l a n a h m - s a t im am a< ;h f in a n s a l v a r h k l a r to p ia m i 1,147 1,039 1,382 1,346 255 264 39 6 405 81 4 784 916 857 2 ,2 1 6 2 ,0 8 7 2 ,6 9 5 2 ,6 0 8 1,262 0 1,176 0 1,540 1,470 168 179 1,262 1 ,176 1,708 1,648 3 ,4 7 8 ' 3 ,2 6 3 4 ,4 0 3 1 4 ,2 5 6 K r e d i l e r e y e n id e n s i m f l a n d i r i l a n s a tiim a y a h a z ir f in a n s a l v a r h k l a r : M enkul kiym etlestirilm is varh k lar B orglanm a senetleri K r e d i l e r e y e n id e n s m i f l a n d i n l a n s a t ii m a y a h a z ir f in a n s a l v a r h k l a r t o p l a m i K r e d i l e r e y e n id e n s i m f l a n d i r il a n f in a n s a l v a r h k l a r t o p la m i 1 Yukaridaki tabloda gosterilen yeniden sim flandirilan varhklarm defter degeri Uzerinde, faiz orani riski i§in etkin gercege uygun deger riskten korunm a muhasebesinden ili§kiii defter degeri etkisi de vardir. Bu etki, defter degerini 31 M art 2016 itibariyla 4 milyon Euro artirmakta, ve 31 M art 2016 31 Aralik 2015 itibariyla ise 3 milyon Euro aza'tmaktadir. Y en id en sim flan d irilan biitiin v a rh k la r A na F aaliy et D is■ O p erasy o n lar B irim i (N C O U ) tarafm dan y o n e tilm e k te d ir ve bu p o rtfo y ile ilgili elden 91 karm a k ararlari, risk a z altm a kararlarm i alm a g o rev lerin e uygun o larak N C O U ta rafm d an ah n m ak tad ir. 31 M art 2 0 1 6 ’de so n a eren U9 ay h k d o n em d e G rup, 0.6 m ily ar E u ro d efter degerine sahip y en id en sm iflandirilm i§ v arh k la rm i satmi§, bun u n so n u cu n d a 0.02 m ily a r E u ro n e t k az an 9 elde etm i§tir. Sati§lara ek olarak, oriceden sati§a hazir am agh o larak sim flan d irilrn ak ta olan ve yeniden sim flan d irilan v a rh k la rm d e fte r d eg erin deki dii§u§, 0.1 m ily ar E uro tu ta rin d a itfa ve vade d o lu m la n m igerm ektedir. G en el d efter d eg erleri, do nem igindeki kur etkileri ile d ah a d a du§mii§tiir. i§bu beige ingilizce fotokopisinden T u rk fe ’ye tarafim dan kism i olarak tercum e edilmi$tir. E LD A PA SEN SY A S E M ID IL H tZ M E T L E R i Tel. 0212 325 98 98 Faks 0212 281 42 59 E-m ail sem iteatlas.net.tr D e u t s c h e B atik 4 - K o n s o l i d e F in a n s a l T a b l o l a r a Iii?kin D i p o tl a r 31 M a r t 2 0 1 6 itib ariyla A r a D 8 n e m R a p o r u Y e n id e n s in if la n d ir m a la r y ap iS m am i^ o lsa k a r / z a r a r d a im ih a s e b e le § tirile e e k o la n g en fe k te $ m e m i? g e rc e g e u y g u n d e g e r k a z a n ^ la n ( z a r a r l a r i ) ve d ig e r k a p s a m li g e lid e r d e ( z a r a r la r d a ) m u h a s e b e !e § tirile c e k oSaa n e t k a z a n ? la r ( z a r a r la r ) S o n a e r e n ii? a y h k d o n e m m € 31 M a r t 2 0 1 6 Y e n id e n s im fla n d irila n a h m - s a tim v a r h k la n n d a n g e r 9 ek le§ m em i§ g e rc e g e u ygur. d e g e r k a z a n g la n (z a ra rla ri), k re d i d e g e r du?u§ti k a r^ th k la ri o n c e s i b ru t 31 M a r t 2 0 1 5 (4 0 ) 49 v a rh k la rm d e g e r d u § u k lu g ii (z a ra rla ri) (4 2 ) 0 Y e n id e n s im fla n d irila n v e d e g e r d tt§ u k lu g u n e u g ra m a m i? s a tiim a y a h a z ir fm a n sa l v a rh k la rd a n ila v e g e r? e k le § m e m i§ g e rc e g e u y g u n d e g e r k a z a n f la r i (z a ra rla ri) te m sil e d e n , d ig e r k a s s a in ii g e lir le rd e ( z a ra rla rd a ) g O stsrile n n e t k a z a n p la r (z a ra rla r) (2 7 ) 11 Y e n id e n sim fla n d irila n v e d e g e r dQ §uklugune u g ram i§ sa tiim a y a h a z ir fin a n sa l Y e n id e n s im f la n d ir ila n b iitiin v a r h k l a r m , g e lir ta b lo s u n a v e rg i-o n c e si k a tk is i S o n a e r e n iif a y lik d o n e m m € 31 M a r t 2 0 1 6 F a iz g e lirie ri 10 K red i d e g e r du?ii^u k ar§ ilik iari D ig e r g e lir le r 1 Y e n id e n s i m f l a n d i r i l a n a tim - s a tim v a r h k l a n n d a n g e iir v e r g is i o n c e s i k a r ( z a r a r ) F a iz g e lirie ri K red i d e g e r du§ii§u k a r jih k la r i D ig e r g e lir le r 1 Y e n id e n s t m f l a n d i n i a n s a tiim a y a h a z ir f in a n s a l v a r h k l a r d a n g e lir v e r g is i o n c e s i k a r (z a ra r) 31 M a r t 2 0 1 5 43 (7 2 ) 20 (2 ) 24 (4 1 ) 65 4 3 21 (1) 24 6 46 0 1 Y e n id e n sim fla n d irila n v a rh k la rm sa ti§ m d a n k a z a n g ia r v e z a ra rla r ile ilg ilid ir. Y e n id e n s im f la n d ir ila n F in a n s a l V a r h k la r : V a r lik sin ifi b a z m d a d e f te r d e g e rle ri v e g e rce g e u y g n n d e g e r le r i 2 0 1 2 ’n in dordisncii (geyreginde N C O U ’n u n olu§turu!m asi iizerine, butiin U M S 39 yeniden sm ifian d iriian v a rh k la r bu yeni boiiim e ak tan lm i§ tir. N C O U ’ya, to p lam serm ay e taleb in i ve U FRS v a rh k la ri azaltm ak u zere risk azaitm ayi hizlan d irm a gorevi verilm i§tir. V arlik larin satilip satilm ay acag m a ve satilacak sa ne zam an satilacag in a k a ra r v erilirken, g e lir tablosu, idari serm aye ve k ald ira? etkileri de d ah il o im ak Uzere b ir dizi fak to r dikkate alm rn ijtir. D e fte r deg erin d ek i ve g erfeg e uygun d eg erd ek i h are k e tle r a$agidaki tab lo d a gosterilm ijtir: I§bu beige ingilizce fotokopisinden Tiirk9e ’ye tarafim dan kism i olarak terctim e edilmi^tir. ELDA PASENSYA SEMi D1L HIZMETLERi Tel. 0? U ^ 3 2 5 98 98 Faks 0212 281 42 59 E-m ail sem i@ atlas.net.tr 19 Deutsche B a n k 4 - K o n s o l i d e F in a n s a l T a b l o l a r a ili$kin D ip o tla r 31 M a r t 2 0 1 6 itib ariyla A r a Dorsem R a p o r u 2008 ve 2009’daki varhk smifi yeniden smiflandinnasi bazmda defter degerleri ve gercege uygun degerleri m € 31 M a rt 2 0 1 6 31 A ra lik 2015 D e fte r G e r? e g e G e rg e k le s- d e g e ri (C V ) uygun D eg eri (F V ) rr.em i? k a z a n ? ia r /(z a ra rla r) Y e n id e n sim fla n d iriia n rn en k u i k iy m etle§ tirilm i§ v a r h k la r v e b o r?lan rria se n e tle ri: A B D b e le d iy e ta h v ille ri D e fte r d e g e r(C V ) G e rp e g e uygun d e g e r(F V ) G e rfe k le § m em i$ k a z a n g ia r /(z a ra rla r) 126 132 6 405 423 19 1,143 1,096 (4 7 ) 1,456 1,478 22 C D O /C L O 487 445 (4 3 ) 534 498 (3 6 ) Ip o te k li ta h v ille r 298 230 (6 9 ) 23 4 82 85 3 298 175 (6 4 ) 1 O g re n c i k re d ile rin e d a y a li V D M K T ic a ri ip o te g e d a y a li m e n k u l k iy m e tle r K o n u t ip o te g in e d a y a li V D M K D ig e r 1 Y e n id e n s i m f l a n d i n l a n m e n k u l k iy m e tle § tirH m i? v a r l i k i a r v e b o r< f!an m a s e n e tle r i t o p la m i Y e n id e n sim fla n d irila n k re d ile r: T ic a ri ip o te k K o n u t ip o teg i D ig er Y e n id e n s i m f l a n d ir i la n k r e d i l e r to p l a m i K r e d i l e r e y e n id e n s i m f l a n d i r i l a n f in a n s a l v a r h k l a r t o p la m i 176 87 91 4 92 93 1 440 401 (3 9 ) 529 498 (3 1 ) 2 ,6 6 3 2 ,4 7 9 (1 8 4 ) 3 ,4 8 7 3 ,4 0 0 188) (1 ) (5 7 ) 46 46 0 56 54 722 (3 1 ) 0 810 753 46 691 46 50 49 814 784 (3 1 ) 916 857 (1 ) (5 9 ) 3 ,4 7 8 3 ,2 6 3 (2 1 5 ) 4 ,4 0 3 4 ,2 5 6 (1 4 7 ) 1 H a v a c ih k se k to rii ile ilg ili v a r h g a d a y a h m e n k u l k iy ra e tle ri, v e d ig e r m e n k u l k iy m e tle § tirm e v a r h k la rin m v e b o r fla n m a se n e tle rin iri b ir k a ri§ im in i i£errR ektedir. Vadeye K ad ar Elde T ut siIan Menkul kiymetler 2 0 1 6 ’nm birinci g ey reg in d e G rup, firm am n b a n k a cih k d efterindeki g elir ve serm aye volatilitesin i daha u yg u n §ekilde su n m ak igin V a d e y e K a d a r E id e T u tu lan kateg o risi k u llan m a y a ba§lam i§tir. F irm am n m ev cu t b a n k a c ih k d efterin in faiz o ra n ia n n a m aruz durum unu yo n etm ey e iiaveten, yeni m uhasebe sim flandirrnasi, G ru p ’un belli a k tif/p a sif yonetim h ed eflerini, or. vade tran sfo rm asy o n u n u da destekleyecektir. G ru p 3.2 m ily ar E u ro tu ta rin d a S atilm ak uzere elde tutu lan M enkul k iy m e tle ri 4 O cak 2 0 1 6 ’dan gegerli o lm ak u zere V ad ey e K a d a r E ld e T utulan o larak y en id en sim flandirm i§tir. Y eniden sim flan d irilan biitiin v a rh k la r y u k sek k alitede D evlet, u iu slar iistii ve d e v let kurum u tah v ille rid ir ve G ru p ’u n S tratejik L ik id ite R ezerv in in bir pargasi olarak G rup H azine tarafm d an y o n etilm ektedir. S a tilm a k U z e re E ld e T u tu la u ik e n V a d e y e K a d a r E ld e T u tu la n o la r a k y e n id e n sism flandiriian fin a n s a l v a r h k l a r m d e f te r d e g e r le r i v e g e r 9ege u y g u n d e g e rle ri 4 O cak 2016 m € D e fte r d e g e ri (C V ) 31 M a rt 2 0 1 6 D e f te r d e g e ri (C V ) G erg e g e u y g u n d e g e ri (F V ) Y e n id e n s im fla n d irila n b o rg la n m a se n e tle ri: G 7 D e v le t tahvilSeri D ig e r D e v le t, u iu s la r iistii v e d e v le t k u ru m u ta h v ille ri 432 431 448 2 ,8 0 9 2 ,8 0 2 2,871 3,241 3 ,233 3 ,3 1 9 V a d e y e K a d a r E ld e T u tu la n o la r a k y e n id e n sim fla n d irila n fin a n sa l v a rlik ia r to p la m i i§bu beige Ingilizce fotokopisinden T u rk fe ’ye tarafim dan kism i olarak tercum e ediimi§tir. E LD A PA SENSYA S E M I D iL H iZ M E T L E R J Tel. 0 2 f2 -3 2 5 98 98 Faks 0212 281 42-59 E-m ail semi@ atlasj.net.tr 20 4 - K o n s o l i d e F in a n s a l T a b l o l a r a IHskin D ip o tla r Deutsche Bank 31 M a r t 2 0 1 6 itib a riy la A r a D o n e m R a p o r u Gercege Uygun D egerden T a jin a n Finansal A ra?lar Gercege Uygun Deger H iyerar$isi Ger?ege uygun degerden ta§man fmansal ara^lar, UFRS gercege uygun deger hiyerarjisinin u? seviyesinde a§agidaki gibi kategorize edilmijtir: Seviye 1 - A ktif piyasalard ak i kote fiy atlar kullam larak degerienen ara^far: Bunlar, ger?ege uygun degerin dogrudan aktif ve likit piyasalarda kote edilen fiyatlardan tespit edilebildigi ve piyasada o^iilen aracm, Grup’un stokunda fiyallanmakta olam temsil ettigi arajlardir. Bu ara?lar arasmda: devlet tahvilleri, ve aktif likit borsalarda alimp satilan turevler ve hisse senetleri bulunmaktadir. Seviye 2 - O i?ulebilir piyasa verileri kullam larak degeriem e teknikleriyle degerienen a ra^lar: Bunlar, ger?ege uygun degeri aktif piyasalarda alimp satilan benzer ara.9Ia.ra bakilarak belirlenebilen, veya degerlemeyi yapmak igin bir teknigin kullanildigi ama o teknigin biitiin girdilerinin olgtllebilir oldugu araglardir. Bu araglar arasmda: pek 90k OTC (tezgah iistii) tiirev; pek 90k yatirim yapilabilir nota sahip borsaya kote kredi tahvilleri; bazi CDSler (kredi temerriit swaplari); pek 90k CDO (tem inatlandm lm ij borg yukiimltilukleri); ve pek 90k daha az likit hisse senedi bulunmaktadir. Seviye 3 - D ogrudan olfiU ebilir olm ayan piyasa verileri kullan ilarak degeriem e teknikleriyle degerienen a ra 9lar: Bunlar, gergege uygun degeri dogrudan piyasada olgiilebilir bilgiiere bakilarak belirlenemeyen ve bajka bir tiir fiyatlama tekniginin kullanilmasi gereken araglardir. Bu kategoride simflandirilan araglarm, gergege uygun deger tizerinde onemli bir etkisi olan ve olgulebilir olan bir unsuru vardir. Bu araclar arasmda: daha karm ajik OTC tiirevleri; iflas etrnek uzere olan firmalarin tahvilleri; fazlacayapilandirilmi? tahviller; likit olmayan varhga dayali menkul kiymetler (VDMK); likit olmayan CD O’lar (nakit ve sentetik); monoline pozisyonlar; ozel sermaye plasmanlan; pek 90k ticari gayrimenkul (CRE) kredisi; likit olmayan krediler; ve bazi belediye tahvilleri bulunmaktadir. G ercege uygun degerden taxm an fm ansal a r a 9la n n defter d e g e rle ri1 31 M a r t 2016 m € G erceg e uygun d e g e rd e n elde tu tu la n finansa! v a rh k la r; A hm -satim varhklari A hm -satim a konu m enkul kiym etler D iger ahm -satim a konu varlikiar Tiirev finansal ara?lardan p o zitif piyasa degerleri Geripege uygun deger farki k ar / zarara yansitilan finansal varlikiar Satiim aya hazir finansal varhklar Gercege uygun degerden diger finansal varhklar G erceg e uygun d eg e rd e n elde tu tu la n fin a n sa l v a r h k la r to p lam i G er?eg e uygun d eg e rd e n ta x m an fin a n sa l y u k iim iu liik ler: A hm -satim a konu yiikum lulukler A lim -satim a konu m enkul kiym etler Diger alim -satnna konu yiikum lulukler Tiirev finansal ara^lardan n eg atif piyasa degerleri G ercege uygun deger farki kar / zarara yansitilan fm ansal yukiim iuliikler Y atirim sozle§mesi yiikum luliikleri3 G er9ege uygun degerden diger finansal yiikum lulukler 03 ?u lem ez p a ra m e tre ii d eg eriem e tek n ig i (Seviye 3) A k tif p iy asad a kote fiy a tla r (Seviye 1) 31 A ra lik 2015 O i?uEebiIir p a ra m e tre ii d eg eriem e tek n ig i (Seviye 2) O l^ialemez p ara m e tre ii d eg eriem e tek n ig i (Seviye 3) A k tif piy asad a k o te fiy a tla r (Seviye 1) 0 1 ?iilebslir p a ra m e tre ii deg eriem e te k n ig i (Seviye 2) 76,958 76,452 506 5,386 85,275 76,636 8,639 566,306 12,714 6,521 6,193 9,599 90,031 89,718 313 5,629 93,253 82,869 10,384 500,520 12,751 6,669 6,082 9,445 18,852 40,198 30 84,500 25,815 3,6342 3,748 4,877 28 18,024 43,260 0 86,751 25,449 3,1362 4,478 4,874 0 141,424 765,530 30,966 156,943 709,109 31,549 49,342 49,305 37 5,931 14,441 13,592 850 548,235 26 26 0 7,366 40,185 40,154 30 5,528 12,10 2 11,155 947 480,668 18 18 0 7,879 2 0 49,689 7,917 3,038 0 2 0 41,797 8,522 3,053 0 0 48372 (8 9 8 )4 0 6,4922 (1,1 4 6 )4 G ercege uygun d egerden ta$inan fmansaE 625,120 9,531 45,715 549,581 9,805 yuktim ltilu kfer toplam i 55,275 ' Bu tablodaki tutarlar genel olarak, G rup’un fmar.sa! araflarm m ahsubuna dair (2015 Faaliyet Raporunun “Not 1 “Onemli M uhasebe Politikalari ve K ritik M uhasebe Tahm inleri ” kism inda afiklanan) muhasebe politikasina paralel §ekilde brilt bazda gOsterilmijtir. 2 Agirhkli olarak, riskten korunm a m uhasebesi niteliklerine sahip tarevierle ilgilidir. 3 Bunlar, poliye hilktim ve kojuKarmm, itfa degerini ger 9 ege uygun degerine e§itledigi yatirim sOzle$meleridir. Bu sOz!.e$meler hakkm da daha fazla bilgi ifin 2015 Faaliyet Raporunun Not 41 “Sigorta ve Yatirim SOzlejmeleri” kism m a bakiniz. 4 B anndiran sdzle§melerin am ortism ana tabi tutulmu? m aliyetten elde tutuldugu am a gOmiilO tiirevin ayn oldugu, s5zle§melere gOmiilil turevlerle ilgilidir. Ayrilan gCmulii tiirevlerin gergege uygun deger pozilif veya negatif olabilir am a bu tabloda, barindiran sOzle§melerin sm iflandirm asm a uygun olarak olm ak Uzere gOsterilmijtir. A ynlan gomillu turevler tekrarlayan esasa gtSre gergege uygun degerden elde tutulm aktadir ve gersege uygun deger hiyerar?i sim flandirm aian arasm da bOlunnitljtUr. i§bu beige Ingilizce fotokopisinden TiArk^e’ye tarafim dan kism i oiarak terciim e edilmi§tir. E LD A PA SENSYA S E M I D fL H S Z M E T L E R i Tel. 0212 /325 98 98 Faks 0212 281 42 59 E-mail sem i@ atlas.net.tr 21 D eutsche B a n k 4 - K o n s o l i d e F in a n s a l T a b l o l a r a Iii?kin D ip o tla r 31 M a r t 2 0 1 6 itib a riy la A r a D o n e m R a p o r u D egeriem e T e k n ik le ri G ru p ’un alim -satim im yaptigi finansal araglanri farkli tiirlerinin gergege uygun degerini tespit etm ede kuilam lan degeriem e teknikleri a§agida agiklanmi§tir. D evlet, Y a n D evlet ve K u ru m s a l T a h v il ve H isse S enetleri: Y akin zam anda yapilm is bir i?iem yoksa, gergege uygun deger, son piyasa fiyatim , o tarihten bu yana risklerdeki biitiin degi§ikliklere gore diizeitm eye tabi tatarak belirlenir. A k tif bir piyasada kote olan yakm bir emsal ara? varsa, gergege uygun deger, emsal degeri, araglann risk profilindeki farkiara gore diizeitmeye tabi tutarak belirlenir. Y akin emsal yoksa, gercege uygun deger, daha karma§ik m odellem e teknikleri kullam larak tahm in edilir. Bu teknikler arasm da, kredi, faiz, likidite ve diger riskier igin cari piyasa oranlari kullanan indirgenmi? nakit akimi modeller! bulunm aktadir. H isse senedi m odellem e teknikleri arasm da, kazang garpanlarina dayali olanlar da bulunabilm ektedir. Ip o teg e ve D ig e r V a r h k la r a D a y a h M e n k u l K iy m e tle r (M B S/A B S - V D M K ) konut ve ticari ipotege ve diger v arhklara dayah m enkul kiym etler ve C D O ’lar bulunm aktadir. V D M K ’m n dayanak varhklari farkli oldugundan ve ihraggi kurulujiarim n farkli yapilan oldugundan, bunlann spesifik ozellikleri vardir. CDO araglarim n gogunda oldugu gibi dayanak varhklarm kendisinin de V D M K oldugu durum larda karma§iklik daha da artar. G uvenilir bir di§ fiyatiam a m evcut olm adigm da VDM K, uygun durum larda, ya piyasada gozlem lenebilir benzer ijlem lere dayali olarak yapilan goreli deger anaiizi ile, ya da m iisait olan gozlem lenebilir girdileri igeren sektor standardi degeriem e m odelled kullam larak degerlenir. Sektor standardi di§ modeller, bagirnsiz oiarak fiyat testi yapilabilecek varsayim lara dayali belli bir ijlem igin anapara ve faiz odem elerini hesaplam aktadir. G irdiier arasm da on odem e hizlari, zarar varsayim lari (zam anlam a ve jiddet) ve bir iskonto oram (spread, getiri veya iskonto m arji) bulunm aktadir. B u girdiler/varsayim lar yerine gore fiili i§lemlerden, di§ piyasa ara§tirm alanndan ve piyasa endekslerindert elde edilir. K re d ile r: Belli krediler igin gergege uygun deger, yakm zam anda gergekle§mi§ bir i§lemin piyasa fiyatim, o ijlern tarihinden bu yana risklerde ve bilgilerde m eydana gelen biitiin degi§ikliklere gore diizeitmeye tabi Uitularak belirlenir. Y akm zam anda piyasa gergek.le§mi$ i§!em yoksa, gergege uygun degeri belirlem ek igin broker kotasyonlari, uzlajm a fiyatlam asi, emsal araglar veya indirgenm i? nakit akim i m odelleri kullamlir. indirgenm if nakit akim i m odelleri, yerine gore kredi riski, faiz oram riski, doviz kuru riski, temerriit halinde zarar gibi param etre girdilerini igerir. Kredi riski, tem erriit halinde zarar ve tem erriit halinde kullandirim pararnetreleri, m iisait ve uygun oldugu durum larda, kredi veya CDS piyasalarindan ahnan bilgiler kullam larak belirlenir. Kaldiragh kredilerin ijlem e ozel nitelikleri bulunabilm ekte, bu da piyasada gozlem lenen ijlem lerin gegerliligini sm irlayabilm ektedir. G ozlem lenebilir kotasyonlarm di§ fiyatiam a servislerinden alinabildigi benzer ijlem ier bulundugunda, bu bilgiler, ijlem ler arasm daki farklan yansitm ak iizere uygun diizeltm elerle kullam lir. B enzer ijlem buiunm adigm da, indirgenmi§ nakit akim i degeriem e teknigi kullam lir ve kredi spread’leri uygun kaldiragh kredi endeksinden elde edilir ve sektor sim flandirm asi, kredinin oncelik derecesini, kredi ve krediriin kar§i tarafi hakkindaki gegerli diger bilgileri igerir. T ezgah iis tii T iire v F in a n sa l A ra g la r: Likit ahm -satim pazarlanndaki piyasa standardi iflem ler, om egin G7 para birim lerindeki faiz oram sw apiari, vadeli doviz ve opsiyon sozlejm eleri, ve borsaya kote menkul kiym etler veya endeksler uzerine hisse senedi sw ap ve opsiyon sozle§meleri, piyasa standardi m odeller ve kote edilen param etre girdileri kullam larak degerlenir. Param etre girdileri miimkiin olan durum larda fiyatiam a servislerinden, uzla§ma fiyatlam asi servislerinden ve a k tif piyasalarda yakm zam anda gergekle§en i§iem!erden aiinir. Daha karma§ik araglar, o araca ozel daha sofistike m odellem e teknikleri kullam larak m odellenir ve miisait olan piyasa fiyatlarina gore ayarlam aya tabi tutulur. M odel gikti degeri, ilgili bir piyasa referansina ayarlanam azsa, v arsa farkhliklara gore ayarlam a yapm ak igin m odel gikti degerinde degeriem e diizeitmeleri yapilir. D aha az a k tif piyasalarda, veriler daha az sikhktaki piyasa ijiem lerinden, broker koiasyonlarindan aiinir veya ekstrapolasyon ve interpolasyon teknikleri yoluyia elde edilir. G ozlem lenebilir fiyat veya girdi yoksa tarihsel veriler, ijlem in ekonom isinin temel anaiizi ve benzeri ijlem lerden emsal bilgiler gibi, diger gegerli bilgi kaynaklanrn degeriendirerek. gergege uygun degeri tespit etm ek igin yonetim kanaati gerekir. i§bu beige ingilizce fotokopisinden T u rk fe ’ye tarafim dan kism i olarak tercum e edilm ijtir. EL D A P A SEN SY A S E M i D iL H iZ M E T U E R l Tel. 0212 325 98 98 Faks 0212 281 42 59 F.-mail riftt tr j I I j i 22 D eutsche Bank 4 - K o n s o l i d e F in a n s a l T a b l o l a r a tli^kin D i p o tl a r 31 M a r t 2 0 1 6 itib a riy la A r a D o n e m R a p o r u G erceg e U y gun D eg er O p siy o m i C^ergevesmde G erceg e U ygun D eg er F a rk i K a r /Z a r a ra Y an sitilan F in a n s a l Y iik iim liiliik ler: G ergege uygun deger opsiyonu gergevesinde gergege uygun deger farki kar/zarara yansitilan finansal yiikum ltiliikierin gergege uygun degeri, G rup’un o fm ansal yiikum liiluk igin gegerli olan kredi riskinin bir olgiisu de dahil olm ak uzere biitiin piyasa riski faktorlerini kapsar, Finansal yiikum lulukler arasm da, yapilandirilm i§ tahvil ihraglari, yapilandirilm i? m evduatlar ve konsolide edilen araglann ihrag ettigi diger yapilandirilm i§ m enkul kiym etler bulunm aktadir, ki bunlar a k tif bir piyasada kote edi'rnem is olabilir. Bu fm ansal yukum liiluklerin gergege uygun degeri, ilgili krediye gore duzeltilmi? getiri egrisi kullam larak akdi nakit akim lanm indirgem ek suretiyle belirlenir. Piyasa riski param etreleri, varhklar olarak elde tutulan benzeri aragiarla tutarli §ekilde degerlenir, om egin, yapilandm lm i? tahviller igerisine gomiilii turevler, y u k an d a "Tezgah OstU Tiirev Finansal Araglar" boliimiinde bahsedilenle aym yoritem kullam larak degerlenir. Gergege uygun deger opsiyonu gergevesin.de gergege uygun deger farki kar/zarara yansitilan fmansal yukiim iuliikler tem in atlan d in lm ij oidugunda, om egin, odiing verilen m enkul kiym etler veya repo anlajm aiari gergevesinde satilan m enkul kiym etler igin, kredi iyile§tirm eleri yilkum liiliigun gergege uygun degerlem esine bir faktor olarak katihr. Y a tirim Sozle^m esi Y tik iim liilu k leri: Grup, yatirim sozlejm esi yukilm liiluklerine endeksli olan varhklara da sahiptir. Y atirim sozle*?mesi, G ru p ’u bu yiikumliililkleri odem ek igin bu varhklari kullanm ak zorunda tutm aktadir. D olayisiyla, yatirim sozlejm esi yukum lultlklerinin gergege uygun degeri, dayanak varhklarm gergege uygun degeri (yani poligelerin teslim inde odenecek tutar) ile tespit ediiir. G ergege U y g u n D eg eri O n em li O lgiilem eyen P a r a m e tre le r igeren D eg eriem e T e k n ild e rin d e n elde edilen F m a n sa l A ra g la n n (Seviye 3) A naiizi Gergege uygun deger hiyerarjisinin 3. seviyesindeki araglann bazilarm m , olgiilebilir girdiye kar§i aym veya benzer dengeleyici pozisyonlan bulunm aktadir. A ncak, U FR S’n a gore bunlarm yukandaki tabloda briit varhklar ve yiikum lulukler olarak gosterilm esi gerekm ektedir. A h m -sa tim a K o n u M e n k u l K iy m etler: Likit olm ayan belli g elijen piyasa §irket tahvilleri ve likit olm ayan fazlaca yapilan d in lm if §irket tahvilleri, hiyerar§inin bu seviyesine dahil edilm ijtir. E k olarak, m enkul kiyrnetlejtirm e k u ru lu jla n tarafm dan ihrag edilen tahvillerden, ticari ve konut iD M K , tem inatlandirilm ij borg yiikum luliigu senetleri ve diger V D M K ’lar burada raporlanm aktadir. D onem deki dil§ii§ esasen sati§lar ile, odem elerin bir biie§im inden kaynaklanm akta olup, gogunlukla seviye 2 ile 3 arasindaki transferlerle ve A lim larla dengelenmi§tir. T iire v F in a n s a l A ra g la rd a n P o z itif ve N e g a tif P iyasa D egerleri: Gergege uygun deger hiyerarjisinin bu seviyesinde kategorize edilen turevler, bir veya daha fazla onemli olgiilemez param etreye dayah olarak degerlenir. Olgiilem ez param etreler arasm da, belli korelasyonlar, belli uzun vade volatiliteleri, belli on odem e oranlan, kredi spread’leri ve diger ijlem e-ozgu param etre bulunabilir. Seviye 3 turevler arasm da, dayanak referans kurum sal varhklar havuzunun duzenli olarak piyasada alimp satilan endekslerle yakm dan k a rjilajtirilab ilir olm adigi 6zelle§tirilmi$ C D O tiirevleri; belli tran§li endeks kredi tiirevleri; volatilitenin olgiilem ez oldugu belli opsiyonlar; referans dayanak varhklar arasindaki korelasyonlarm olgiilem ez oldugu belli sepet opsiyonlar; daha uzun vadeli faiz oram opsiyon tiirevleri; goklu para birim i doviz tiirevleri; ve kredi spreadinin olgiilebilir olm adigi belli kredi tem erriit sw aplan bulunm aktadir. D onem deki h a fif arti? kazanglarla ilgili olup, odem elerle kism en dengelenmi§tir. A h m -sa tim a K o n u D ig er A ra g la r: G ergege uygun deger hiyerarjisinin 3. seviyesinde sim flandirilan diger ahm -satim a konu araglar tem elde ahm -satim a konu olan ve bir veya daha fazla onem li olgiilemez param etreye dayah degeriem e m odelleri kullam larak degerienen kredilerdir. Seviye 3 krediler, likit olm ayan kaldiragh kredilerden ve likit olm ayan konut ve ticari ipotek kredilerinden olu§maktadir. D onem deki h afif arti? esasen ahm lardan ve seviye 2 ile 3 arasindaki transferlerden kaynaklanm i? olup, sati§lar ve odem eler ile dengelenm i§tir. i§bu beige ingilizce fotokopisinden T urk 9e ’ye tarafim dan kism i oiarak tercum e edilmi§tir. EL D A PA SEN SY A S E M I D fL H tZ M E T L E R ! Tel. 0212 325 98 98 Faks 0212 2 8 ) 42 59 E-m ail sem i@ atlas.net.tr 23 D eutsche Bank 4 - K o n s o l i d e F i n a n s a l T a b l o l a r a fli?kin D i p o tl a r 31 M a r t 2 0 1 6 i t ib a r iy la A r a D o n e m R a p o r u G ercege Uygun Deger F a rk i K a r veya Z a ra ra Y ansitilan F inansal V arlikiar/Y iikiim luIiikSer: Gergege uygun deger opsiyonu gergevesinde gergege uygun deger farki kar veya zarara yansitilan belli kurumsal krediler ve yapilandirilmi? ytikUmlilliikler, gergege uygun deger hiyerar§isinin bu seviyesinde kategorize edilmi§tir. Kurumsal krediler, olgiilebilir kredi spread’lerini, geri kazanma oranlarim ve olgiilemez kullandirim parametrelerini igeren degerieme teknikleri kullamlarak degerlenmektedir. Rotatif krediler, hiyerar§inin iigiincii seviyesinde raporlanir, gunkii temerriit halinde kullandirim parametresi onemlidir ve olgulemezdir. Ek olarak, gergege uygun deger farki kar veya zarara yansitilan ve gomiilii turevler igeren belli melez tahvil ihraglari, onemli olgiilemez parametrelere dayali olarak degerlenir. Bu olgiilemez parametreler arasmda, tek hisse voiatilite korelasyonlari bulunmaktadir. Donem iginde varliklardaki azahs esasen odemelerden ve seviye 2 ile 3 arasindaki transferlerden kaynaklanm ijtir, ihraglar, seviye 2 ile 3 arasindaki transferor ile dengelenmesi nedeniyle yukiimiuliikler stabildir. Satiim aya H azir F inansal V a rlik ia r arasmda, ahm-satim niyetinin bulunmadigi donuk kredilerden olu§an portfoyler, ve borsada i§lem gormeyen, yakm bir emsali olmayan ve piyasa likiditesi gok diijuk olan hisse senetleri bulunmaktadir. Satijlar ve odemeler, alimlar ile dengelendiginden, varhklar stabildir. Seviye 3 ’te sim flandirilan finansal a ra c la n n m utabakati 31 M art 2016 m€ Donem ba§i bakiye Konsolide edilen ?irketler G ru p ’undaki degi$iklikEer Toplam kazancEar /'kayiplar1 A lim lar Sati?lar ih ra clar2 O deroeier3 3. seviyeye a k ta n m la r4 3. seviyenin di$ma a k ta n m la r4 Yil sonu bakiyess G ercege uygun degerden ta§inan fmansaE varhklar: Ahm-satima konu menkul kiymetler 6,669 0 (189) 441 (583) 0 (341) 935 (412) 6,521 Tiirev finansal ara9lardan pozitif piyasa degerleri 9,445 0 475 0 0 0 (409) 748 (659) 9,599 Diger ahm-satima konu varhklar 6,082 0 ____( 122) 1,132 (946) 13 (562) 1,053 (458) 6,193 Gercege uygun deger farki kar veya zarara yansitilan finansal varhklar 4,478 0 (78) 0 (50) 39 (478) 42 (204) 3,748 Satiimaya hazir finansal varhklar 4,874 0 (52)5 485 (249) 0 (270) 127 (38) 4,877 Gercege uygun degerden ta§inan diger finansal varhklar 0 0 0 0 0 0 0 28 0 28 Gercege uygun degerden taxman toplam fmansaE varh k lar 31,549 0 336,7 2,058 (1,828) 52 (2,060) 2,933 (1,771) 30,966 Gercege uygun degerden ta$inan fmansaE yiikumluSiikler: Ahm-satima konu menkul kiymetler 18 0 0 0 0 0 7 0 0 26 Tiirev finansal araclardan negatif piyasa degerleri 7,879 0 (291) 0 0 0 (591) 954 (585) 7,366 Diger ahm-satim yukiimluliikleri 0 0 0 0 0 0 0 0 0 0 Gercege uygun deger farki kar veya zarara yansitilan fmansal yiikumlulukler 3,053 0 (199) 0 0 567 (194) 79 (269) 3,038 Gercege uygun degerden ia§inan diger finansal yukiimiuliikler (1,146) 0 55 0 0 0 1 198 (898) (7) Gercege uygun degerden taxman toplam fmansaE yiikumlulukler 9V805 0 (434) 6,7 0 0 567 (776) 1,026 (656) 9,531 1 Toplam kazangiar ve zararlar agirlikli olarak, konsolide gelir tablosunda raporlanan, gercege uygun deger farki kar veya zarara yansitilan finansal varliklardan/yukum luliikierden net kazangiar (zararlar) ile ilgilidir. Bakiyeye, konsolide gelir tablosunda raporlanan satiim aya hazir finansal varlikiardan net kazangiar (zararlar) da dahildir ve satiim aya hazir fm ansal varhklardan ger9ekie§memi§ net kazangiar (zararlar) ve diger kapsam li geiirlerde raporlanan, vergi sonrasi net doviz kuru degi§iklikleri de dahildir. A yrica, belli ara9larm riskinden, seviye 1 veya seviye 2 ’deki ara9larla korum a saglanm aktadir am a bu riskten korunm a ara9lanndan karlar ve zararlar yukandaki tabloya daliil degildir. Ek olarak, ger9ege uygun deger hiyerar§isinin 3. seviyesinde sim flandirilan biitiin ara9larin ger9ege uygun degerini belirlem ek i9in hem ol9ulebilir hem de {j'ciilemez param etreler kullam labilm ektedir, y u k an d a gosterilen kazan9 ve zararlar, hem ol9iilebilir hem de o ^ u le m e z param etrelerdeki hareketlere atfedilebilir. 2 Ihra9lar bir yukum lulugtin ihracm da tahsil edilen nakit tutar ve bir kredinin birincil diizenlem esinde odenen nakit tutar ile ilgilidir. 3 O dem eler varhgi veya yiiktimliiliigii odem ek i9in olan nakit akim lanni tem sil eder. B or9 ve kredi ara 9lan i9in bu, vadede anaparayi, anapara tiikenm e paylanni ve anapara geri odem elerini igerir. T urevler i9in biitiin nakit akim lan odem elerde gosterilmi§tir. 4 Seviye 3 ’e ve yapilan seviye 3 ’ten yapilan aktarim lar, girdi param etrelerin ol^ulebilirligindeki degi§iklikler ile ilgilidir. D onem i9inde bunlar yilm ba§indaki ger9ege uygun degerinden kaydedilm i§tir. Seviye 3 ’e aktarilan ara9-ar i^in tablo, bunlardan kazan9lari ve zararlari ve nakit ak im lan n i, b u ara9lar yilm ba§inda aktarilmi§ gibi gosterm ektedir. B enzer §ekilde, seviye 3 ’ten aktarilan ara9lar i9in de tablo, bu ara9lar yilm ba§inda aktanlm i§ gibi, bunlardan kazanclari ve zararlari ve nakit akim lanni gosterm em ektedir. 5 Satiim aya hazir varhklardan toplam kazan9lara ve zararlara, diger kapsam li geiirlerde kaydedilen, vergi sonrasi 15 m ilyon Euro zarar, ve gelir tablosunda satiim aya hazir fm ansal varlikiardan net kazan 9lar (zararlar) arasm da gosterilen 2 m ilyon Euro kazan9 dahildir. 6 3 u tutar, doviz kuru degi§ikliklerinin eikisini i9erm ektedir. G ercege uygun degerden ta§inan toplam fm ansal varh k lar i9in bu etki 196 milyon Euro zarar, ger9ege uygun degerden ta§inan toplam finansal yiikum lulukler i9inse 103 m ilyon Euro kazan9tir. D oviz kuru degi§ikliklerinin etkisi diger kapsam li geiirlerde vergi sonrasi olarak gosterilmi§tir. 7 V arhklar i9in p o zitif bakiyeler kazan9lan, n eg atif bakiyeier zararlari temsil etm ektedir. Y ukiim iuliikler i?in p o zitif bakiyeler zararlari, n eg atif bakiyelerse kazan9lan tem sil etm ektedir. !§bu beige ingilizce fotokopisinden Tiirk9e ’ye tarafim dan kism i olarak tercum e edilmi§tir. ELDA PASENSYA S E M I D IL H IZ M E T L E R i Tel. 0212 325 98 98 Faks 0212 281 42 59 E-m ail sem i@ atlas.net.tr Deutsche Bank 4 - K o n s o l i d e F in a n s a l T a b l o l a r a tli^kin D i p o tl a r 31 M a r t 2 0 1 6 itib a riy la A r a D o n e m R a p o r u 31 M art 2015 m€ Gercege uygun degerden ta§man fsnansaE varhklar: Ahm-satima konu menkul kiymetler Tiirev finansal ara?lardan pozitif p»yasa degerleri Diger ahm-satima konu varhklar Gercege uygun deger farki kar veya zarara yansitilan finansal varhklar Satiimaya hazir finansal varhklar Gercege uygun degerden ta§inan diger finansal varhklar Gercege uygun degerden ta§inan toplam fsnansaE varhklar Gercege uygun degerden ta§inan finansaE yukiim iuliikler: Ahm-satima konu menkul kiymetler Tiirev finansal ara9lardan negatif piyasa degerleri Diger ahm-satim yukiimluliikleri GerQege uygun deger farki kar veya zarara yansitilan finansal yukiimiuliikier Ger9ege uygun degerden ta§inan diger finansal yukiimiuliikler Gercege uygun degerden ta§inan toplam fmansaE yukiimiuliikler Donem ba$i bakiye Konsolide edilen §irketler G ru p ’ondaki degi§iklikler 8,957 0 9,559 Toplam kazangiar Alim lar Sati§lar ih ra ?lar2 O dem eler3 3. seviyeye a k ta n m la r4 3. seviyenin di§ma a k ta n m la r4 Yil sonu bakiyesi 773 468 (717) 0 (195) 916 (1,123) 9,078 0 !,645 0 0 0 (293) 1,652s (738) 11,825 4,198 0 398 344 (351) 94 (132) 213 (296) 4,470 4,152 0 496 195 0 820 (392) 58 (33) 5,297 4,427 0 2896 174 ( 100) 0 (214) 58 (18) 4,616 0 0 0 0 0 0 0 0 0 0 31,294 0 3,6017* 1,181 (1,168) 915 (1,225) 2,896 (2,208) 35,286 43 0 7 0 0 0 32 42 (6) 117 6,553 0 981 0 0 0 (113) 1,377s (981) 7,818 0 0 0 0 0 0 0 0 0 0 2,366 0 208 0 0 157 (67) 112 (22) 2,755 (552) 0 (55) 0 0 0 64 31 14 (498) 8,410 0 0 0 157 1,562 (996) 10,192 /kayaptar1 1,142 ’■* ............m 1 Toplam k az ar.^ar ve zararlar agirlikh olarak, konsolide gelir tablosunda raporlanan, gercege uygun deger farki kar veya zarara yansitilan finansal varliklardan/yiikum luliiklerden net kazangiar (zararlar) ile ilgilidir. Bakiyeye, konsolide gelir tablosunda raporlanan satiim aya hazir finansal varhklardan net kazangiar (zararlar) da dahildir ve satiim aya hazir finansal varhklardan ger9ekle§memi§ net kazan9lar (zararlar) ve diger kapsam li geiirlerde raporlanan, vergi sonrasi net doviz kuru degi§iklikieri de dahildir. A yrica, belli ara9larin riskinden, seviye 1 veya seviye 2 ’deki ara9larla korum a saglanm aktadir am a bu riskten korunm a ara9larindan karlar ve zararlar yukandaki tabloya dahil degildir. E k olarak, ger9ege uygun deger hiyerar§isiriin 3. seviyesinde sim flandirilan biitiin ara9larin ger9ege uygun degerini belirlem ek i9in hem ol9iilebilir hern de oV ulem ez param etreler kullanilabilm ektedir, yukarida gosterilen kazan9 ve zararlar, hem 6l9iilebilir hem de o ^iile m ez param etrelerdeki hareketlere atfedilebilir. 2 Ihra9lar bir yiikiimluSiigun ihracm da talisil edilen nakit tutar ve bir kredinin birincil diizenlem esinde odenen nakit tutar ile ilgilidir. 3 O dem eler varhgi veya yukumliiliigu odem ek i9in olan nakit akim lanni tem sil eder. B or9 ve kredi ara9lari i9in bu, vadede anaparayi, anapara tiikenme paylarmi ve anapara geri odem elerini i9erir. Turevler i9in biitiin nakit aknnlari odem elerde g6sterilmi§tir. 4 Seviye 3 ’e ve yapilan seviye 3 ’ten yapilan aktanm lar, girdi param etrelerin ol9iilebilirligindeki degi§iklikler ile ilgilidir. D onem i9inde bunlar yilm ba§mdaki ger9ege uygun degerinden kaydedilm i§tir. Seviye 3’e aktarilan ara9lar i9in tablo, bunlardan kazan9lan ve zararlari ve nakit akim lanni, bu ara9iar yilm ba§inda aktanlm i§ gibi gosterm ektedir. B enzer §ekilde, seviye 3 ’ten aktarilan ara9lar i9in de tablo, bu ara9lar yilm ba§inda aktanlm i§ gibi, bunlardan kazan9lan ve zararlari ve nakit akim lanni gosterm em ektedir. 5 Tutarlar, ‘Turev fmansal ara9lardan p o zitif piyasa degerlerm de’ 670 milyon Euro ve ‘Tiirev fm ansal ara9lardan neg a tif piyasa degerlerinde’ 708 milyon Euro kadar yeniden ifade edilmi§tir. 6 Satiim aya hazir varhklardan toplam kazan9lara ve zararlara, diger kapsam li geiirlerde kaydedilen, vergi sonrasi 47 m ilyon Euro kazan9, ve gelir tablosunda satiim aya hazir fmansal varhklardan net kazan9lar (zararlar) arasm da gosterilen 10 m ilyon Euro kazan9 dahildir. 7 Bu tutar, doviz kuru degi§ikliklerinin etkisini i9erm ektedir. G er9ege uygun degerden ta§inan toplam finansal varhklar i9in bu etki 716 m ilyon Euro kazan9, ger9ege uygun degerden ta§inan toplam finansal yukiim iuliikler i9inse 208 milyon Euro kazan9tir. D oviz kuru degi§ikliklerinin etkisi diger kapsam li geiirlerde vergi sonrasi olarak toplu halde gosterilmi§tir. 8 V arhklar i9in pozitif bakiyeler kazan9lan n eg atif bakiyeler zararlari temsil etm ektedir. Y iikum lulukler i9in p o z itif bakiyeler zararlari, negatif bakiyelerse kazan9lan tem sil etmektedir. O l^ iile m e y e n P a ra m e tre le rin D u y a rh h k A n a iiz i F inansal arag lan n d egeri, olgiilem ez param etre g irdilerine b ag im h old ug un d a, bu p aram etreler igin bilango tarihindeki k esin seviye, m antiken olasi altem a tifle r araligind an belirlenebilir. Finansal tablolarm h azirlanm asm d a, bu olgiilem ez girdi param etreleri igin, p iy a sa d a gegerli olan kam tlarla tu tarli ve G ru p ’un yu k arid a d e ta y la n d in la n degeriem e kontroliine y ak la§im m a paralel olaeak sekilde uygun sev iy eler segilm i§tir. G rup soz konusu fm ansal aragiari m antiken olasi altem a tifle r araligm m ug noktalarind an segilm i? param etre degerleri kullanarak saptam i§ olsa idi, 31 M a rt 2016 itibariyla gergege uygun degeri 1.7 m ily ar E uro k ad ar artabilir veya gergege u ygun degeri 1.5 m ily ar E uro kadar dii§ebilirdi. 31 A ralik 2015 itib ariy la ise gergege uygun degeri 2.1 m ily ar E u ro k ad ar artab ilir veya gergege uygun degeri 1.5 m ily ar E uro kadar dii§ebilirdi. I§bu beige ingilizce fotokopisinden Turkge’ye tarafim dan kism i oiarak tercum e edilmi§tir. EL-DA PA SEN SY A S E M I O IL H iZ M E T L E R i Tel. 0 i« -.3 2 5 < 9 8 98 Faks 02 i 2 281 42 59 E-mail sem i@ at!as.net.tr 25 D eutsche Bank 4 - K o n s o l i d e F i n a n s a l T a b l o l a r a i l i j k i n D i p o tl a r 31 M a r t 2 0 1 6 itib a riy la A r a D o n e m R a p o r u B u agik lam an m am aci, d eg e rle m e n in olgiilem ez girdi p aram e trele rin e b a g im h oldugu finansal araglar igin, g oreli b elirsizlig in g ercege u y gun d eg er iizerindeki p o tan siy el etk isin i g o sterm ek tir. A ncak, biitiin olgiilem ez p aram etrelerin aym a n d a m an tiken olasi a lte m a tifle r a ra h k la rin in en ug n o k ta larm d a olm asi p ratik te olasi deg ild ir. Y ani, y u k a rid a agiklanan tah m in lerin , bilango ta rih in d e gercege uygun degerin gergek b elirsizlig in d en fa z la o lm asi m uhtem eldir. A yrica, agiklam a, gergege uygun degerin g elecek tek i h a re k e tle rin in g o sterg esi d eg ild ir ve b u n la n ongorem ez. B u ra d a d ik k ate a h n an fin an sal a ra g la n n p ek gogu, ozellikle de tu re v le r igin., olgiilem ez girdi p aram etreleri, fin an sal araci fiy atlam ak i 9in g ereken p aram e trelerin sadece b ir a lt kiim esini tem sil etm ek ted ir, geri k alan iari 6 l 9iilebiiirdir. Y ani bu ara 9 lar i 9in 6 l9iilem ez girdi param etrelerin i kendi olasi a ra h k la rin in 119 n o k ta la rm a tastrnam n toplam etkisi, fin ansal arac m to p lam gergege uygun d eg erin e k iy asla g o rece ktiglik olab ilir. D ig er araglar igin, gergege u y g u n deger, aracm tam am inm fiy atm a d a y ah olarak, o m eg in , m ak u l bir em sal aracm gergege uygun d eg erin i diizeitm eye tabi tutarak b elirlen ir. E k olarak, biitiin fm an sal araglar zateri gergege uygun d eg erd en ta§m m akta ve araci kap atm am n m aliy eti igin d eg eriem e d iizeltm elerini igerm ektedir, yani p iy asa fiyatlam asirida kendisini g o steren belirsizlig i fa k to r o larak dahil etm ektedir. Bu agiklam a igerisinde h esap lan an belirsizliklerin olasi n e g a tif etkisi, fin an sal ta b lo la rd a zaten y e r alan gergege u y gun d eg erin igerisindekinden fazla ve b u n d an ote olacak tir. Duyarhhk aealizmiii arag bazmda dagilimi1 31 M a r t 2 0 1 6 M a k u l o la s i a lte m a tifle r g e rg e g e u y g u n d e g e r h a re k e ti M a k u l o la s i a lte m a tif le r k u lla m la ra k n e g a ti f g e rg e g e u y g u n d e g e r h a re k e ti k u lla m la ra k p o z itif 31 A r a h k 2 0 1 5 M a k u l o la s i M a k u l o lasi a lte m a tif le r a lte m a tif le r k u lla m la ra k k u lla m la ra k p o z itif n e g a tif g erg eg e u y g u n g e rg e g e u y g u n d e g e r h a re k e ti d e g e r h a re k e ti M e n k u l k iy m e tle r ; B o rg la n m a se n e tle ri 174 132 21 2 158 T ic a ri ip o te g e d a y a h m e n k u l k iy m e tle r 14 S3 12 11 Ip o te g e v e d ig e r v a rh k ia ra d a y a h m e n k u l k iy m e tle r 44 42 38 31 116 76 161 116 120 83 179 105 K u ru m sa l, d e v le t v e d ig e r b o rg y u k iim lu lu k le ri H iss e se n e tle ri T iir e v le r : K red i 22 6 537 489 627 H iss e se n ed i 215 187 183 131 F a iz le ilg ili 297 157 364 147 D o v iz 16 12 17 13 D ig e r 177 102 161 100 471 271 539 261 0 0 0 0 0 0 0 1 ,696 1,481 0 2 ,1 4 4 K re d ile r: K re d ile r K re d i ta a h h u tle ri D ig e r T o p la m 1,542 1 O lg iile m e z b ir p a ra m e tre y e m a r u z p o z is y o n u n fa rk li a ra g la rd a d e n g e le n m e s i h a lin d e , ta b lo d a y a ln iz c a n e t e tk i a<jiklanm i§tir. i§bu beige Ingilizce fotokopisinden Tiirkt^e’ye tarafim dan losm i olarak tercum e edilmi§tir. EL D A P A S E N S Y A S E M ! D5L H iZ M E T L E R I Tel. 0214 -3 2 5 98 5^8 Faks 0212 281 42 59 E-m ail sem i@ atlas.net.tr 26 D e u t s c h e B a tik 4 - K o n s o l i d e F in a n s a l T a b l o l a r a ili§k ln D ip o tla r 31 M a r t 2 0 1 6 it ib a riy la A r a D o n e m R a p o r u Ol^illemeyen Onemli Parametrelerin Duyarhhk Anaiizi ile Ilgili Rakamsal Bilgiler O lgiiiem ez p a ram etrelerin S eviye 3 g erceg e uygun d e g er oigiim iindeki davrarnsi pek bag im siz degild ir ve sik lik la hem d ig e r 6 l 9iilem ez p a ra m etreler hem de o l 9iilebilir p a ram e treler a rasm d a dinam ik ili§kiler m ev cu ttu r. B u iligkiler, belli b ir aracm g e rfe g e uygun d egeri ifin onem li oldugunda, k o relasy o n p aram etreleri a ra c ih g iy la a^ikca dahil ed ilm ekte, v ey a fiy atia m a m o d elleri v ey a degeriem e tek n ik leri ara c ih g iy la ba§ka b ir su rette k ontrol edilm ektedir. S ik h k la, b ir d egeriem e teknigi birden fazla g irdi k u llan d ig in d a, belli b ir gird in in se fiim e si, d ig e r gird ilerin olasi d e g erler arah g im sinirlar. E k olarak, d ah a geni? p iy a sa fak td rleri (faiz o ra n la n , hisse senedi, k red i v ey a em tia endeksleri veya doviz k u rla n v b ) da etki yap ab ilir. A §agida g o sterilen d e g e rle r araligi, Seviye 3 ’tek i onem li p o z isy o n la n deg erlem ed e ku ilam lan en y u k sek ve en dli§ilk g ird ileri te m sil etm ektedir. A ftk la m a y i olu§turan a r a f la n n 9e§itliligi onem iidir, d o lay isiy la belli p a ra m e trele rin a ra h k la n biiytik olabilir, O m eg in , ipotege d ay ah m enkul kiym etlerde kredi s p r e a d ie r i a ralig i, k red i sp re a d ’leri daha yuksek o lacak olan sorunlu ve d ah a az likit p o zisy o n lara gore, d ah a dii§uk sp e ra d ’i o lan ve daha likit ve so ru n su z p o z isy o n la n tem sil etm ektedir. Seviye 3 d a h a az likit g e r 9ege u y g u n d eg er ara^lari i9erdiginden, ve ilgili p iy asa d inam ikierini dahil etm ek i 9in h er p o zisy o n tiirtinde y u k sek d ereced e fiyatiam a fa rk h h g i o ld u g u n d an , param etrelerin geni§ aralik ta g o ru lm esi b e k len m ek ted ir. D ev am m da, p ren sip param etre ttirlerin in h er b irin in kisa bir a 9ik lam asi ve b u n la r arasin d ak i o n em li k ar§ihkh ili?kiler h ak k m d a y o ru m la r y e r alm aktadir. K redi P aram etreleri, tem erriit o la sih g m in ve tem errudiin so n ucundaki zararlarm tem sil edilrnesine im kan v e re re k b ir p o zisy o n u n k red i d eg erliligini degerlen d irm ed e kuliam lm ak tad ir. K redi sp re ad ’i k redi d eg erlilig in in tem el y a n sim a sid ir ve bir tahvil h am ilin in b ir kurulu§ ile b ir gosterge referans (d eg erlen d irilm ek te o lan v a rh g a b agli olarak, no rm ald e L IB O R , v ey a ilgili H azine A ra 9lari) arasin d ak i kred i k a lite si fark im k ab u l etm ek i 9in talep edecegi, g o sterge referan s aracm ustiindeki p rim i v ey a g etiriy i te m sil etm ek ted ir. D ah a yu k sek kredi sp re a d ’leri d ah a du§uk k red i k alitesine i§aret eder, ve belli b ir tah v ilin v ey a b o ^ la n a m n B ankaya geri odeyecegi ba§ka b ir kredi v a rh g in m degerinin d ah a du?uk o lm asin a y o l a 9ar. Istird at O ranlari, kredinin tem erriidu h alin d e b o r 9 v eren in tahsil edecegi tu ta n n v ey a b ir ta h v ilin tem erriidu h alin d e tahvil ham ilin in tah sil edecegi tu ta rm tah m in in i tem sil eder. D iger p a ra m e trele r sab itk en d a h a y u k sek geri alim o ra n la n , belli b ir tahvil p o zisy o n u i 9in daha yuksek b ir d eg erlem ey e yol a 9ar. Sab it T em erriit O ram (C o n stan t D efau lt R ate - C D R ) ve S ab it G eri O dem e O rarn (C o n stan t P re p a y m e n t R ate - C P R ) d ah a karma^ik. k redi ve b o r 9 v a rh k la n m n d egerlenm esine im kan saglar, zira b u p ara m e trele r p la n h geri odem elerd en ve k u p o n lard an dogan siirekli tem erriitieri, vey a b o r 9lanam n ilave geri o d em eler (g enellikle gOniillu olarak) y ap ip y ap m ay acag in i tahm in etm ek ted ir. B u p aram etreler, ipotek v ey a d ig e r tiir k red i kullandirim lari i 9in gergege uygun deger goriisii o lu stu ru rk en , g eri o d e m e le r b o r 9lanan tarafm d an zam an i 9inde teslim ed ild ig in d e veya b o r 9lananm k red iy i erk en geri o d ed ig i d u ru m lard a (o m eg in bazi k o n u t ip o tek lerin d e goriilm ektedir) o zellik le g e 9erlid ir. D ah a y u k sek C D R , b o r 9 v eren nihai o larak d ah a az n ak it tah sil ed eceginden, belli b ir kredi v ey a ip o tek i9in d ah a dii$iik d eg erlem eye yol a 9ar. F aiz o ra n la n , k red i sp re a d ’leri, e n flasy o n o ra n lan , doviz k u rla n ve h isse senedi fiyatlari, tiirevin ham ilin in tah sil ed eceg i m eb lag , zam an i 9inde bu dayanak re fe ra n sla n n d a v ra m jm a bagli olarak bazi o p siy o n a ra 9larm da, v e y a d ig er karm a§ik tiirevlerde referan s o larak alm m ak tad ir. V olatilite p aram etreleri, d eg erlen ecek d ay an ak aracm g etirilerinin degi§kenligine im kan v ere rek opsiyon d avrani§inm o n em li o zellik lerin i a 9iklam aktadir. Bu v o latilite bir o la sih k o ^ ils u d iir, ve d ah a yuksek v o la tilite le r belli b ir so n u cu n g e r e k le r in e o lasih g im n d ah a y u k sek o ld u g u n a ija re t eder. D ayanak re fe ra n slan n (faiz o ra n la n , kred i sp re a d ’leri vb.), opsiy o n larin d eg erlem esi iizerinde etkisi vardir, o p siy o n d an b e k le n e b ile ce k g e tirin in buyiiklugiinii a 9iklar, D o lay isiy la, b elli b ir o p siyonun degeri, day an ak aracm d eg erin e ve aracm (g etirin in b o y u tu n u a 9iklayan) v o latilitesin e v e o getirinin g er 9ekle§rnesi o la sih g m a b a g h d ir. V o latiliteler yiiksek o ld ugunda, p o z itif getiri o lasih g i d ah a yuksek o ld u g u n d an , o p siy o n ham ili d ah a y u k sek b ir o p siyon degeri g orecektir. O p siy o n u n ifade ettigi getiri onem li o ld u g u n d a d a d a h a y u k se k b ir o p siyon degeri ger 9ekle§ecektir. i§bu beige ingilizce fotokopisinden Tiirk^e’ye tarafim dan kism i olarak terciim e edilmi§tir. ELB A PASEN SYA S E M i D lL H iZ M E T L E R I Tel. Q p 2 325 98 98 Faks 6 5 f2 281 42 59 E-m ail semi(a>at!as.net.tr 27 D eutsche Bank 4 - K o n s o l i d e F i n a n s a l T a b l o l a r a Iii$kin D i p o tl a r 31 M a r t 2.016 i t ib a r iy la A r a D o n e m R a p o r u Bir tiirev veya ba§ka aracm birden fazla dayanak referansi oldugunda, dayanak referanslar arasindaki etkili ili§kileri agiklamak igin korelasyonlar kullanilmaktadir. Bu ili§kilerin bazilarinm, omegin emtia korelasyonu ve faiz orani-doviz kuru korelasyonlarmm ardmda normalde, emtia gruplarma global talebin etkisi, veya faiz oranlarmm doviz kurlan uzerindeki fiyatiama paritesi etkisi gibi, makro ekonomik faktorler bulunur. Kredi tiirevleri ve hisse senedi sepeti tiirevleri igin, kredi referanslari veya hisse senetleri arasmda daha ozeilikli ili§kiler bulunabilir, omegin bir dizi kredi kullanictsimn kredi performansi arasindaki ilijkiyi tahmin etmek igin Kredi korelasyonlan kullarulmakta ve bir dizi hisse senedinin getirileri arasindaki ili§kiyi tahmin etmek igin hisse senedi korelasyonlan kullanilmaktadir, Korelasyon riski olan bir tiirev ya uzun ya da kisa korelasyon olur. Yuksek bir korelasyon, dayanak referanslar arasmda giiglii bir ilijkinin bulunduguna i§aret eder, ve bu bir uzun korelasyonlu tiirevin degerinde artija yol agar. N egatif korelasyonlar, dayanak referanslar arasindaki ili$kinin ters oldugu, yani bir dayanak referansm fiyatmda arti§m digerinin fiyatmda du$ii§e yol agacagi anlamma gelir. Daha az likit menkul kiymetlerin degerlemesinde bir VAFOK (vergi, amortisman, faiz oncesi kar) garpam yaklajimi kullamlabilir. Bu yakla§imda bir kurulujun ijletme degeri (ID), olgiilebilir ve kar§ila§tirilabilir bir kurulujun iD/VAFOK garpanmi belirleyerek, ve bu garpam, degerlemesi tahmin edilmekte olan kurulu^un VAFOK’une uygulayarak tahmin edilebilir. Bu yakla§imda, genel olarak borsada ijlem goren kar§ila§tirilabilir omek ile, degerlemesi yapilan §irketiri likiditesi arasmdaki fark nedeniyle sikhkla bir likidite diizeltmesi uygulanir. Daha yuksek bir iD/VAFOK garpam, daha yuksek bir gergege uygun degere yol agar. Seviye 3 ’te sim flandirilan finansal a ra g la r ve Olgiilemez p ara m e treler h a k k m d a ra k am sa l bilgiler 31 M a rt 2016 (aksi belirtilm edikfe) m. € G erceg e uygun d e g e rd e n ta § m an fin an sal a ra g la r - ah m satim a m a fh tu tu la n , g erceg e uygun d e g e r iizerin d en belirEenen ve s atm ay a h a z ir Ipotege ve diger varhga dayah m enkul kiym etler Ticari ipotege dayah m enkul kiym etler ipotege ve diger varhga dayah m enkul kiym etler T o p lam ipotege ve d ig e r v a rh g a d a y a h m en k u l k iy m etler B orflanm a senetleri ve diger bor? yukum luiukleri A hm -satim am a?h tutulan K urum sal, devlet ve diger bor9lanm a senedi yukumiiiliikleri Satiim aya hazir G erpege uygun degerden tayin edilen G erceg e uygun d eg er V a rh k la r 356 l Y iikiim lutukEer 0 1,734 0 2,090 0 4,473 4.086 1,387 26 D egeriem e T e k n ik le ri1 O n em li oJfiilem ez g ird ile r (Seviye 3) Fiyat Kredi spreadi (baz puan) %0 319 % 10 2 1,573 Fiyat K redi spreadi (baz puan) Istirdat oram Sabit tem erriit oram Sabit geri odem e oram %0 54 %0 %0 %0 %177 1,556 % 10 0 %18 %66 Fiyat %0 %235 2 % 70 1,237 % 10 0 1 18 %8 %22 %0 % 160 4,612 Fiyata dayah lndirgenm i§ nakit akimi Fiyata dayali indirgenm i§ nakit akimi 4.086 215 172 1,361 F iyata dayah indirgenm i§ nakit akimi O zkaynak m enkul kiym etleri A hm -satim am afli tutulan G er9ege uygun degerden tayin edilen Satiimaya hazir 1,061 344 20 697 0 0 Piyasa yakla§imi Indirgenmi§ nakit akimi K rediler A hm -satim am agli tutulan G er9ege uygun degerden tayin edilen Satiim aya hazir 12,079 6,188 2,934 2,957 Kredi spreadi (baz puan) Fiyat / net ak tif degeri I§letme degeri / VAFO K («?arpan) A g irh k h ortalam a serm aye m aliyeti Fiyat K redi taahhutleri Diger finansal ara?lar T o p lam gercege u y g u n d eg e rd e n ta$inan fm a n sa l a r a c la r f Y<:,ii 0 0 Fiyata dayah indirgenm i§ nakit akimi 71 Indirgenmi§ nakit akimi Kredi fiyatiam a modeli 1,6642 1,607s !ndirgenmi§ nakit akimi 21,368 3,064 0 A ralik Kredi spreadi (baz puan) Sabit tem erriit oram Istirdat oram Kredi spreadi (baz puan) 118 %0 %25 6 %24 %82 1,103 istirdat oram %20 %75 K ullandirim %0 % 10 0 i? V erim Oram R epo oram (baz puan) %0 85 %23 201 1 D e g e rie m e te k n ik (le r)i v e so n ra s in d a o n e m li g o z le m le n e m e z g ird i(ler), o to p la m p o z isy o n la ilg ilid ir. 1 D ig e r fm a n sa l v arh k la ra , 5 m ily o n E u ro tu ta rin d a d ig e r a h m -sa tim v a rh k la ri, 6 2 2 m ily o n E u ro tu ta rin d a g e rs e g e u y g u n d e g e rd e n ta y in ed ilen d ig e r fm a n sa l v a rh k la r v e 1.0 m ily a r E u ro tu ta rin d a s a tiim a y a h a z ir d ig e r fin a n sa l v a rh k la r d ah ild ir. 3 D ig e r fm a n sa l y tikiim lU luklere 1.5 m ily a r E u ro tu ta rin d a , g e rc e g e u y g u n d eg e rd e n ta y in ed ilen v e g eri a h m sO zle§m eleri k a p s a m in d a satilan m en k u l k iy m e tle r v e 85 m ily o n E u ro tu ta n n d a , g e rfe g e u y g u n d eg e rd e n ta y in ed ilen d ig e r fin an sal y U k u m lu lu k ler d ah ild ir. i§bu beige ingilizce fotokopisinden Tiirk^e’ye tarafim dan kssm i clarak tercum e edilmi§tir. ELDA PASENSYA S E M i B iL H iZ M E T L E R t Tel. Faks 0212 281 42 59 E-m ail sem i@ atlas.net.tr D eutsche Bank 4 - K o n s o l i d e F in a n s a l T a b l o l a r a ili^kin D i p o tl a r 31 M a r t 2 0 1 6 itib a riy la A r a D o n e m R a p o r u 31 A ra h k 2015 (aksi belirtilm edikge) m. € G erceg e uygun d eg e rd e n tax m an fm a n sa l a ra g la r - alim satjm am ag h tu tu la n , gercege uygun d e g e r u z e rm d e n belirSenen ve s atm ay a haznr Ipotege ve diger varliga dayali m enkul kiym etler Ticari ipotege dayali menkul kiym etler ipotege ve diger varhga dayali m enkul kiym etler T o p lam ipotege ve d ig e r v a rh g a d ay a li menkuH k iy m etler Borglanm a senetleri ve diger borg yiikumluliikleri A hm -satim arnagli tutulan Kurum sal, devlet ve diger borglanm a senedi yukiimluliikleri Satiim aya hazir Gercege uygun degerden tayin edilen Ozkaynak m enkul kiym etieri A hm -satim amagli tutulan Gercege uygun degerden tayin edilen Satiim aya hazir G ergege uygun d eg er V a rlik ia r 224 i Yukiim iuEukSer 0 1,891 0 2,115 0 1,654 18 4,721 4.229 4.229 D egeriem e T e k n ik ie ri1 Fiyata dayali indirgenrni§ nakit akimi Fiyata dayali Indirgenmi§ nakit akimi 330 163 1,636 Fiyata dayali Indirgenmi§ nakit akimi 1,248 325 21 901 0 0 Piyasa yakla§imi Indirgenmi§ nakit akimi O n em li olgiilem ez g ird ile r (Seviye 3) Fiyat Kredi spreadi (baz puan) %0 370 %105 1,500 Fiyat K redi spreadi (baz puan) Istirdat oram Sabit tem erriit oram Sabit geri odem e oram %0 32 %0 %0 %0 % 1 11 2,000 % 10 0 %24 %51 Fiyat %0 %230 9 %70 984 % 10 0 1 18 %8 % 12 %0 %146 2,787 Kredi soreadi (baz puan) Fiyat / net ak tif degeri i§letme degeri / VAFO K (garpan) A girlikh ortalam a serm aye m aliyeti Fiyat Kredi taahhutleri D iger fm ansal araglar T o p lam gergege uygun d e g e rd e n taxm an fm a n sa l aragE ar 12,626 6,076 3,672 2,879 o o K rediler A hm -satim am a9li tutulan Gergege uygun degerden tayin edilen Satiimaya hazir Fiyata dayali Indirgenmi§ nakit aKimi 84 indirgenm i§ nakit akimi Kredi fiyatiam a models 1,3942 1,3335 lndirgenmi§ nakit akimi 22,104 3,071 0 A ralik Kredi spreadi (baz puan) Sabit tem erriit oram Istirdat oram Kredi spreadi (baz puan) 103 %0 % 10 5 %24 %82 1,257 istirdat oram %20 %75 K ullandirim %0 % 10 0 ig V erim Oram %4 %24 R epo oram (baz puan) 125 277 1 D eg erie m e te k n ik (le r)i v e so n ra s in d a o n e m li gO zlem lenem ez g ird i(ler), o to p lam p o z isy o n la ilg ilid ir. 2 D ig e r fin a n sa l v a rh k la ra , 6 m ily o n E u ro tutarinda. d ig e r alim -satim v a rh k la ri, 6 2 3 m ily o n E u ro tu ta rin d a g e rc e g e u y g u n d eg e rd e n ta y in ed ilen d ig e r fin a n sa l v a rh k la r ve 765 m ily o n E u ro tu ta rin d a sa tiim a y a h a z ir d ig e r fin a n sa l v a rh k la r dah ild ir. 1 D ig e r fin an sal y iik u m lu lu k le re 1.2 m ily a r E u ro tu ta rin d a , g e rc e g e u y g u n d eg e rd e n ta y in e d ile n v e g eri a h m sO zle§m eleri k a p s a m in d a satilan m e n k u l k iy m e tle r v e 84 m ily o n E u ro tu ta rin d a , g e rc e g e u y g u n d e g e rd e n ta y in ed ilen d ig e r f in a n s a l y u k iim iu liik le r d a h ild ir . i§bu beige ingilizce fotokopisinden Tiirkge’ye tarafimdan kism i oiarak tercume edilmi§tir. E L D A P A SEN SY A S E M i D IL H iZ M E T L E R l Tel. 0243 3 ^ 9 8 98 Faks 0212 281 42 59 E-mail sem i@ atlas.net.tr 29 D eutsche Bank 4 - K o n s o l i d e F in a n s a l T a b l o l a r a ilijk iti D i p o tl a r 31 M a r t 2 0 1 6 i t ib a r iy la A r a D o n e m R a p o r u 31 M a rt 2016 G erceg e uygun d eg e r (aksi belirtilmedikge) m. € G e rfe g e uygun d eg e rd e n tax m an fin a n sa l V a rh k la r Yukumliiliikler 1 D egeriem e T e k n ik le ri O n em ii olgiilem ez g ird ile r (Seviye 3) Aralnk a ra g la r Tiirev finansal ara?lardan piyasa degerleri: indirgenm i? nakit akimi 3,711 2,467 Opsiyon fiyatiama modeli Faiz oram tiirevleri Kredi tiirevleri Hisse Senedi tiirevleri DOviz tiirevleri Diger turevler T iirev finansal s r s c fa r d a n toplam piyasa degerleri 2,834 631 1,779 1,194 1,504 1,293 920 (266)' 9,599 6,468 Indirgenrm j nakit akimi Korelasyon fiyatiam a modeli Opsiyon fiyatiam a modeli Opsiyon fiyatiam a modeli Indirgenmi? nakit akimi Opsiyon fiyatiam a modeli Swap oram (baz puan) Enflasyon swap oran; Sabit tem erriit oram Sabit geri Odeme oram Enfiasyon volatilitesi Faiz oram volatilitesi 0 %0 %0 %2 %0 %1 715 %7 %7 %12 %8 % 163 % (25) % (85) %85 %99 1 7,504 %0 %100 Kredi korelasyonu Hisse volatilitesi Endeks volatilitesi Endeks - endeks korelasyonu Hisse - hisse korelasyonu %13 %8 %14 %87 %90 %59 %46 %92 %5 %89 V olatilite Kredi spreadi (baz puan) Endeks volatilitesi E m tia korelasyonu %3 %32 %7 % (21) %50 %86 IR - IR korelasyonu M eiez korelasyon Kredi spreadi (baz puan) Istirdat oram 1 B anndiran sOzlesmenin am ortism ana tabi tutulmu? maliyetten elde tutuldugu am a gOmillii tUrevin aynldigi, s5zle§melere gomiilii tiirevleri iperir. I§bu beige ingilizce fotokopisinden Tiirkge’ye tarafim dan kism i olarak tercum e edilmi§tir. ELDA PASENSYA SEMI DiL HIZMETLERi Tel. 0212 325 98 98 Faks 0212 281 42 59 E-m ail sem i@ atlas.net.tr 30 Deutsche Bank 4 - K o n s o l i d e F in a n s a ! T a b l o l a r a iii$kir» D i p o t l a r 31 M a r t 2 0 1 6 i t i b a n y i a A r a D o n e m R a p o r u 31 AraEik 2015 (aksi belirtiimedik9e) m. € G erceg e uygu n d eg e r V a rlik ia r Y iikiimEiiliikJer Degerieme T e k n ik le ri O n em li olciilem ez g ird ile r (Seviye 3) 1 Aralik G erceg e uygun d eg e rd e n ta x m an finansaS a ra g la r Turev finansal ara?lardan piyasa degerleri: Faiz oram tiirevleri 3,775 2,337 Indirgenmi? nakit akimi Opsiyon fiyatiam a modeli Kredi tiirevleri Hisse Senedi tiirevleri DOviz tiirevleri Diger turevler T u re v fm ansal araciard ais toplam piyasa deg erleri 2,626 695 1,771 1,402 1,613 1,604 736 (3 80)' 9,445 indirgenmi§ nakit akims Korelasyon fiyatiam a modeli Opsiyon fiyatiam a modeli Opsiyon fiyatiam a modeli Indirgenm ij nakit akirm Opsiyon fiyatiam a modeli Swap oram (baz puan) Enfiasyon swap oram Sabit tem erriit oram Sabit geri Odeme oram Enfiasyon volatilitesi Faiz oram volatilitesi IR - IR korelasyonu M eiez korelasyon (20) %0 %0 %2 %0 %9 % (25) % (70) 915 %8 %6 %19 %8 % 176 % 100 %99 3 8,526 %0 %100 Kredi korelasyonu Hisse volatilitesi Endeks volatilitesi Endeks - endeks korelasyonu Hisse - hisse korelasyonu Volatilite %13 %9 %12 %45 %89 %89 %85 %93 %5 %93 %2 %24 Kredi spreadi (baz puan) Endeks volatilitesi E m tia korelasyonu - - %7 % (21) %36 %90 Kredi spreadi puan) Istirdat oram (baz 6,733 1 Barmdiran sOzlesmenin am ortism ana tabi tutulmu? raaliyetten elde tutuldugu am a gomiilii tiirevin aynldigi, sOzle§melere gOmtilis ttlrevleri igerir. Isbu beige Ingilizce fotokopisinden T iirk^e’ye tarafim dan kssm i olarak tercum e ediimi§tir. E L B A PA SEN SY A S E M I D IL H iZ M E T L E R I Tei. 0 2 h " 3 Z 5 98 98 Faks 0212 28 T 4 2 59 E-maii sem i@ atlas.net.tr 31 D eutsche Ban k 4 - K o n s o l i d e F i n a n s a l T a b l o l a r a Iii?kin D i p o tl a r 31 M a r t 2 0 1 6 i t i b a n y i a A r a D o n e m R a p o r u Raporlama Tarihinde Elde Tutulan veya Dola§imda Oku. Seviye 3 AracSardao Ger(ekle§memi$ Kazangiar veya Zararlar Seviye 3 arag lard an gergekle§m em i§ kazan clarin veya zararlarm nedeni sadece olgiilem ez p aram etreler degildir. H iy e ra rjin in bu sev iy esin d ek i a rag lan n degerlem esin d ek i p aram etre g ird ilerin in pek gogu o lgiileb ilird ir ve kazang v ey a za ra r k ism en bu olgiilebilir p aram etrelerd e do n em b o y u n ca ger?ekle§en h are k e tle r n ed en iy led ir. H iy e ra rjin in bu seviyesindeki po zisy o n larm p ek gogu igin, gergege uygun d eg er h iy erarsisin in d ig e r se v iy elerin d e k ategorize edilen araglaria ek o n o m ik o larak riskten korunm a sag lan m ak tad ir. Biitiin bu risk ten k o ru n m a i§lem lerinde kaydedilm i§ olan den g eley ici kazangiar ve z ararlar, sadece ra p o rla m a ta rih in d e elde tu tu lan ve U F R S 13’e uygun o la ra k seviye 3 ’te sim fla n d m lan araglar ile ilgili kazang v e zararlari g o steren asagidaki tab lo y a dahil edilm em i§tir. 3. seviye araglardan gergekle§m em i§ kazang ve zararlar, k o n so lid e gelir tab lo su n d a hem n e t faiz gelirin e hem de gergege uy gun d eg er farki k a r/z a rara y an sitilan finansal varliklardan/yiikiim liiliiklerden net kazan ca dahil edilm i§tir. S o n a ere n ug a y h k d o n e m m € G e r c e g e u y g u n d e g e r d e n ta $ m a n f in a n s a l v a r h k l a r A h m - s a tim a k o n u m e n k u l k iy m e tle r T iire v fin a n sa l y u k u m lu liik le rd e n p o z itif p iy a s a d e g e rle ri D ig e r a h m - s a tim a k o n u v a r h k la r G e rc e g e u y g u n d e g e r fa rk i k a r / z a r a r a y a n s itila n fin a n sa l v a r h k la r S a tiim a y a h a z ir fin a n sa l v a r h k la r G erg e g e u y g u n d e g e r y a n s itiia n d ig e r fin a n sa l v a rlik ia r T o p la m g e r ? e g e u y g u n d e g e r d e n ta $ in a n f in a n s a l v a r l i k ia r 31 M a rt 2 0 1 6 31 M a rt 2015 (1 4 9 ) 655 628 1,604 (2 8 ) 264 (1 9 ) 33 201 342 0 0 465 3 ,0 6 7 G e r c e g e u y g u n d e g e r d e n ta ? m a n f in a n s a l y u k iim iu liik le r A h m - s a tim a k o n u m e n k u l k iy m e tle r 1 2 T iirev fin a n sa l y u k iim lu liik le rd e n n e g a tif p iy a s a d e g e rle ri 27 4 (9 7 5 ) 0 (1) (9 4 ) D ig e r a h m - s a tim y u k u m iiiliik le ri G e rg e g e u y g u n d e g e r fa rk i k a r / z a r a r a y a n s itila n fin a n sa l y u k iim liilu k le r G e rg e g e u y g u n d e g e r y a n s itila n d ig e r fin a n sa l y iik u m lu lu k le r T o p la m g e r c e g e u y g u n d e g e r d e n t a s in a n f in a n s a l y u k ii m iu li ik l e r T o p la m 139 (6 1 ) 60 353 (1 ,0 0 7 ) 819 2 ,0 6 0 islem Tarihi Karmin Kaydi E g er b ir d eg eriem e te k n ig in d e k u ilam lan onem li olgiilem ez g ird ile r varsa, fm ansal arag i§lem fiy atm d an k a y d e d ilir ve v a rsa i§lem tarihi kari ertelenir. A §agidaki tab lo , gergege uygun deger farki k ar v ey a z a ra ra y an sitilan o larak sim flan d irilan finansal araglar igin, onem li olgiilem ez p aram etreler n ed en iy le e rtelen en i§!em tarih i k arlarin m yilbas-ndan b u gune harek etin i g o sterm ektedir. B akiye a g irh k h o larak tiirev arag laria ilgilidir. m € D o n e m ba$ i i t i b a r iy l a b a k iy e D o n e m ig in d e k i y en i a h m - s a tim la r 31 M a rt 2 0 1 6 31 M a rt 2015 95 5 97 3 58 157 (1 1 3 ) (9 0 ) V a d e s i g elrn is ijle m le r (3 0 ) (5 5 ) S o n ra d a n O lg tileb ilirlig e ta § in a n la r (6 5 ) (1 4 ) D o v iz k u ru d e g i? ik lik le ri (4) 802 991 A m o rtis m a n D o n e m s o n u i t i b a r i y l a b a k iy e !§bu beige ingilizce fotokopisinden Tiirkpe’ye tarafim dan kism i olara! tercum e edilm istir. E L D A PA SEN SY A S E M i D lL H iZ M E T L E R i Tel. 0212 $25 98 98 Faks 0212 .81 42 59 E-m ail sem i@ atlas.net.tr 19 Deutsche Bank 4 - K o n s o i i d e F in a n s a ! T a b l o l a r a lli^kin D ip o tla r 31 M a rt 2016 itib a n y ia A ra D o n e m R ap oru Gercege Uygun Degerden Tapnmayaia Finansal Araglann Gercege Uygun Degeri B u kisim , G ru p ’un 2015 F a a liy e t R ap o ru n u n N o t 15 "G ergege U ygun D eg erd en T a jm m a y a n F inansal A rag lan n G ergege U ygun D eg eri" boium ii ile b iriik te okunm alidir. G ru p ’un b ilan g o d a gergege uygun d eg erd en ta§inm ayan fm ansal ara g la n m n gergege uygun degerini b elirlem ek igin k u ilam lan d eg eriem e tek n ikleri, G ru p ’un 2015 F aaliy et R ap o ru n d a N o t 14 "G ergege U y g u n D eg erd en T a§m an F inansal A rag lar” k ism m d a ag iklananlara u ygundur. "U M S 39 ve U FR S 7 ‘F in an sal V a rh k la rm Y en id en S m ifla n d irm a si’nda D e g ijik lik le r” k ism m d a agiklandigi uzere G rup, belli uygun v a rh k la ri ah m -sa tim ve satiim aya h azir sim flan d irm alarm d an k red ilere yeniden sim flandirm i§tir. G ru p ’u n 2015 F aaliy et R aporunda N o t 14 "G ergege U y g u n D egerden ta§m an F inansa! A raglar" k ism m d a b e lirtile n degeriem e tek n ik leri, G rup ta ra fm d an y en id en sim flandirilan v a rh k la ra u y g u lan m ay a d ev am etm ek ted ir. G ergege u y gun d e g e rd e n ta jm m a y a n d ig e r fm ansal araglar, o m eg in , p erak en d e k re d iler ve m evduatlar ve k u ru m sal m iisten lere agilan k red iler, gergege uygun d eg er esasm a gore y o n etilm em ek ted ir. B u araglar igin gergege u y g u n d e g e rle r y aln izca agiklam a agism dan h esap la n m ak ta ve bilangoyu veya g elir ta b lo su n u etk ilem em ek ted ir. E k olarak, bu araglar g enellikie aim ip satilm ad ig in d an , bu gergege u y gun d eg erleri sap tam ak igin o n em li y o n etim kanaati gereklidir. B ila n g o d a g e rg e g e u y g u n d e g e r d e n ta $ m m a y a n fin a n s a l a r a g la n m n ta h m in e d ile n g erg eg e u y g u n d e g e r i5 m € F in a n sa l v a r h k la r: N akit ve m erkez bankasi bakiyeleri B ankalar arasi bakiyeler (m erkez bankalari harig) G eri satim sozle§m eleri gergevesinde satilan m erkez bankasi foniari ve alm an m enkul kiym etler Odiing alm an m enkul kiym etler K rediler V adeye kadar elde tutulan m enkul kiym etler D iger finansal varlikiar F in a n sa l y iik u m liiliik le r: M evduat G eri ahm sozle§m eleri gergevesinde alm an m erkez bankasi foniari ve satilan m enkul kiym etler Odiing verilen m enkul kiym etler D iger kisa vadeli borglanm alar D iger fm ansal yukum liiliikler U zun vadeli borg T rost im tiyazli m enkul kiym etler 31 M a r t 2016 G erg eg e D efter uygun D eg eri d eg e ri 31 A ra lik 2015 G ergege D efter uygun D eg eri d eg eri 113,040 113,040 96,940 96,940 10,083 10,083 12,842 12,842 22,987 39,369 424,060 3,233 154,515 22,979 39,369 422,804 3,319 154,485 22.456 33,557 427,749 0 101,901 22,456 33,557 426,365 0 101,868 559,140 558,799 566,974 566,652 15,115 2,207 28,477 190,050 151,361 6,112 15,116 2,207 28,473 190,050 149,235 6,176 9,803 3,270 28,010 149,994 160,016 7,020 9,803 3,270 28,003 149,994 160,065 7,516 1 G rup’un 2015 Faaliyet Raporunda Not 01 "Onemsi M uhasebe ilkeleri ve Kritik M uhasebe Tahm inleri "nde a<?ikiar,di£u Uzere, fmansal varhklarm m ahsubuna dair m uhasebe politikasm a paralel olarak, tutarlar genelce brut bazda gasterilm ijtir. Finansal Varhklarm ve Fmansal Yiikumluliiklerin Mahsubu G rup, belli fin an sal v a rh k la ri ve finan sal yukum iiiliikleri, G ru p ’un 2015 F aaliy et R ap o ru n d a N o t 1 "O nem li M u h aseb e ilk eleri v e K ritik M u h aseb e T ahm inleri : F inansal A ra g la n n M ah su b u " kism m da agiklanan k riterlere gore b ilan g o d a n et o larak g osterebilm ektedir. A §agidaki tab io lar, m ah su b u n k o n so lid e bilango iizerindeki etkisi, ve u y g u lan a b ilir bir ana netle§m e an la?m asm a v e y a b en zeri b ir anla§m aya tab i arag lan n netle§tirilm esinin finansal etkisi ve v arsa nakit y a da fm an sal arag §ekiindeki te m in a tla r h ak k in d a biigi verm ek ted ir. i?bu beige ingilizce fotokopisinden T iirk fe’ye tarafim dan kisrrii olarak tercum e edilmistir. E L ltA P A S E N S Y A S E M I D IL H IZ M E T L E R i Tel. <Rt2 325 9* 98 Faks 0 212' ^81.42 59 E-m ail sem i@ atlas.net.tr 33 D eutsche Bank 4 - K o n s o l i d e F in a n s a l T a b l o l a r a ili^kin D ip o tla r 31 M a r t 2 0 1 6 i t i b a n y i a A r a D o n e m R a p o r u V a rh k la r m. € Y eniden satirn sozle§m eleri uyarm ca satilan m erkez bankasi foniari ve ahnan m enkul kiym etler (icra edilebilir) Yeniden satim sozle§meleri uyarm ca satilan m erkez bankasi foniari ve alm an m enkul kiym etler (icra edilem ez) OdiinQ ahnan m enkul kiym etler (icra edilebilir) Odun<? ahnan m enkul kiym etler (icra ediiem ez) Ger9ege uygun deger farki k ar / zarara yansitilan fm ansal varlikiar A hm -satim a konu varhklar Turev finansal ara?lardan p o zitif piyasa degerleri (icra edilebilir) Tiirev fm ansal ara9lardan p o zitif piyasa degerleri (icra edilem ez) G erfege uygun deger farki k ar / zarara yansitilan finansal varhklar (icra edilebilir) Gercege uygun deger farxi k ar / zarara yansitilan finansal varlikiar (icra edilem ez) Toplam ger9ege uygun deger farki k ar / zarara yansitilan fm ansal varhklar K rediler D iger varhklar bunlarin i9inden : Riskinden korum a m uhasebesir.e uygun tiirevlerden p o zitif piyasa degerleri (icra edilebilir) Net!e$meye tabi olm ayan geri kalan varhklar T o p iam v a r h k la r 31 M a r t 201.6 B ilangoda m a h su b u y ap ilm a y an tu t a r la r A na N ak it Fin an sa! N etle$m e te m in a t a r a ? cinsi A n ia jm a ia rm m te m in a t1 E tk isi F inan sal v arh k la riri b riit tu ta r ia ri B ilaa?o d a m a h su p edilen b ru t tu t a r la r F inansa! v a r h k ia n n b iiaiK oda g o sterilen n et tu ta r ia ri 18,961 (1,490) 17,471 0 0 (17,368) 103 5,516 22,136 17,233 0 0 0 5,516 22,136 17,233 0 0 0 0 0 0 (5,085) (21,527) (17,015) 431 609 218 175,417 (470) 174,947 0 (12) (386) 174,549 714,469 (153,435) 561,034 (464,993) (53,608) (14,086) 28,347 20,257 0 20,257 0 0 0 20,257 98,293 (42,046) 56,247 (2,293) (1,041) (46,686) 6,227 50,853 0 50,853 0 0 (25,953) 24,900 (54,660) (14,594) (87,110) (50,267) “ " 7 :5 — 0 254,280 359,199 108,089 1,059,289 424,078 198,400 (195,951) (18) (27,371) 863,338 424,060 171,029 (467,286) 9,893 219,787 1,965,399 (6,165) 3,727 219,787 1,740,569 (2,820) 0 (224,830) 0 (62,788) 0 (530,074) 0 0 (487) (69,894) (696) (199,069) N et tu ta r 907 218,604 941,532 1 Gayrimenkul ve diger finansal olm ayan ara 9 tem inatlari hariijtir. Y ukiim Siiiukier m. € M evduatlar Y eniden ahm sozle§m eleri uyarm ca alman m erkez bankasi foniari ve satilan m enkul kiym etler (icra edilebilir) Y eniden ahm sozle§meleri uyarm ca ahnan m erkez bankasi foniari ve satilan menkul kiym etler (icra edilem ez) O dtin9 verilen m enkul kiym etler (icra edilebilir) Odiin9 verilen m enkul kiym etler (icra edilem ez) G er9ege uygun deger farki k ar / zarara yansitilan finansal yiikum lulukler A hm -satim a konu finansal yukiim iuliikler Tiirev fm ansal ara9lardan negatif piyasa degerleri (icra edilebilir) Tiirev fm ansal ara9lardan negatif piyasa degerleri (icra edilem ez) G er9ege uygun deger farki k ar / zarara yansitilan finansal yiikum lulukler (icra edilebilir) G er9ege uygun deger farki k ar / zarara yansitilan finansal yukiim iuliikler (icra edilem ez) Toplam ger9ege uygun deger farki k ar / zarara yansitilan finansal yukiim iuliikler D iger yiikum lulukler bunlarin i9inden: Riskinden korum a m uhasebesine uygun tiirevlerden negatif piyasa degerleri (icra edilebilir) Neile§meye tabi olm ayan geri kalan yukiim iuliikler T o p lam y u k iim iu liik ler 31 M a r t 2016 B ilan g o d a m a h su b u y ap ilm a y a n t u t a r la r Finansal A na N ak it F in an sal Netlesmf* y iik iim iu iu k te m in a t a ra ? lerin A n la§ m alarm sn C insi E tk isi b ilan g o d a te m in a t g o sterilen n et tu ta r ia r i 559,140 0 0 0 FinansaB y u k u m lu liik ie rin b riit tu ta rS a n B ilan co d a m a h su p ediien b r iit tu t a r la r 559,158 U S; 6,600 (2,367) 4,233 0 0 (4,233) 10,882 1,962 245 0 0 0 10,882 1,962 245 0 0 0 0 0 0 (6,450) (1,962) (128) 4,432 N et tu ta r 559,140 0 0 117 64,709 (899) 63,810 0 0 0 63,810 693,405 (153,905) 539,459 (463,026) (54,283) (22,190) 0 22,033 0 22,033 0 0 (5,685) 16,348 59,450 (40,269) 19,180 (2,282) 0 (16,898) 0 41,466 0 41,466 0 (5,636) (22,735) 13,094 881,061 241,053 (195,074) (27,371) 685,988 213,682 (465,308) (63,183) (59,920) (67,508) 0 0 93,252 150,499 10,953 (6,165) 4,787 (4,787) 0 0 197,891 1,898,853 0 (224,830) 197,891 1,674,023 0) (528,491) 0 (59,920) 0 (80,281) 0 197,891 1,005,331 i§bu beige ingilizce fotokopisinden Tiirk9e ’ye tarafim dan kasms olarak tercum e edilmi§tir. EL D A PA SEN SY A S E M I D JL H IZ M E T L E R I Tel. 0242 3 ^ 98 98 Faks 02 1 Z 2 8 ^ 4 2 59 E-mai! sem i@ atlas.net.tr 34 D e u t s c h e B a tik 4 - K o n s o l i d e F in a n s a l T a b l o l a r a lli§kin D i p o tl a r 31 M a r t 2 0 1 6 itib ariyla A r a D o n e m R a p o r u V a rh k la r m. € Y eniden satim sozle§meleri u y an n ca satilan m erkez bankasi foniari ve ahnan m enkul kiym etler (icra edilebilir) Y eniden satim sozle§meleri uyarm ca satilan m erkez bankasi foniari ve alman m enkul kiym etler (icra edilem ez) Odiin? ahnan m enkul kiym etler (icra edilebilir) Odiin<? ahnan m enkul kiym etler (icra edilem ez) Gercege uygun deger farki k ar / zarara yansitilan fm ansal varhklar A hm -satim a konu varlikiar Turev fm ansal ara^lardan p o zitif piyasa degerleri (icra edilebilir) Tiirev finansal araijlardan p o zitif piyasa degerleri (icra edilem ez) Ger9ege uygun deger farki k ar / zarara yansitilan fm ansal varhklar (icra edilebilir) Ger9ege uygun deger farki k ar / zarara yansitilan finansa! varhklar (icra edilem ez) Toplam ger9ege uygun deger farki kar / zarara yansitilan fm ansal varlikiar K rediler D iger varhklar Riskinden korum a m uhasebesine uygun tiirevlerden pozitif piyasa degerleri (icra edilebilir) Netle§meye tabi olm ayan geri kalan varhklar T oplam v a rlik ia r 31 A ra lik 2015 B ilan g o d a m a h su b u y ap ilm a y an tu ta r la r F in an sal A na N ak it F in an sal v a rh k la rm N etle?m e te m in a t a ra ? cinsi bilan g o d a A nla$m aB arm m te m in a t1 gosterilen E tkisi n et tu ta r ia r i F m an sal v a rh k la rm b riit tu ta r ia ri B ilangoda m a h su p edilen b ru t tu t a r la r 21,309 (5,174) 16,135 0 0 (16,127) 8 6,321 13,956 19,601 0 0 0 6,321 13,956 19,601 0 0 0 0 0 0 (5,910) (13,448) (18,583) 411 508 1,018 196,478 (442) 196,035 0 (12 ) (592) 195,431 612,412 (113,977) 498,435 (407,177) (55,896) (13,218) 22,150 17,159 0 17,159 0 0 0 17,159 86,596 (30,801) 55,796 (2,146) (1,167) (44,437) 8,045 53,457 0 53,457 0 0 (28,793) 24,664 966,102 427,768 134,742 (145,219) (19) (16,605) 820,883 427,749 118,137 (409,317) 0 (58,478) (57,075) (14,296) (7) (87,041) (49,117) 0 267,449 364,335 59,652 8,272 206,348 1,796,146 (5,137) 0 (167,016) 3,136 206,348 1,629,130 (2,461) 0 (467,795) 0 (555) (71,933) 0 (549) (190,775) 674 205,245 898,627 N et tu ta r 1 Gayrimenkul ve diger fm ansal olm ayan ara? teminatlari hariptir. Y itk iim liilu k ler m. € M evduatlar Yeniden ahm sozle§meleri uyarm ca alman m erkez bankasi foniari ve satiian m enkul kiym etler (icra edilebilir) Y eniden ahm sdzle§m eleri uyarm ca alm an m erkez bankasi foniari ve satilan m enkul kiym etler (icra edilem ez) Odiin9 verilen m enkul kiym etler (icra edilebilir) O dun9 verilen m enkul kiym etler (icra edilem ez) G er9ege uygun deger farki k ar / zarara yansitilan fm ansal yiikum lulukler A lim -satim a konu finansal yiikum lulukler Turev fm ansal ara9lardan negatif piyasa degerleri (icra edilebilir) Turev finansal ara9lardan n eg atif piyasa degerleri (icra edilem ez) G er9ege uygun deger farki kar / zarara yansitilan fm ansal yiikum lulukler (icra edilebilir) G er9ege uygun deger farki kar / zarara yansitilan finansal yiikum lulukler (icra edilem ez) Toplam ger9ege uygun deger farki k ar / zarara yansitilan fm ansal yiikiimliiliikler Diger yiikiimliiliikler bunlarin i9inden: Riskinden korum a m uhasebesine uygun tiirevlerden negatif piyasa degerleri (icra edilebilir) Neile§meye tabi olm ayan geri kalan yiikum lulukler T o p lam y iik u m lu lu k le r 31 A ra lik 2015 F in an sal yiikiimBiiBiikle rin b riit tu ta r ia ri B ilangoda m a h su p edilen b r u t tu t a r la r 566,993 (19) 9,089 (5,135) 5,849 1,795 1,475 F in an sa yukum luEukSerin bilangoda g o sterilen net tu ta r ia r i 566,974 B ilanijoda m a h su b u y ap ilm a y an tu t a r la r A na N ak it F in an sal N etle§m t te m in a t a ra ? A n la^m aS an m n C insi Etkss te m in a t1 N et tu ta r 0 0 0 566,974 3,954 0 0 (3,954) 0 0 0 0 5,849 1,795 1,475 0 0 0 0 0 0 (5,130) (1,795) (951) 719 0 524 53,215 -........... C '1 0 '. 52,304 0 0 0 52,304 588,281 (117,306) 470,975 (403,267) (53,149) (14,559) 0 23,101 0 23,101 0 0 (2,867) 20,234 50,690 (29,929) 20,761 (2,105) 0 (18,657) 0 32,612 0 32,612 0 0 (11,077) 21,535 747,899 188,723 (148,145) (13,718) 599,754 175,005 (405,372) (68,626) (53,149) 0 (47,160) 0 94,073 106,379 8,615 (2,250) 6,365 (6,365) 0 0 0 206,699 1,728,522 0 (167,016) 206,699 1,561,506 0 (473,998) 0 (53,149) 0 (58,990) 206,699 975,368 i§bu beige ingilizce fotokopisinden T i u ^ e ’ye tarafim dan kisms olarak tercum e edilmi§tir. FI.-DA P A S E N S Y A S E M I D iL H S Z M E T L E R i Tel. 0212 325 98 9S Faks 0212,.2^1 42 59 E-m ail sem i@ atlas.net.tr 35 Deutsche Bank 4 - K o n s o l i d e F in a n s a l T a b l o l a r a t l ij k i n D ip o tla r 31 M a r t 2 0 1 6 i t i b a n y i a A r a D o n e m R a p o r u D e u ts c h e B a tik K o n s o lid e F i n a n s a l T a b i o la r 31 M a r t 2 0 1 6 i t i b a n y i a A r a D o n e m R a p o r u M u n ferit siitu n lard a su n u ian lara d air d etay h bilgiler, G ru p ’un 2015 F aaliy et R aporunun N o t 18 “ F inan sal V a rh k la rm ve F in an sal Y uk iim liiluklerm M ah su b u ” k ism m d a a 9iklanm i§tir. Kredi Deger Du§u§u Karfiliklari .3! M a r t 2 0 1 6 'd a s o n a e r e n iic a y lik d o n e m K r e d i D e g e r D S jiijii K a r ? i h k k n (aksi b eiirtilm ed ik ije) m € M a n f e r id e n D e g e rle n d iriie n B a k iy e , d o n e m ba?! 2 ,2 S2 185 K red i d e g e r d iisu su kar$iliklari B u n u n ipinden: D e g e r du'vlikingi':ne u g ra m i; k re d ile rin eid en (jik an lm asm d an (k aza n g iar / z a ra rla r N e t za ra r y a z ila n la r Z a ra r y az ilan lar A ra T o p S am M a n f e r id e n T o p lu B e g e r le n d ir ile n d e g e r le n d ir ile n 144 168 2,7 7 6 5,Q2S 107 292 18 (5 ) A ra T o p la m T o p la m 3 12 13 5,3 4 0 304 (4) (1 5 8 ) (2 0 ) (2 4 ) 0 0 (4 5 2 ) (6 1 0 ) 0 0 0 0 (6 1 0 ) (1 6 6 ) (4 9 8 ) (6 6 5 ) 0 0 0 (6 6 5 ) 8 46 55 0 0 0 55 43 (1 0 9 ) ( 66) 2,322 4 ,6 6 4 (5 ) 158 (6 ) 319 (7 1 ) 2 ,322 (0) 161 (7 ) (3 1 1 ) 5 86 73 40 Istird a t D ig er d e g ijik lik le r B a k iy e , d o n e m s o n u T o p lu ie g e r le n d ir ile n Bilanipo !):;>! P o z is y o n K a r ji lik l a r i (2 4 ) 4 ,9 6 3 O n c e k i Y illa K a r s s l a ^ tir m a l i D e g iijik iik le r K red i d e g e r diisu§Q k a r§ ih k la n m. € % N e t z a ra r y a z ila n la r m. € % 93 ( 12) 81 13 10 2 ( 10 ) 39 248 (5 6 ) (3 5 2 ) (4 0 8 ) 0 0 0 (4 0 8 ) 54 3 54 202 0 0 0 20 2 K r e d i D e g e r D iiijiijii K a r j i l i k l a r i (a k si b e lirtilm e d ik fe ) m € M iin f e r id e n D e g e r le n d irile ri B a k iy e , d o n e m b a? i N e t z a ra r y a z ila n la r Z a ra r y a z ila n la r Istird a t M iin fe rid e m T o p lu D e g e r le n d ir ile n d e g e rie m d irile n 85 141 2 ,8 4 9 5,2 1 2 92 119 211 5 (7) (1 0 3 ) (7 ) (2 0 2 ) 0 ( 10 0 ) 0 (1 1 3 ) 10 ( 120 ) 21 (2 3 3 ) 0 0 70 24 31 94 2,423 2,8 9 2 5 ,3 1 5 D ig e r deg i$ ik lik ler B a k iy e , d o n e m so tiu A ra T o p la m 2 ,3 6 4 K redi d e g e r du$usii k a rs ilik la n B u n u n i?inden: D e g e r d u silk lu g iin e ugram i§ k red ilerin e ld en fik a rilm a s in d a n (k a z a n fla r / za ra rlar T o p lu ie g e r le n d ir ile n 31 M a r t 2 0 1 5 'te so ria e r e n iic a y iik d S n e m B ilan?® B i j i P o z is y o n K a r j i l i k l a n 0 A ra T o p la m T o p la m 226 5 ,439 7 2 18 0 0 (2 ) (7 ) (2 0 4 ) (2 ) 0 (2 ) (2 ) 0 3 15 18 112 93 156 249 5 ,5 6 4 2 (2 3 6 ) 31 O n c e k i Y illa K a r ? il a $ ti r m a l i D e g i^ ik lik le r K red i d e g e r du$ti§u k arsilik la ri m. € (5 ) (2 5 ) (3 0 ) 0 2 2 (2 8 ) % (5 ) (1 7 ) (1 3 ) (8 ) (5 ,4 6 5 ) 35 (12) m. € 418 (80) (1 7 ) 20 40 i (6 7 ) 0 0 0 % 0 0 (6 7 ) N e t z a ra r y a z ila n la r 0 401 !§bu beige ingilizce fotokopisinden T u rl^ e ’ye tarafim dan kism i olarak tercum e edilmi§tir. ES*DA PA SEN SY A S E M f D IL H iZ M E T L E R I Tel. 0212 325 9 ^ 9 8 Faks 021~2 2»1 42 59 E-m ail sem i@ atlas.net.tr 36 D eutsche Bank 4 - K o n s o l i d e F in a n s a ! T a b l o l a r a lii§kin D ip o tla r 31 M a r t 2 0 1 6 i tib a riy la A r a D o n e m R a p o r u e ^erefiyedeks Degifiklikler 31 M art 2 0 3 6 ’d a so n a eren d o n em d e je re fiy e defter deg erin d ek i d eg ijik lik le r, ve §erefiyenin briit tutariari ve birikm i§ d eg er du§iiklugii zararlari, a§agida nakit y aratan birim (“N Y B ”) bazm da gosterilm i§tir. 1 O cak 2016 itib a n y ia , ticari operasy o n larm yeni b ir faaliy et bolum ii yapisi altinda y en id en y ap ilan m asi sonucu tem el N Y B ’lerin yapisi d eg ijm i§tir. F aaliy et boliim ii aciklam alarm m sun u m u n d ak i degi§iklikler!e ilgili bilgi i?in liitfen ko n so lid e finansal ta b lo la rm “F aa liy e t B oliim leri h a k k m d a B ilg ile r” k ism in a b akm iz. N a k it y a r a ta n b irim le re ta h sis edilen je re fiy e m. € 1 O cak 2016 itibariyla bakiye Yil icinde edinilen §ereflye A lim m uhasebesi diizeltmeieri Transferler “ Satilm ak uzere elde tutulan” kategorisine / buradan yeniden sm iflandirm alar “ Satilm ak iizere elde tutulan” olarak sim flandinlm aksizm elden 9ikanlan varliklaria ilgili §erefiye D eger dii§ukliigu zararlari2 Kur degi§iklikleri/diger 31 M art 2016 itibariyla bakiye Briit §erefiye tutari Birikmi§ deger dii§uklugu zararlari P o stb a n k Tem el F aaliy et Di§i O p e ra s y o n la r B irim i1 D ig erleri T o p lam G lo b al P iy a s a la r K u ru m s a l & Y a tirim B ankacshgs 0 519 0 621 3,749 0 0 1 4,890 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (19) 0 0 0 (20) 0 (119) 0 0 0 0 0 0 0 (158) 0 2,477 500 1,454 0 999 601 601 3,630 3,630 0 1,763 0 662 1 580 4,732 12,166 (2,477)) (954) (999) 0 0 (1,763) (662) (579) (7,434) O ie ! & T icari M ii$teriler Servefi Y B netim i D eutsche V a rh k Y onetim i 1 NCOU Toptan V arhklar ve NCO U Operasyonel Varlikiar temei N Y B ’lerini igermektedir. 2 §erefiye deger dii§uklagu zararlari gelir tablosunda §erefiye ve diger maddi olmayan varhklarm deger dujiiklugu olarak kaydedilm ijtir. T em el N Y B Mere ek olarak, G P v e N C O U faaliy et boliim lerinde, en teg re ed ilm eyen y atirim larm iktisap edilm esinderi d o g an ve ilgili faaliy et boliim lerinin tem el N Y B ’lerine tah sis edilm eyen §erefiye b u lu n m ak tad ir. Bu $erefiye, y u k a rid a k i ta b lo d a “ D igerleri” o larak o z e tle n m ijtir. N C O U ’daki entegre ed ilm ey en y atirim M a h e r T erm in als L L C ’den m iite§ekkildir. §ereflve Deger dufiikliigii Testi D eg er dii§iiklugu testi b ak im m d an , b ir §irket birle§m esinde edinilen §erefiye y u k a rid a b elirtild ig i gibi N Y B ’lere tah sis ed ilm ek ted ir. B ir §erefiye d e g er du§iiklugii testin d e, §erefiye ta§iyan N Y B ’lerin geri k azan ilab ilir tu tariari, ilgili d e fte r d eg erleriy le kar§ila§tirilm aktadir, G eri k az am la b ilir tu tar, N Y B ’nin gergege uygun d e g e r eksi eld en fik a rm a m aliy etleri ile ku llam m d ak i d eg e rin in d ah a yiiksek olanidir. B irin ci geyrekte G ru p ’un 2 0 2 0 S tratejisinin uygulanrnasi, N Y B ’ier arasm d a je re fiy e n in yeniden dagilim i so n u cu n u d o g u rd u g u n d an , 1 O cak 2016 itib ariy la b ir d eg er dii§uklugu testi yapilm i§tir. B u te st so n u cu n d a §ere fly e d e g e r dii§uklugii o rtay a 9ikm am i§tir. 31 M a rt 2016 itib ariy la testin onem li p ara m e trele r in celen m esiy le, tem el N Y B ’lerdeki geri kalan §erefiyenin d e g e r du§iikliigiine u g radigm a dair bir ernare o lm ad ig i te y it edilm i?tir. i§bii beige Ingilizce fotokopisinden T u rk te 'y e tarafim dan kism i olarak tercum e edilmi§tir. EL D A P A S E N S Y A S E M I D IL H iZ M E T L E R l Tel. 0212 325 98 98 Faks 0 2 l2 "2 8 1 V T 59 E-m ail sem i@ atias.net.tr 37 D eutsche Bank 4 - K o n s o l i d e F i n a n s a l T a b i o i a r a Ili?kin D i p o tl a r 31 M a r t 2 0 1 6 i t i b a n y i a A r a D o n e m R a p o r u Defter Degeri B ir tem el N Y B ’n in d e fte r degeri, serm aye tah sisi m odeli k u llam larak b elirlen ir. T ahsis, G ru p ’un d eg eriem e tarih in d ek i to p lam o zk ay n ak larm ! (D eu tsch e B a n k ’m te m in a tsiz ve serm aye benzeri tah v illerin i te§kii ed en ve U F R S ’n a uygun o larak E k o zk aynak bile§enleri olarak sim flan d irilan Ek T ier 1 T ah v ilier (“A T I T a h v ille r” ) d ahil) k u llanm aktadir. T o p lam o zk ay n ak lar, d eg er dii§iiklugii testi ay rica yap ilan e n teg re-ed ilm ey en y a tin m la rla ilgili spesifik etk ilere gore diizeitm eye, ve azinlik p ay larm a a tfe d ile b ilir $erefiyeye d air ilave diizeitm eye tabi tu tu lm ak tad ir. D e fte r degeri (A T I T a h v ille r harig), tem el N Y B ’lere, geri k az am la b ilir tu tarm tesp itiy le uyum lu iki a d im h b ir siiregte tah sis ed ilm ek ted ir. Iki adim li y a k la jim §u §ekilde i§lem ektedir: O ncelikle, % 12.5 CET1 o ran in a (tam k ap sam li e sa sa gdre hesap lan an CR.R/CRD 4) ulagilana kadar, odem e giiciine d ay ali b ir k rite r k u llan arak o zk ay n ak tah sisi, so nra sozkonusu ise k aidirag oram zorunluluklarim d ik k ate alarak a rtirim h serm ay e tah sisi. O dem e giiciine dayali tahsis, §erefiyenin (arti, az m h k paylari i?in ilave diizeltm e) tay in in i ve d ig er m addi olm ayan v arh k la rm am o rtism an m in geri alm m asm i igerm ektedir. A y rica, N Y B ’n in risk -a g irh k h v arliklardaki goreli paym a, serm aye kesintisi kalem lerine ve idari m u ta b a k a t k alem lerin e d ayali o zk ay n ak tah sisin d en o lu sm ak tad ir. ik in ci adim sozkonusu o lursa, N Y B ’ler G ru p ’a k iy a sla o ransal kaidirag o ran in a rnaruz o lm a olgiitlerine d ay ah ozkaynak tah sisi alm ak tad ir. Ek o iarak , ilgili tem el N Y B ’lerin defter degerlerin d e azinlik pay lari d a dikkate alm m ak tad ir. A T I T ah v iller, tem el N Y B ’lere, spesifik kaidirag oram n o k sa n h k la rm a orantili olarak tah sis ed ilm ek te olup; k aidirag oram n o k sanligi, G ru p ’un h e d e f kaidirag oranm m , N Y B ’nin kaidirag o ran in a m aruz o lm a Qlgiitiinun ve ta h sis edilen CET1 serm ayenirt bir fo n k siyonudur. E ntegre ed ilm ey en y a tirim la rm d e fte r degeri, o n larin o zk a y n a k larin a dayali o larak b elirienm ektedir. Geri Kazamlabilir Tutar 1 O cak 2016 itib a n y ia G rup, tem el N Y B ’lerinin geri kazam lab ilir tu tarlarim , ku llam m d ak i degere d a y ah o larak b elirlem i§ ve b a n k a c ih k islain ve idari o rtam im n o ze llik le rin i y an sita n bir indirgenrnis n a k it akirm (iN A ) m o d eli k u lla n m ijtir. M odel, ilgili idari serm aye g erek sin im lerin i yerin e getirdikten so n ra h isse d a rla ra d ag itilab ileceg i tahm in edilen gelecek tek i k azan g larm bugunkii degerini h esap lam ak tad ir. G eri k a z a m la b ilir tu tarlar ayrica A T I T ah v illerin d egerini de igerm ekte olup, defter d eg erin d ek i m u am eleleriy le tu tarli o larak tem el N Y B ’lere tahsis ed ilm ek ted ir. IN A m o d eli, y o n e tim ta rafm d an kabul edilen b e§ -yilhk fin an sal p lan la ra dayali kazang p ro jek siy o n larim ve ilgili a k tifle jtirm e v a rsa y im la n m (O zk ay n ak T ie r 1 serm aye oram % 12.5 ve tam k apsam li C R R /C R D 4 ta m m la n k a p sam in d a kaidirag oram % 5 .0 ’e y iikselerek) k u llanm akta, ve bunlar bugiinkii d eg erin e in d irg en m ek ted ir. G elecekteki kazanglari ve serm aye g e rek sin im lerin i tahm in etm ek, m u h ak em ey e b a§ v u ru lm asm i ve g ec m ijte k i ve bugunkii p erfo rm a n sm ve ilgili piyasalarda bekien en g eli?m elerin, v e gen el m ak ro ek o nornik ve idari o rta m la n n d ik k ate alm m asm i igerm ektedir. ilk be§ -y ilh k d o n em in o tesin d ek i kazang p ro jek siy o n lan , surdiiriilebilir b ir diizeye ula§abilm ek igin y erin e g o re d u zeltm ey e tab i tu tu lm ak tad ir. Siireklilik arz eden i§letm elerde, Q zkaynaklara nakit ak im m m , % 3 .2 ’ye k a d a r sab it b ir u zun vad eli biiyiim e oram k a d ar arttigi v e y a b u n a yaklaftig i v arsay ilm ak tad ir. B u, N Y B ’lerin g e lir tahm ini p ro jek siy o n larin a ve g ayri safi y u rt igi hasila ve en fiasy o n b e k len tilerin in geli§im ine d a y a n d in h r, ve nihai degere dahil edilir. B ir N Y B ’nin IN A d eg eri, n a k it akim i p ro jek siy o n larin a, u y g u lan an isk o n to o ra n in a (ozkaynak m aliy eti) ve u zun v ad eli biiyiim e o ran m a duyarlidir. U y g u lan an isk o n to o ra n la n , serm aye varh g i fiy atlan d irm a m odeli (C A P M ) d ay ah o larak belirlenm i$tir, ve risk siz faiz o ram ndan, piyasa riski prim in d en ve sistem atik p iy a sa risk in i k ap sayan bir fak torden (b eta faktorii) oIu§m aktadir. R isksiz faiz oram , p iy asa riski p rim i ve b e ta faktorleri degerleri, h arici b ilg i k a y n a k la n kullam larak b elirien m ek ted ir. N Y B ’ye ozgii b eta faktorleri, em sal jirk e tle rd en o lusan b ir gru b a gore b elirien m ek ted ir. Biitiin b u b ile§enlerdeki d e g ijim le r, iskonto o ra n la n n m h esap lam asim etkileyebilir. ijb u beige Jngiiizce fotokopisinden T iirkce’ye tarafim dan kism i olarak tercum e edilmi$tir. E L D A 'PA S E N SY A S E M i D lL H iZ M E T L E R i Tel. 0 2 1 / ,325 98 ?8 Faks 0212 2 8 L 4 2 5 9 E-m ail sem i@ atlas.net.tr 38 D eutsche Bank 4 - K o ti s o ii d e F in a n s a l T a b l o l a r a ili$k in D ip o tla r 31 M a r t 2 0 1 6 i t i b a n y i a A r a D o n e m R a p o r u Geri Kazamlabilir Tutar (devami) K u llam m d ak i d eg erin m u k a v e m e tin i test etm ek i?in, IN A m o d elin d e k u ilam lan tem el varsay im lar (ornegin, isk o n to oram ve k a z a n 9 p ro je k siy o n la n ) hassasla$tirilm aktadir. Y Snetim , tem el v arsay im lard ak i olasi m ak u l d e g ijik lik le rin bir deger duguklugii k ay b m a yol acab ileceg i, jerefiy esib ulunan y eg an e N Y B ’n in S erv et Y o n etim i o ld u g u n a in an m ak tad ir, ve b u n u n ku llam m d ak i degeri, d efter d eg erin d en y a k la jik % 6 v ey a 0.2 m ilyar E uro d ah a fazladir. (V ergi sonrasi) iskonto oram nm yakla§ik 20 b a z p u a n artm asi, g elecek h er donem deki kazan? p ro je k siy o n u n u n yakla§ik %3 dii§mesi, v ey a uzun v ad eli biiyiim e o ra m n m % 2 .2 ’ye dii§m esi, S Y ’nin ku llam m d ak i degerinin, defter degerine es-t seviy ey e d iijm e sin e y o l a 9ar, § erefiy esi-b u lu n an biitiin geri kalan tem el N Y B ’lerin geri k azam lab ilir tu tariari, d efter d eg erlerin d en onem li ol 9iide fazladir. A ncak, G ru p ’un stratejisin in d ah a da degi§m esi v ey a b an k a c ih k sektoriine y o n elik belli p o litik veya global risk ier, h alih a z ird a b e n im se n e n diizenlem enin uyg u lan m asm a d air b elirsizlik ler ve halen m iizakere halinde o lan m e v z u a tm yiiriirliige k o nulm asi, ve G S M H b u y iim esin in yava?lam asi, G ru p ’un belli N Y B ’lerin in p erfo rm an s tah m in lerin i olu m su z etk iley eb ilir ve g elecek te §erefiye deger d u jiik liig u n e yol a^abilir. Diger Varhklar ve Diger Y iikum liilikler D ig e r V a r h k l a r m € 31 M a r t 2 0 1 6 31 A r a h k 2 0 1 5 N a k it/te m in a t a la c a k la ri 6 3 ,7 3 2 60,42 1 P rim e b ro k irlik ala c a k la ri 15,223 10,575 B ro k irlik v e m e n k u l k iy m e tle rle ilg ili a la c a k la r O d e m e ta rih i gegm i§, h e k le y e n m e n k u l k iy m e t i§ lem leri K a p a ti;m a m i§ n o rm a l a lim -s a t:m i§ le m le rin d e n a la c a k la r T o p la m b r o k irh k v e m er.ku! k iy m e tle rle ilg ili a la c a k la r 5 ,6 2 2 4,221 57,461 19,722 1 4 2 ,0 3 7 9 4 ,9 3 9 T a h a k k u k etm i§ fa iz a la c a g i 2 ,5 9 4 2 ,6 4 9 S a tilm a k iizere e ld e tu tu la n v a r h k la r 2 ,9 7 6 3,491 2 3 ,4 2 2 17,058 1 7 1 ,0 2 9 15.8,137 31 M a r t 2 0 1 6 31 A r a l ik 2 0 1 5 D ig e r T o p la m d i g e r v a r l i k i a r D ig e r Y tik iim iu liik le r m € B ro k irh lc v e m e n k u l k iy m e tle rle ilg ili bon,;lar N a k it/te m in a t b o r ? la n 75,4 6 3 71,161 P rim e b r o k irh k b o r j la n 4 1 ,4 7 5 4 0 ,8 5 4 O d e m e ta rih i ge$m i$, b e k le y e n m e n k u l k iy m e t i§iem !eri K a p a tilm a m i? n o rm a l a h m - s a tim i$ le m le rin d e n b o r^ la r T o p la m b ro k irh k v e m e n k u l k iy m e tle rle ilg ili b o r f la r T a h a k k u k etrn i? fa iz b o rcu S a tilm a k iizere e ld e tu tu la n y iik u m lu lu k le r D ig e r T o p la m d i g e r y iik iim liiliik le r 4 ,701 3 ,8 4 7 5 3 ,7 7 3 1 75,412 18,776 1 3 4,63 7 2 ,511 2 ,6 0 7 39 37 3 5 ,7 2 0 3 7 ,7 2 5 2 1 3 ,6 8 2 1 7 5 ,0 0 5 31 M a r t 2 0 1 6 31 A r a li k 2 0 1 5 1 8 5 ,6 5 2 1 92,01 0 M evduatlar m € F a iz i§ lem ey en v a d e s iz m e v d u a t F a iz i§ ley en m e v d u a t V a d e s iz m e v d u a t 1 5 9 ,3 2 2 153,55 9 V a d e li m e v d u a t 119,341 1 24,19 6 T a s a r r u f m e v d u a ti 9 4 ,8 2 5 9 7 ,2 1 0 T o p la m fa iz i§ ley en m e v d u a t 3 7 3 ,4 8 8 3 7 4 ,9 6 4 T o p la m m e v d u a t 5 5 9 ,1 4 0 5 6 6 ,9 7 4 I§bu beige ingilizce fotokopisinden T urk9e ’ye tarafim dan kism i olarak tercum e edilmi§tir. EL D A P A S E N S Y A S E M I D iL H IZ M E T L E R I Tel. 0212 j S s 9.8 9S Faks 0212 281 42 59 E-m ail sem i@ atlas.net.tr 39 D eutsche Bank 4 - K o n s o l i d e F i n a n s a l T a b l o l a r a lii^kin D i p o tl a r 31 M a r t 2 0 1 6 itib a riy la A r a D o n e m R a p o r u K arsiiikfjtrm S im flarin a gSre h a rek efler m€ 1 O c a k 2 0 1 6 itib a riy la b a k iy e K onut ta s a rru f i$i O p e ra s yonef ris k H ukuki d a v a la r id a ri ic ra Y e n id en y a p ila n m a Ip o te k g e ri a h m ta le p le ri 1.132 315 1,418 4 ,0 4 8 656 409 D ig e r1 92 2 T o p la m 8 ,9 0 0 K o n s o lid e e d ile n § irk etle r g ru b u n d a k i d e g i? ik lik le r 0 0 0 0 0 0 (3) (3) Y e n i k a r$ ilik la r 38 23 271 35 200 0 514 1,081 K u ila m la n tu ta rla r 58 4 46 1 26 0 136 271 K u lla n ilm a y ip te rs k a y it y a p ila n tu ta rla r 3 14 108 10 4 0 2.2 161 D o v iz k u ru d a lg a la n m a la rin m / isk o n to n u n ip ta lin ia etk ile ri 0 (7) (2 4 ) (1 8 0 ) 0 (1 8 ) (8) (2 3 7 ) T ra n s fe ro r 0 0 54 (5 5 ) (0 ) 0 D ig e r 0 0 0 0 0 0 (0 ) 0 (1 ) 0 1,109 313 1,565 3 ,8 3 7 82 6 390 1,268 9 ,3 0 8 31 M a rt b a k iy e 2016 itib a riy la 1 Konsolide bilangoda agiklanan kar$iliklann geri kalan kismi igin, kredi ile ilgili bilango-di?i pozisyonlara dair karjiliklarin agiklandigi Not “Kredi Deger Du$u§u Kar§iliklan” kisrmna bakimz. K a r f ih k la n n S m ifla n K o n u t T a s a r r u f kar§iliklari, D eutsche Postbank G rup’unun ve D eutsche B ank BausparA ktiengesellschaflt’m konut tasarrufu ijinden kaynaklanm aktadir, K onut tasarrafunda, bir m iljteri injaat kredisi sozlejm esine girerek, kredi verecek bankaya hedeflenen tutarda bir parayi m iijteri yatirdiktan sonra m ujteri in jaat kredisi borglanm a hakki kazanm aktadir. In§aat kredisi sozlejm esi ile baglantih olarak, diizenlem e ucretleri alm m akta ve yatirilan paraya, norm alde diger banka m evduatlanna odenenden daha dii$iik bir faiz odenm ektedir. M ujterin in borglanmayi yapm am aya karar verm esi halinde, m iifteri geriye doniik olarak faiz bonusu (dujiik sozle§me tasarruf faiz oram ile sabit faiz oram arasindaki farki yansitir, halen piyasa oranlarm m onem li 0 l9u.de ustundedir) alm aya hak kazam r. K onut tasarrufu karfiligi, potansiyel faiz bonusu ve diizenlem e ucreti feri odem e yukiimliilugii ile ilgilidir. Potansiyel faiz yukumlulUgiinun hesaplam a m odeli, etkilenen m iijteri tabam nm yuzdesi, uygulanacak bonus oram , mu§teri durum u ve odem enin zarnanlam asi param etrelerini igerir. Kar§ihgi etkileyen diger faktorler, milfteri d avranijm a ve i§i gelecelcte etkilem esi m uhtem el genel ortam a dair elde m evcut istatistiki verilerdir. O p e ra sy o n e l k arjih k iar, operasyonel riskten kaynaklanm aktadir ve ayri bir k a rjih k sinifi olarak sunulan hukuki dava ve idari icra kar§iliklarm i kapsam am aktadir. O perasyonel risk, yetersiz veya bajarisiz igsel siireglerden, insaniardan ve sistem lerden, veya di§ olayiardan dogan zarar riskidir. Operasyonel karjiliklarm belirlenm esi igin kuilam lan tam m , hukuki dava veya idari icra konularindan dogan zarar riskini kapsam ayan risk yonetim i tam m m dan farkhlik gosterm ektedir. R isk yonetim i agisindan operasyonel risk, (hukuk dava veya idari icra m eselelerinde mti§terilere, kar§i taraflara ve idari organlara odemeler) operasyonel noksanhklardan dolayi zarar olaylarm i te§kil ettiginden hukuki riski kapsam akta, fakat if ve itibar riskini kapsam am aktadir. H u k u k i d a v a karjih k lari, akdi veya diger hukuk veya idari sorum luluklara uym am a iddiasiyla hukuki davalarda mu§terilerin, kar§i taraflan n veya diger taraflarin m evcut veya potansiyel hak taleplerinden veya takibatlardan kaynaklanm aktadir. I d a r i Ic ra kar§iliklari, devletin dtizenleyici kurum larm m , ozerk diizenleyici kururnlann veya diger yurutm e m akam larim n ceza veya. para cezasi tahakkuk ettirm esine yol agan veya agabilecek §ekilde, hukuk veya idari sorum luluklara uyulm adigi iddiasiyla yapilan m evcut veya potansiyel hak taleplerinden veya takibatlardan kaynaklanm aktadir. Y en id en y a p ila n m a kar§ihklan, yeniden yapilandirm a faaliyetierinden kaynaklanm aktadir. Grup oniimiizdeki yillarda m aliyetlerde bilyiik du§u?ler, tekrarlarin ve karm a§ikhgm azaltilm asi suretiyle uzun vadeli rekabetgiiigini artirm ayi am aglam aktadir. D etaylar igin b a k m iz N o t 10 "Y eniden Yapilanm a". I?bu beige Ingilizce fotokopisinden T itrk te ’ye tarafim dan kssrai olarak tercum e edilmi§tir. E L B A P A SEN SY A S E M I D IL H IZ M E T L E R I Tel. O y i - 3 2 1 9 8 98 Faks 0212 281 42 59 E-m ail sem i@ atlas.net.tr 40 D eutsche B ank 4 - K o n s o l i d e F in a n s a ! T a b l o l a r a ili?k in D i p o tl a r 31 M a r t 2 0 1 6 itib a riy la A r a D o n e m R a p o r u K a r § ih k la r m S m if la n (d e v a m i) I p o te k G e ri A h m T a le p ie r i k a rjih k la ri, D eu tsch e B ank'm A .B .D . k o n u t ipotekli kredi ijin d en k ay n ak lan m ak tad ir. 2 0 0 5 ’te n 2 0 0 8 ’e kad ar, D eutsche B an k ’m A .B .D . k o n u t ipotekli kredi isinin bir p argasi olarak, D eu tsch e B an k to p ta n k red i satisi y o lu y la yakla§ik 84 m ily a r A .B .D , D olari tu ta n n d a ozel m ark ali m en k u l k iy m etler ve 71 m ily ar A .B .D . D olari tu ta n n d a kredi satm i§tir. D eutsche B a n k ’tan, bey an v e g aran tilerin esasli ihlali ned en iy le d o gdugu ileri siiriiien z ararlara ili§kin olarak a lic ila n , y a tirim c ila r v ey a fm an sal sig o rta c ila n tazm in etm esi y a d a k red ile ri geri alm asi talebinde buiunulm u§tur, D eu tsch e B a n k ’m gen el u y g u lam asi, akdi h a k lara u y gun o larak su n u lan gegerli geri a h m talep lerin i i§lem e koy m ak tir. 31 M art 2016 itib ariy la, D eu tsch e B a n k ’m yak.la§ik 2.4 m ily ar A .B .D . D o la n tu ta n n d a kapanm am i? d u ru m d a o lan ve iptal a n la jrn a sm a tab i olm ayan ip otek geri a h m tale b i b u lu n m ak ta d ir (kredilerin orijinal an ap ara b ak iy elerin e d ay ali olarak). B u ta le p le r esasen, m iitev elliler veya o n larin hizm et sa g la y ic ila n ta rafm d an ozel m ark ali m enkul kiym etle§tirm elere dair talep lerd en olu§m aktadir. Bu talep lere kar§i D eu tsch e B ank, 31 M art 2016 itibariyla 445 m ily o n A .B .D . D o la n (3 9 0 m ilyon E uro) tu ta n n d a kar§ihk ayirm i§tir. D eu tsch e B ank, bu talep lere tab i olan ipotekli k red ilerin belli bazilarm m ihraggilarm dan v e y a saticilarm d an ta z m in a t sozle§m elerinin lehtari o lu p , b u n lara ili§kin olarak D eutsche B an k 31 M a rt 2 0 1 6 itib ariy la 109 m ily o n A .B .D . D o la n (96 m ilyon E uro) alacak kay d etm iftir. S ozk o n u su a la c a k lar dii§iildiikten sonra bu ta lep ler igin ayrilan net kar§ihklar, 31 M art 20 1 6 itib a n y ia 336 m ily o n A .B .D . D o la n d ir (295 m ily o n E uro). 31 M a rt 2016 itibariyla, D eu tsch e B ank, orijinal a n ap ara bakiyesi yakias-k 7.3 m ilyar A .B .D . D olari tu ta rin d a olan k red ilerin geri alim m i tam am lam i§, iptali igin anla§m a saglam i§, uzla§m aya gitrnis veya z a m a n a jm u n ed en iy le reddetm i§tir. B u g eri ahm , an lamina ve u z la jm a la ra uyg u n o larak, D eutsche B ank y u k arid a b e liitild ig i §ekiide D eu tsch e B ank tarafm d an satilm i§ kred ilerd en yakla§ik 93.1 m ilyar A .B .D . D o la n tu ta rin d a p o tan siy el ta z m in a t talebi igin ibranam e alm i§tir. D eu tsch e B ank, D eu tsch e B an k aley h in d e ipotekli kredi geri alim taleplerir.de b u lu n m a tehdidinde bulunm u§ b elli k u rulu§larla, z am an asn m n i gegirm e k o n u su n d a anla§m alara girm i§tir. B u potansiyel talep lerin D eu tsch e B an k iizerinde o n em li etki yap m asi m uhtem eldir. D eu tsch e B ank, satm i? oldugu ipo tek li kredilere i3iskin o larak ilave ip otek geri ah m talepleri yap ilab ileceg i b ek len tisi igerisindedir, an cak bunlarin zam an lam asm i v ey a tu ta rm i giivenilir §ekilde tah m in ed em em ek ted ir. 11 H aziran 2 0 1 5 ’te N ew Y ork T em y iz M ah k em esi, D eutsche B ank tarafm dan ihrag edilm i? k o n u t-ip o teg in e d ay ali m enkul kiym etlerle ilgili b ir d avadaki ipotek geri ahm talep ierin in , d a v a n m z a m a n m d a agilm adigi gerekgesiyle reddini on ay an b ir em ir yaym iam i§tir. Bu karar, g elecek te D eu tsch e B a n k ’a n e d erecede geri a h m tale b in d e b u lu n u lacag m i ve bu taleplerin ba§ari o la sih g in i etk iley eb ilir. D e u tsc h e B ank, tigiincu $ahislara biitiin k re d ile r o larak satilan krediler (2 0 0 5 ’ten 2.008’e k a d a r satilan biitiin A .B .D . k o n u t ip otekli k red ilerin n ered ey se y a n sim olu§tu rm ak tadir) igin h izm et sag lay ici o larak h arek e t etm em i§, ve satiid ik tan sonra, D eutsche B a n k ’m bu n larin p erfo rm an si h ak k m d ak i b ilg ilere eri§im i so n a e n n istir. D eu tsch e B a n k ’m m enkul k sy m etlejtird ig i ip o tek k red ileri h a k k m d a kredi p erfo rm an si k a m u y a agik o lm ak la birlikte, bunlarin p erfo rm an si ile alm an geri a h m ta le p le ri arasm d a dog ru d an b ir k o re lasy o n gozlem lenm em i§tir. T em erriide dii§mu§ k red ilerin y am sira, cari olan krediler, h atta tam am i geri o d enm is k red ile r igin de ta le p le r a h n m ijtir. D ig e r k ar§ ih k lar arasm d a, kred i islcrn iicretlerinin geri odenm esi, ert.elenmi§ sati§ k o m isy o n la n , banka v erg ileri kar§ihgi v e D eu tsch e B a n k ’m ve H u a X ia B ank Co. L td .’in k red i karti i§indeki i§birligi gergevesinde ay rilan kar§ ih k gibi ge§itli ve farkli duru m lard an k ay n ak lan an gok sayida sp esifik kalem b u lu n m ak tad ir. Ijb u beige ingilizce fotokopisinden T iirk fe’ye tarafim dan kism i olarak tercum e edilm ijtir. E L D A PA SEN SV A S E M i D iL H IZ M E T L E R i Tel. 0212 2K5 98 98 Faks 0 ^ 1 ? 2.8J.42 59 E-m ail sem i@ atlas.net.tr 41 D e u tsc h e B a n k 4 -K o rtso lid e F in a n s a l T a b lo la r a t iijk in D ip o tla r 31 M a r t 2 0 1 6 it ib a n y ia A r a D 8 n e m R a p o r u Kar§iliklar ve §arta Bagli Yiikiiiiiliiliilder G rup, y a lm z c a gegmi§ b ir o lay d an d o g an ve giivenilir §ekilde tah m in ed ileb iien ek o n o m ik b ir deger giki§m a yol acm asi m u h tem el o lan m ev cu t b ir vecibe bu lu n d u g u zam an p o tan siy el zarar igin kar? 111k aysrm aktadir. B o y le b ir y u k u m lu liik igin giivenilir b ir tah m in y ap ilam ad ig i d u ru m lard a kar§ihk ay rilm am ak ta ve y u k u m liilu k , §arta b agli b ir yiikum luliik o larak ad d ed ilm ek ted ir. Sarta bagli yiik u m lu lu k ler, g elecek te bir e k o n o m ik k ay n ak giki§i ih tim alinin uzak ihtim alden y u ksek fazla fakat m u h tem eld en dii§iik o ld u g u p o tan siy el y u kiim liilukleri de igerm ektedir. B elli bir tazm in a t talebi igin b ir k a rjilik ay riid ig in d a, §arta b agli y u kum luliik k ay d ed ilm em ek ted ir; an cak birden fazla tazm inat ta ieb in d en ol usari m e se le le r v e y a m esele dizileri igin, bazi taz m in at talep leri igin kar§ihkiar k ay d ed ileb ilirk en dig erleri igin §arta bagli yukiirnluliik (veya ne kar§ilik ne de §arta bagli yukum luliik) kay d ed ileb ilir. G rup, k en d isin i onem li h u k u k i ih tila f risklerine rnaruz birak an bir yasal ve idari o rtam da faaliyet g o sterm ek ted ir. S onug olarak, G ru p , A lm a n y a ’d a ve A lm an y a di$m daki birkag m em lek ette (A m erika B irle§ik D ev letleri d ah il) o rta y a gikan davalara, tahkim ve idari tak ib a tlara ta ra f olm aktadir. G egtigim iz y illard a, b ir dizi a la n d a diizenlem e ve d e n etle m eler artm i§, ve d iizenleyici k u ram lar, devlet o rg a n la n ve ba§ka k u ra m la r, fin an sal h izm et saglayicilarm i artan denetim ve incelem eye tab i tutm aya gah§m i§, b u da ek idari so ru § tu rm alara ve icra d a v a la n n a yol agmi§, ve b u n larin ak ab in d e gogunlukla h u k u k d av alari agilrm §tir. B u tre n d o zellik le global finansal k riz ve A v ru p a k a m u b o rcu krizi ile ivm e kazanm i§tir. M eselelerin h an g ileri icin zarar o la sih g in in m uhtem el, veya m u h tem eld en dii§iik fakat uzak ihtim alden y u k sek o ld u g u n u n b elirlen m esin d e, ve bu k o n u la r igin olasi z a ra n n tah m in in d e, G rup, h er bir dava igin, id d ian m n itelig i v e d ay an d ig i gergekler, usul o larak duru§ v e hu k u k i ih tila f gegm i§i, benzer dav alard a G r a p ’u n d en ey im i ve (G ru p ’un bildigi k a d a n y la) ba§ k alan n m d en ey im leri, onceki uzla§rna gorii?m eieri, ben zeri d a v a la rd a (G ru p ’un bildigi k ad an y la) ba§kalarm in sulh ifiem leri, bilinebilen ta z m in a tla r ve h u k u k m ii$avirinin ve d ig er u z m a n la n n gorii§ ve fikirleri dahil an cak bu n larla sinirls o lm ak sizin b ir dizi fak to rii d ik k ate alm ak tadir. H u k u k d av alari ve idari icra m e se le le ri igin G ru p ’un 31 M art 2016 itib a riy la ayirrni? old u g u k arsih k iar y u k a n d a k i ta b lo d a belirtilm istir. G ru p ’un b ir para gikisinm m u h tem el o ld u g u n a inandigi bazi m e seleler igin, G ru p p o tan siy el p a ra g ik ifin m tu ta n m giivenilir §ekilde tah m in ed em ed ig in d en dolayi kar§ilik ay rilm am istir. G iivenilir tah m in y a p ila b ile n k o n u la r igin, G rup halen, 31 M art 2016 itib an y ia, o lasih g i uzak ihtim ald en y uksek olan g elecek tek i to p lam z a ra rlan n , yakla§ik 1.1 m ily ar E u ro (31 A ralik 2015: 1.4 m ily ar E u ro ) ve idari icra m ese le le ri igin 1,0 m ily ar E u ro (31 A ra lik 2015: 1.0 m ily a r E u ro ) oldugunu tah m in etm ek ted ir. B u rakam , G ru p ’un m uhtem el yukiim liiliigim un m u§terek ve m titeselsil oldugu ve G ru p ’un bu yuk u m lu liig iin b ir iigiincii sahis ta rafm d an o d en m esin i b ek led ig i k o n u la n d a igerm ektedir. D ig er onem li h u k u k d av alari v e idari icra m eseleleri igin, G ru p b ir p a ra giki§i o lasih g in in uzak ihtim ald en y u k sek fak at m u h te m e ld e n dti§tik old u g u n a inanm akta, fak at tu ta r g iiv en ilir §ekilde tahm in e d ilem em ek ted ir, d o la y isiy la b u m e se le le r sarta bagli yiikum liiliik ta h m in le rin e dahil edilm erniftir. Y in e baska 5nem li h u k u k d av alari ve idari icra m eseleleri igin, G rup b ir p a ra giki§im n uzak ihtim al o ld u g u n a in an m ak tad ir ve d o la y isiy la b u n lar igin kar§ilik ay irm ad ig i gibi, §arta bagli yukumluliik. tah m in lerin e de dahil etm em i§tir. i§bu beige ingilizce fotokopisinden Tiirk^e’ye tarafim dan ktsm i olarak terctim e edilmi§tir. EL D A P A SEN SY A S E M I D lL H IZ M E T L E R i Tel. 0212 325 98 98 Faks 0212 28142 59 E-m ail sem i@ atlas.net.tr 42 D e u tsc h e B a n k 4 -K o n s o lid e F in a n sa ! T a b lo la r a Iii$kin D ip o tla r 31 M a r t 2 0 1 6 it ib a n y ia A r a D o n e m R a p o r u Karfiiiklar ve §arta Bagfo Yiikumlulukler (devami) B u tah m in ed ilen o lasi zarar, ve v a rsa b u n lar i$in a y n lm if kar§ihklar, h alen m iisait olan bilgilere d a y an m ak tad ir ve o n em li 0 I9u.de m u h ak em eye ve 9e$itli v arsay im lara, degi§kenlere ve bilinen ve bilin m ey en b e lirsiz lik le re tab id ir. B u b elirsizlik ler arasm da, ozellik le so ru n la n n on a§am alarm da, G ru p ’un h ab e rd a r oldugu b ilg ilerin yanls? v ey a ek sik olm asi, ve G ru p ’un g elecekteki m ahkem e veya d ig er hakem h e y e tle rin in k a ra rla rm a v ey a idari m erc ilerin y a d a h asim larm alm asi m uhtem el p o zisy o n larm a v e y a d a v a la n n a d air v arsay im larm m h atah o ld u g u n u n o rtay a 9ikm asi bulunabilir. D ahasi, bu k o n u lar i?in olasi z a ra r tah m inleri, ta k d ir ve ta h m in lerd e b u lu n u rk en sik h k la kuilam lan istatistiki v ey a d ig e r n icel a n aiitik g ere 9lerin k u llam m m a sik h k la u y m am ak tad ir, ve G ru p ’un m u h ak em ed e bulurim ak v e y a ta h m in y ap m ak z o m n d a oldugu d ig er pek 90k alandan daha fazla b elirsizlig e tab id ir. T ah m in i o lasi zarar, ve varsa ayrilan kar§iliklar, du zen ley ici k u ru m larca veya kar§it ta ra fla rca ba?ta ta le p ed ilen m ik tard an , v ey a m eselelerin G rup aley h in d e n ih ai k arara baglanm asi h alin d e m aru z k alm a b ile c e k m ak sim u m p o tan siy el zarard an on em li 6 l 9ude d ah a dti§lik o lab ilir ve g en ellik le o lm ak tad ir. A y rica, G ru p ’un faaliy et gosterdigi pek 90k b o lg ed e, kar$i ta r a f 90gunlukla talep ettigi m eblagi b elirtm ek z o ru n d a o lm am aktadir, ve o ld u g u n d a m ik ta n , h u su sa d air iddialar veya. y asal ta z m in a t ta le b in d e b u lu n u ld u g u n d a genel o larak ge 9erfi o lan la rla aym zo ru n lu lu k lara tabi o lab ilm ek ted ir. G ru p ’un g elecek tek i z a ra r o lasih g in in u zak ih tim alden y u k sek o ld u g u n a k a ra r v erd ig i k o n u lar zam an zam an degi§ecegi gibi, g iiv en ilir tah m in yap ilab ilen k o n u la r ve bu k o n u la r i9in tah m in edilen olasi z a ra rlar d a degi§ebilecek.tir. F iili so n u 9lar, boyle b ir ta h m in yapilm i? olan kon u lard ak i olasi zarar tah m in in d en onem li d ereced e d ah a y u k sek veya dii§iik olabilir. Ek o larak, G ru p ’un zarar olasihginin uzak o ld u g u n a inanm i? o ld u g u k o n u la ra ili§kin o larak d a z ararlar d o g ab ilir, O zellik le, tah m in edilen to p lam o lasi zarar, G ru p ’u n 0 k o n u la r 19m m aru z oldugu po tan siy el m ak sim u m zarari tem sil etm em ek ted ir. G rup hukuki ih tila fla rd a v e y a idari ta k ib a t v ey a so ru stu rm a la rd a nih ai hiikiirn v erilm ed en veya y iikum luliik te sp it ed ilm ed en o n ce u z la jm a y a g id ebilm ektedir. Bu, G ru p ’un yiikiim luliige kar§i m e§ru m lid afaalari o ld u g u n a in an d ig i zam a n la rd a bile, yiikiim liiliige itiraza devam etm en in m aiiyet, yonetim g ay reti v ey a n e g a tif i§, idari v e y a itib ar b akim m dan so n u 9la n m en g ellem ek i 9in y ap iiabilir. H atta, h a k h b u lu n m am an m p o ta n siy e l so n u 9larinm , uzla§m anm m aliy etlerin e gore o ran tisiz olacagi d u ru m lard a bile, bu y ap ilab ilm ek ted ir. A y rica G rup, b en ze r ned en lerle, k an u n en y ap m ak zorunda o ld u g u n a in anm ad ig i d u ru m la rd a d ahi kar§i ta ra fla n n zararlarm i tazm in ed eb ilm ek ted ir. M e v c u t M is n fe rit D a v a la r G ru p ’un o n em li k ar§ ih k lar ay ird ig i, v eya uzak ih tim alden yiiksek onem li m ik tard a sarta bagli y iik u m lu lu k ler b u lu n an , v ey a o n em li i§ v ey a itibar riski ihtim ali b u lu n an h u k u k d a v a la n n m ve idari icra m eseielerin in v e y a m esele g ru p larm m a.9iklam alari a§agida yapilm i§tir; b e n ze r m ese leler birlikte g ruplanm i§ o lu p , bazi m e se le le r b ir dizi. ta k ib at v ey a id d iad an o lu sm ak tad ir. A 9ik.lanan k o n ular arasm d a, zarar o la sih g in in u zak ih tim ald en yiiksek old u g u fak at G ru p ’un olasi z ara ri giivenilir §ekilde tah m in ed em ed ig i m e se le le r de b u lu n m ak tadir. I • | j \ 1i I§bu beige ingilizce fotokopisinden Tiirk9e ’ye tarafim dan kism i olarak tercum e edilmi^tir. E L 0 A PASENSYA S E M I D IL H IZ M E T L E R i Tel. 0212 Ji!> 98 98 Faks O H " 2 ^ 1 4 2 59 E-m ail sem i@ atlas.net.tr 43 D e u tsc h e B a n k 4 -K o n s o lid e F in a n s a l T a b lo la r a iii^ k in D ip o tla r 31 M a r t 2 0 1 6 it ib a n y ia A r a D o n e m R a p o r u E s c h F o n ia r i D a v a si. Sal. O p p en h eim jr. & Cie. A G & Co. K G aA (“ Sal. O p p en h eim ”) D eutsche B ank ta rafm d an 2010 y ih n d a satm alm m adan once k ap ah u?lu g ay rim en k u l fon larm a katilim p a y larm m p azarlam a ve fin an sm an i ijin d e y er alm aktaydi. B u fo n lar A lm an k a n u n la n fe rfe v e sin d e M ed en i H ukuk O rta k h k la ri o larak y ap ilandirilm i? idi. N o rm ald e, J o s e f E sch F o n d s-P rojekt G m bH plan lam a ve p ro je geli§tirm eyi g e ry e k le jtirm iftir. Sal. O p p e n h e im ’m b ir o rtak giri§im vasitasiy la bu §irkette d o la y h b ir p ayi b u lu n m ak ta idi, B u i§le ilgili o larak Sal, O p p en h eim aley h in d e b ir dizi hukuk d avasi a 9ilmi$ idi. E<u ta le p le rin tam am i degil fakat bazilari Sal. O p p e n h e im ’m eski genel m iidurlerine ve d ig e r b irey lere de yoneltilm i§ tir. Sal. O ppenheim aley h in d e y ap ila n taz m in at talep leri, aslen y a k la jik 1.1 m ily a r E uro tu tarin d ak i y atirim larla ilgilidir. B elli id d ialar y a m ahkem ede reddedildikteri v e y a ba§ka b ir d av a acilm ay acak je k iid e uzla^m aya v a rild ik ta n sonra, ba§langi?ta yakla§ik 500 m ilyon E uro tu tarin d ak i y a tirim la rla ilgili id d ialar halen derdesttir. H alen, d e rd e st ta k ib atta talep edilen toplam tu ta r yakia§ik 6 40 m ily o n E u ro ’du r. Y atirim ciiar fo n a istiraklerini so n la n d irm a k ve y a tin m la ilgili p o tan siy el z a ra riara ve b o r? la ra kar§i tazm iri ed ilm ek istem ek ted ir. id d ia la r k ism en, Sal. O p p en h eim ’m y a tin m c ila rm k arari i?in onem li o lan risk ier ve d ig e r onem li k o n u la r h ak k in d a yeterli bilgi verm edigi iddiasin a d ay an m ak tad ir. M iin ferit d av alardaki ger^eklere istinaden, bazi m a h k em e ler Sal. O ppenheim lehinde bazilari ise aley h in d e k a ra r verm i? b ulunm aktadir. T em y iz b a§ v u ru lan derdesttir. G rup bu d av alara ili§kin o iarak k ar§ ih k ve sarta bagli yiik u m lu lu k ler kaydetm i§tir, fak at bu n larin tutarlarim , a^ik lan m asim n so n u c u n a ciddi §ekilde halel g etirm esinin bek len eb ileceg i k an aatin d e oldugu i?in a ^ik lam am iftir. D o v iz S o r u § t u r m a l a n v e D a v a la r i. D eutsche Bank, d o v iz p iy asasm d a y ap ilan a lim -sa tim lan ve 9e§itli ba§ka k o n u la n glo b al o larak so ru jtu ra n belli idari o to ritelerd en ve y a sa u y g u lay ici kurum lardan bilgi talep leri alm i?tir. D eu tsch e B ank bu soru§turm alarda i§birligi y ap m ak tad ir. B u n u n la ilgili olarak, D eutsche B ank d o v iz ah m -sa tirm y la ile d oviz ah m -satim i§inin d ig e r y o n leriy le ilgili olarak kendi i? glo b al incelem esin i y iiriitm ektedir. D eutsche B ank ay ric a d o v iz k u rlarm in m anipiile edildigi iddiasiyla ilgili o larak antitro st ve A .B .D . E m tia B orsasi K anunu id d ialarm d an dolayi A .B .D . N ew Y o rk G u n ey B o lgesi B olge M ahkem esinde a 9ilan 90k. sa y id a to p lu d a v a d a d a d av ali k o n u m undadir. T oplu d av alard ak i §ikayetlerde, talep edilen tazm in at b e iirtilm em ek ted ir, 28 O cak 2 0 1 5 ’te toplu dav alara bak an federal m ahkem e, A B D ’li o lm ayan d a v a c ila n n dahil o ld u g u iki d avayi esastan reddetm i§, A B D ’li d av acilarm dahil oldugu ve o zam an d e rd e st o lan d av am n red d ed ilm esi d ile k 9esini ise kabul etm em i§tir M ah k em en in 28 O cak 2015 tarihli em rin d en so n ra b a jk a d a v a la r d a a 9iim istir. H alen U9 dava d erd esttir. B irle?tirilen derdest dava, B irle^ik D ev letler v ey a m e m le k e tle rin d e m ukim v ey a i§lem y ap an tezg ah iistii i§lem ciler ve m erkezib o rsa i§lem cileri ad in a agilm i^tir, ve hem gosterge k u rlar hem d e sp o t k u rlar k o n u su n d a rekabeti sm iriam ak ve b u n la n ve o zellik le sp o t k u rlardan te k lif edilen spreadleri m anipiile etm ek iizere yasa di§i a n la jm a la r y ap ild ig i ileri siiriilm ektedir; $ikayette ayrica, id d ia ed ilen bu k o m p lo larm , m erkezi b o rsalard a d o v iz fu tu re ve o p siy o n ia rm d a y a p ay fiy atlar oiuslurdugu d a id d ia ed ilm ektedir. Ikinci bir davad a, h irle^tirilen d av ad ak i id d ialar takip ed ilm ekte ve ileri siiriilen bu eylem in, A .B .D . 1974 Istih d am E m e k lilik G eliri G iiv en cesi K an unu (E R IS A ) k a p sam in d a d a v a h la n n rniitevelli gorevlerinin ihlaline seb eb iy et v erd ig i v e y a b u n a yol a 9tigi da ileri siiriilm ektedir. C ouncil to p lu dava, aym m ah k em ed e 21 A ralik 2 0 1 5 ’te, A x io m In v e stm en t A d v iso rs L L C tarafm dan, D eu tsch e B a n k ’m , e lek tro n ik ah m -sa tim p la tfo rm la n n d a “L a st L o o k ” o larak an ilan b ir fonksiyonun u y g u lan m asi y o lu y la v erilen d o v iz alim -satim em irlerin i red dettigini ve bu e m irlerin sonradan, d av acilar icin d a h a az lehte o lan fiy atlard an gercekle$tirildigini id d ia ed erek a 9ikm §tir. D avaci sozle^m e ih lalin d en d olayi tazm in at, y ari akdi tazm in at, ve N e w Y o rk k a n u n la n k ap sam in d a tazm inat taleb in d e b u iu n m astu r. D eu tsch e B an k , birle§tirilm i$ d avam n ve L ast L o o k d av asm m reddi i 9in d ilek 9e verm i§ olu p , E R IS A d av asm m da biituniiyle re d d i i9in dilek 9e v erm e niy etin d ed ir. E R ISA d av asin d ak i ret di.lek.9esi 19 M ay is 2 0 3 6 ’da verilecektir. U 9 d av ad a d a k e§ if ba§lam i§tir, D eu tsch e Bank ayrsca K a n a d a ’n m O n tario ve Q uebec ey aletlerin d e a 9ilan iki to plu d av ad a davalt k o n u m u n d ad ir. 10 E yliil 2 0 1 5 ’te a 9ilan bu to p lu davalarda, B irie^ik D e v le tle r’de biriestirilen dav ad ak in e b e n z e r id d ialar ileri siiriilm ekte ve K an a d a R ek a b et K an u n u ve d ig e r dava sebepleri u y a rm c a ta z m in a t ta le p ed ilm ek ted ir. ijb u beige ingilizce fotokopisinden T u rk fe ’ye tarafim dan iusirr! olarak terciim e eciiimistir E L D A PA SEN SY A S E M I D IL H IZ M E T L E R i Tel. 0212 325 98 98 Faks 0212 281 42 59 E-m ail selni@ atlas.net.tr . . D e u tsc h e B a n k 4 -K o n s o lid e F in a n s a ! T a b lo la r a Ilifk in D ip o tla r 31 M a r t 2 0 1 6 it ib a n y ia A r a D o n e m R a p o r u Grup bu meselelere ili§kin olarak kar§ilik veya jarta bagli yukumluliik tesis edip etmedigini a^iklamamijtir, zira bunlarin a^iklanmasmin, bu davalarin sonu?larma ciddi §ekilde halel getirebilecegi kanaatine varrmjtir. Y uksek Siklikta A iim -Satim / “ D a rk Pool” A hm -Satim lari..D eutsche Bank, belli diizenleyici kurumiardan, yuksek siklikta yapilan ahm -satim ijlem leri ve Deutsche Bank'in altem atif ahm-satim sistemi SuperX’in ("ATS" veya "Dark Pool") i§leyi§i ile ilgili bilgi talepleri almijtir. Banka, bu taleplerde ijbirligi yapmaktadir. Grup bu konuya ilijkin olarak kar§ilik ayirmijtir. Grup bu karjiligm tutarini a?iklamami§tir, zira boyle bir a^iklamanm, bu meselenin sonucuna ciddi jekilde halel getinnesinin beklenebilecegi kanaatine varna stir. Deutsche Bank basta ABD menkul kiymetler kanunlarimn yuksek siklikta alim-satimla ilgili olarak ihlal edildigi iddiasina dair toplu dava jikayetnamelerinde davah olarak gSsterilmij, ancak 2 Eyltil 2014’te sunduklan birlejtirilm ij ve tadii edilm ij §ikayetnamelerinde davacilar, Deutsche Bank’i davah olarak dahil etmemijtir. B an k alar A rasi T eklif Edilen Faiz O ra n la n Meselesi. idari Icra Meseleleri. Deutsche Bank, Londra Bankalar Arasi Teklif Edilen Faiz Oram (LIBOR), Euro Bankalar Arasi Teklif Edilen Faiz Oram (EURIBOR), Tokyo Bankalar Arasi Teklif Edilen Faiz Oram (TIBOR) ve diger bankalar arasi teklif edilen faiz oranlarmm belirlenmesi ile ilgili olarak Avrupa, Kuzey Amerika ve Asya/ Pasifikteki fejitli diizenleyici kurumiardan ve A.B.D. eyalet savcihklarinm da aralannda bulundugu ?e§itli devlet dairelerinden bilgi talebi ve ceipnameler almijtir. Deutsche Bank bu soru§turmalarda ijbirligi yapmaktadir. Onceden raporlandigi gibi, 4 Aralik 2013’te Deutsche Bank, Euro faiz oram tiirevleri ve Yen faiz oram tiirevleri ahm-satimi ile ilgili rekabete aykiri eylemlerle ilgili olarak Avrupa Komisyonunun sorujturmalarmi ?ozmek iizere bir toplu uzlajm anm bir par?asi olarak Avrupa Komisyonu ile uzlajm aya vardigim duyurmu?tur. Uzlajma aniajmasinm ko$ullan gergevesinde Deutsche Bank toplam 725 milyon Euro odemeyi kabul etmijtir. Bu para cezasmin tamami 6denmi§tir ve Banka’nm kar§ihklari arasmda yer almamaktadir. Ayrica onceden belirtildigi iizere, 23 Nisan 2015’te Deutsche Bank, LIBOR, EURIBOR, ve TIBOR’un belirlenmesine dair usulsuzliiklerle ilgili soru$turma!ann halli i?in A.B.D. Adalet Bakanhgi (DOJ), A.B.D. Commodity Futures Trading Commission (CFTC), Birlejik Kralhk Financial Conduct Authority (FCA), ve New York Eyaleti Finansal Hizmetler Departmam (NYSDFS) ile ayri ayri uzla§rnalara girmijtir. Bu sozlesnielerin ko§ullari kapsaminda Deutsche Bank, DOJ, CFTC ve NYSDFS’e 2.175 milyar A.B.D. Dolan, ve FCA’ya ise 226.8 milyon GBP ceza odemeyi kabul etmi§tir, A§agida afiklandigi Iizere DB Group Services (UK) Ltd’in cezalandirilmasmdan sonra DO J’a odenecek olan 150 milyon A.B.D. Dolari haricinde, bu para cezalarmm tamami odenmi§tir ve Banka’nm karjihklarm in bir pa^asini olu§turmamaktadir. S6zle§meler ayrica Deutsche Bank’in geleeekte iletecegi gosterge kur tekliflerine dair 9e§itli taahhutleri zorunlu tutan hukiimler, ve bagimsiz bir kurumsal izleme gorevlisinin atanmasim zorunlu tutan hukiimler de igermektedir. Deutsche Bank’in ayrica sozlejm eler yapildigi sirada B anka’da yahfiyor olan belli ?ali$anlara kar§i ilave disiplin i§lemleri yapmasi zorunlu tutulmu§tur. DOJ ile varilan fozOniiin bir par£asi olarak, Deutsche Bank tl? yilhk bir Ertelenmi§ Kovu§turma S6zle§mesine girmeyi kabul etmi§ olup, bunun uyarmca Deutsche Bank (diger hususlann yam sira), bankalar arasi para transferlerinde hile ve digeri Sherman Kanununa aykiri olarak fiyat sabitleme olmak uzere iki konuda A.B.D. Connecticut Bolgesi Bolge Mahkemesine suf duyurusunda bulunulmasini kabul etmi§tir. Sozlejmeniri bir parfasi olarak, DB Group Services (UK) Ltd. (Deutsche Bank’in dolayli olarak tamamma sahip oldugu bir bagli kurulu§u), DOJ ile bir itiraf Pazarhgm a girm ij olup, bunun uyarmca jirket, aym mahkemeye sunulan ve jirketi bankalar arasi para transferlerinde hile yapmakla suflayan sue duyurusuna dair su 5lulugunu kabul etmi§tir. Deutsche Bank 150 milyon A.B.D. Dolari tutarinda para cezasi iijin karjihk ayirmi§ olup, (mahkeme onayma tabi olarak) DB Group Services (UK) Ltd’in cezalandirilmasmdan itibaren on ij giinii i9inde, itiraf Pazarligi uyarmca Deutsche Bank tarafmdan odenmesi beklenmektedir. (150 milyon A.B.D. D olan tutarindaki para cezasi, bir onceki paragrafta belirtilen toplam 2.175 milyar A.B.D. D olan tutarindaki cezalara dahildir.) DB Group Services (UK) Ltd’in cezalandinlm a tarihi 7 Ekim 2016’dir. Yukarida belirtildigi gibi Deutsche Bank, LIBOR, EURIBOR ve TIBOR’un belirlenmesi ile ilgili olarak A.B.D. eyalet savciiarinin bir fali§ma grubunun yiiriitttigii bir tahkikata konudur. Banka A.B.D. eyalet savcilarinm tahkikatmda ijbirligi yapmaya devam etmektedir. t§bu beige ingilizce fotokopisinden Tiirkije’ye tarafim dan kism i oiarak tercum e edilm ijtir. EL D A P A S E N S Y A S E M i D lL H IZ M E T L E R i Tel. < m l 325 98 98 Faks 0212' 281 42 59 E-m ail sem i@ at!as.net.tr 45 D e u tsc h e B a n k 4 -K o n s o lid e F in a n s a l T a b lo la r a I!i$kin D ip o tla r 31 M a r t 2 0 1 6 it ib a n y ia A r a D o n e m R a p o r u Bankalar Arasi Teklif Edilen Faiz Oraalan Meselesi (devami) B an k alar arasi te k lif ed ilen ?e§itli faiz oran larm m belirlen m esin e ilijk in o larak D eutsche B ank hak k in d ak i d ig e r idari soru § tu rm alar d ev am etm ek ted ir, ve D eutsche B an k ba§ka idari i§lem lere de m aru z o lm ay a d ev am etm ek ted ir. G rup, idari soru^turm alarm belli b a zila rm a ili§kin o larak kar§iiiklar ayirm i§tir. G rup bu kar§iliklarm tu tarin i a fik la rn a m ijtir, zira boyle bir aciklam anin, bu idari sori!§turm alarin so n u c u n a cid d i §ekilde halel getirm esin in bek len eb ileceg i kan aatin e varrm §tir, Hukuk davalar m a genel baki§. D eu tsch e B ank, 9e§itli B an k alar A rasi T e k lif E dilen F aiz O ranlarm m b elirlen m esi ile ilgili m an ip iilasy o n id diasi konusunda, a ja g id a k i p ara g rafiard a a?ik lan an 46 hukuk d av a sin a ta ra fh r. D eu tsch e B an k ve 90k sayida d iger d a v a h y a kar§i h u k u k d a v a la n n m 9ogu (toplu d av alar d ah il) A .B .D . N e w Y o rk G iiney B o lgesi B olge M ah k em esin d e (S D N Y ) derdesttir. Sivil d a v a la n n m be?i di§inda tam am i, A .B .D . D olari L IB O R oram nm b elirlen m esi ile ilgili m anipiilasyon so n u cu zarar ettig in i ileri su re n ta ra fla r ad m a a film ijtir. D eu tsch e B ank aley h in d e derd est olan ve A .B .D . D olari L IB O R o ram ile ilgili o lm ayan be§ h u kuk davasi d a SD 'N Y ’de d erd est olup, Y en LIBOP^ ve E u ro y en T IB O R o ram ile ilgili iki dava, E U R IB O R ile ilgili bir dava, in g iliz S terlini (G B P) L IB O R oram ile ilgili birle$tirilm i§ b ir dava, ve Isv i 9re F rangi (C H F ) L IB O R o ram ile ilgili iki dava b u n la r arasm dadir. B ir istisn a ile, A .B .D . D o lari L IB O R oram ile ilgili o larak S D N Y ’de d e rd e st biitiin huk u k davalari, 90k bolgeli b ir h u k u k d av asm m (“A .B .D . D o la n L IB O R M D L ”) b ir par 9asi olarak koordine edilm ek ted ir. A .B .D . D o la n L IB O R o ran in a dair M D L -di§i bir adet to p lu d av a b u lu n m ak ta olup reddedilm i? olu p , tem y izi A .B .D . T em y iz M ah k em esi D ok u zu n cu D airesin d e derdesttir. B ah sed ilen 46 h u k u k d av asm m tam am in d a tazm in at talepleri, A .B .D . E m tia B o rsasi K anunu (C E A ), federal ve e y alet a n titro st k a n u n la n n m , A .B .D . R ac k ete er N iifuz ve Y o lsu z lu k O rgiitleri K anunu (R IC O ), ve d ig e r fed eral ve e y alet k a n u n la n n m ihlalleri gibi, £e§itli h u k u k teo rileri kap sam in d a ileri suriilm u§tiir. Be§ d av a h a ri 9 tam am in d a, tazm in a t taleb i tu ta n , d av aci ta rafm d an resm en belirtilm ernisjtir. S p esifik b ir ta z m in a t taleb in d e bulu n u lan be? dava, A .B .D . D o la n L IB O R M D L ’de birle§tirilm i§ b ireysel d a v a la rd ir ve D eu tsch e B ank dahil o lm ak iizere biitiin d av alilard an toplam da m inim um 1.25 m ily ar A .B .D . D o larm d an fa zla taz m in at talep ed ilm ek ted ir. G rup, a fik la m a yapm anm bu n larin so n u 9larm i cid d i §ekilde etk ilem esin in bek len eb ileceg i k an aatin d e o ld u g u n d an , bu m eselelere d air kar§ilik v ey a §arta b ag li yiik u m lu liik k ay d ed ip k ay d etm ed ig in i aciklarnarni:j!ir, A.B.D. Dolari LIBOR. A .B .D . D o lari L IB O R M D L d av asin d a M a rt 2013 ile K asim 2015 arasindaki b ir dizi k ararm d a m ah k em e, ilk y ap ilan 9e§itli to plu dava g ru p larm a ve d o g ru d an d av a la ra yonelik ret talep lerin i k ism en k ab u l, k ism en de re d d etm ijtir, G enel o larak m ah k em e belli C E A iddialarim n ve ey alet k a n u n u n a kar§i h ile, k o n trat ve h ak siz z e n g in lejm e ve d ig e r h ak siz fiil id dialarim n devam etm esin e izin v erirk en , b elli C E A id d ia la n m z a m a n a jim m a ug rad ig i gerek 9esiy le reddetm i§, ve d a v a c ila n n federal ve e y a le t k an u n u k ap sam m d ak i biitiin a n titro st id d ia la n m , m enkul k iym etler id d ia la n m ve R IC O k ap sam in d a ileri siirulen iddialari reddetm i§tir. M ah k em e ay rica b elli d a v a c ila n n id d ia la n m ki§isel y etk isizlik ve z a m a n a jim i gerek 9eleriy le reddeden k a ra rla r verm i§tir. M D L ’nin k a rm a p k h g i n ed en iy le m ahkem e, m ah k em en in A g u sto s ve K asim 2015 goru§lerinde b elirtilen genel ilkelere uygun je k ild e tam o larak hangi idd ialarm red d ed ild ig in in b elirlen m esin d e m ah k em ey e y ard im ci olm alari i^in 9e§itli ek b elg eier tale p e tm ij ve tara flar b u n lan tem in etm istir. D ig er k a ra rla r derdesttir. A n titro st iddialari red d ed ilm is (v ey a an titro st id dialarim n red d in e d air k ism en nihai kararlar verilm i§) olan belli d av acilar, m ah k em en in a n titro st k ararlarm i A .B .D . T em y iz M ah k em esi fkinci D airesinde tem y ize g 6tiirm ii§ttir. Bu tem y izd e sav u n m alar yapilm i§ v e ta m am e n g 6riilmii§ olup, ve k arar derd esttir. A .B .D . D o lari L IB O R M D L kap sam m d ak i belli davalar, tem y izin so n u cu n a kadar b e k lem ek ted ir (ve d ig e r d a v a la r d a ay rica beklernektedir). E k olarak, m ah k em en in A g ustos 2015 gorii§u u y a rm c a tam am en red d ed ilen bir direkt davadaki dav acilar, ik in ci D aireye tem yiz b a§ vurusunda bulunm u§tur. i§bu beige ingilizce fotokopisinden T iirl^ e ’ye tarafim dan kism i olarak tercum e edilmi§tir. E L 1M PA SEN SY A S E M I D IL H IZ M E T L E R I Tel. 0 g p y 325 98 93 Faks 0212 2^1 42 59 E-m ail sem i@ atlas.net.tr 46 D e u tsc h e B a n k 4 -K o n s o lid e F in a n s a l T a b lo la r a ili^ k in D ip o tla r 31 M a r t 2 0 1 6 it ib a n y ia A r a D o n e m R a p o r u B an k alar A rasi T eklif Edilen Faiz O ra n ia ri Meselesi (devarm) A.B.D. Dolan LIBOR M D L’ye ili§kin olarak (1) borsada i?!em goren EuroDolar futures ve opsiyonlarda i§lem yaptigmi, (2) A.B.D. D olan LIBOR’u-referans alan finansal araglarda tezgah iistii ijlem yaptigmi, ve (3) A.B.D. Doiari LIBOR’a endeksli faiz oranlanyla kredi agtigmi veya aldigim iddia eden davacilar tarafmdan agilan tig toplu davada k e jif halen devam etmektedir. (iigiincii davadaki davacilar halen Deutsche Bank aleyhindeki iddialarimn, mahkemenin onceki kararlari kapsaminda reddedilmi§ olup olmadigma itiraz etmektedir.) Bu davalarda toplu dava dilekgelerinin sunulmasi igin bir program belirlenmi? olup, sunumlarm Agustos 201'7’de tamamlanmasi planlanmijtir. A.B.D. Dolan LIBOR MDL di?inda SDNY’de bagimsiz $ekilde derdest olan, A.B.D. Dolan LIBOR oram ile ilgili ba§ka bir davada mahkeme, davahlarm ret taleplerini kabul etmi§tir. Davaci §ikayetini giincellemek igin dilekge sunmu§ olup, derdesttir. Deutsche Bank ayrica A.B.D. D olan LIBOR oram ile ilgili olarak California Merkez Bolgesi Bolge Mahkemesinde bir hukuk davasinda da davah konumundadir. Mahkeme Deutsche Bank ret dilekgesini kabul etmistir. Davaci A.B.D. Temyiz Mahkemesi Dokuzuncu Dairesi nezdinde temyize ba§vurmu§tur Yen LIBOR ve Euroyen TIBOR. Yen LIBOR ve Euroyen TIBOR oranlarmm manipiile edildigi iddiasma ili§kin olarak SDNY’de iki ayn dava derdesttir. ilkinde (Laydon) mahkeme 31 Mart 2015’te davacimn §ikayetini giincelleme taiebini kismen ret, kismen kabul etmi§tir. Mahkeme davacimn Deutsche Bank aleyhinde RICO iddialari one siirme ve iki yeni davaci ekleme taleplerini reddetmi§tir. 29 §ubat 2016’da davaci, ek fiili iddialar igeren ve iddia edilen toplu dava siiresini geni?leten tadil edilmi? bir iigiincii §ikayetname sunmujtur. K ejif devam etmektedir. Ikinci toplu dava (Sonterra) SDNY’de 24 Temmuz 2015’te agilmi? olup, ve Deutsche Bank ve DB Group Services (UK) Ltd., diger bankalarla ve inter-dealer brokirlarla birlikte davali konumundadir. 18 Aralik 2015’te davacilar tadil edilmi? bir §ikayetname sunmu§tur. Davahlar ret dilekgesi vermi? olup, derdesttir. EURIBOR. Deutsche Bank ve DB Group Services (UK) Ltd. ayrica EURIBOR oramnm manipiile edildigi iddiasiyla, SDNY’de derdest bir toplu davada da davah konumundadir. Davacilann giincellenmij jikayetinin reddi igin verilen dilekge halen derdesttir. ingiliz Sterlini (GBP) LIBOR. Deutsche Bank, ingiliz Sterlini (GBP) LIBOR oramnm manipiile edildigi iddiasiyla derdest iki ayn davada da davah olarak gdsterilmijtir. 11 §ubat 2016’da mahkeme bu iki davayi tek bir davada birlejtirmi?, ve davacilar tarafmdan 24 §ubat 2016’da tadil edilerek birle§tirilmi§ bir jikayetname surmlmu§itur. Tadil edilerek birle§tirilmi§ jikayetnamenin reddi igin dilekge verilm ij olup, sunum surecindedir. isvigre Frangi (CHF) LIBOR. 19 Haziran 2015’te Deutsche Bank ve DB Group Services (UK) Ltd., isvigre Frangi (CHF) LIBOR oramnm manipiile edildigi iddiasiyla SDNY nezdindeki bir toplu davada davali olarak gosterilmi§tir. Ret dilekgeleri verilmi? olup, halen derdesttir. K aupthing C LN id d ia la ri. Haziran 2012’de, bir izlanda sermaye §irketi olan Kaupthing h f if;as masasi, izlanda kanunlan gergevesinde Deutsche Bank aleyhinde hem Izianda’da hem de ingiltere’de yaklajik 509 milyon Euro (arti, maliyetler ve tazminat faizi oram esasma gore ve gecikme faizi oram esasma gore hesaplanan faiz) meblagi geri alma talebinde bulunmu?tur. iddialar, 2008’de ingiliz Virjin Adalannda kurulu iki dzel amagli kurulu§a (“SPV’ler”) Deutsche Bank tarafindan ihrag edilen, ve Kaupthing’i referans alan kaldiragh krediye endeksli tahviller (“CLN ’ler”) ile ilgilidir. SPV’lerin nihai sahipleri yuksek net servete sahip bireylerdir. Kaupthing, SPV’leri fonlami? oldugunu one siirmekte ve Deutsche B ank’m, K aupthing’in kendisinin i§lemlere ekonomik olarak maruz oldugunun farkmda oldugunu veya olmu? olmasi gerektigini iddia etmektedir. Kaupthing, i§3emlerin iddia edilen amaglarmdan birisinin, Kaupthing’in kendi CDSTerinin (kredi temerriit swapi) ve dolayisiyla kendisinin borsada ijlem goren tahvillerinin spreadleri konusunda piyasayi etkilemesine imkan saglamak olmasi nedeniyle ijlemlerin usulsiiz oldugu gerekgesi de dahil olmak iizere bir dizi altematif gerekge ile ijlemlerin Kaupthing tarafmdan iptal edilebilir oldugunu ileri siirmektedir. Ek olarak, Kasim 2012’de Deutsche Bank aleyhinde Londra’da Kaupthing tarafindan ingiliz hukuku kapsaminda bir dava (izlanda kanunlan kapsaminda belirtilenlere benzer iddialarla) agslmi§tir. Deutsche Bank tzlanda’daki takibatta 2013 yili §ubat ayi sonlannda savunma sunm ujtur, ve savlarim mudafaa etmeye devam etmektedir. §ubat 2014’te, ingiltere’deki takibat, Izlanda’daki takibatm nihai tespitine kadar bekietilmijtir. Ek olarak, Aralik 2014’te SPV’ler ve m tijterek tasfiye memurlari, Deutsche Bank ve diger davahlar aleyhinde CLN ijlemlerinden dolayi i§bu beige ingilizce fotokopisinden T urk?e’ye tarafim dan kismi olarak tercum e edilmi§tir. ELDA PASENSYA SEMI BiL HIZMETLERi Tel. 0212 325 98 98 Faks 0 2 j ^ 8 | 42 59 E-m ail sem i@ atlas.net.tr 47 D e u tsc h e B a n k 4 -K o n s o lid e F in a n s a l T a b lo la r a tli§ k in D ip o tla r 31 M a r t 2 0 1 6 it ib a n y ia A r a D o n e m R a p o r u Kaupthing CLN iddialari (devami) Ingiltere’de hem en hem en aym iddialari D eutsche B ank’a teblig etrnijiir. S P V ’ler ayrica yakla$ik 509 milyon Euro (arti m aliyetler ve faiz) talep etm ekte olup, bu faiz talebinin tutari izlanda’dakinden diijiiktiir. D eutsche Bank b u takibatta bir dizi savunm ada bulunm u§tur ve savunm aya devam etm ektedir. SPV ’lerin iddialarim n, D eutsche B an k ’m C L N ijlem lerine dair genel potansiyel yukumliiliigimii, halihazirda K aupthing tarafindan iddia edilenin Qtesinde artirm asi beklenm em ektedir. G rup bu m eselelere ilifkin olarak k a rjih k veya ja rta bagli yiikum luliik tesis edip etm edigini agiklam am istir, zira boyie bir agiklamanm, bunlarin sonuglarina ciddi §ekilde halel getirm esinin beklenebilecegi kanaatine varm ijtir. K irc h . M iinih Savcihgi (Staatsanw altschaft MOnchen I), K irch davasi ile baglantih olarak eski Yonetim Kurulu iiyeieri ve m evcut Y onetim K urulu iiyesi Jiirgen Fitschen aleyhinde halen cezai sorujturm alar yuriitm ektedir. K irch davasinda D eutsche B ank A G ile Dr. Leo K irch ve de kendisinin kontrolii altindaki m edya §irketleri arasm da 90k sayida hukuk davasi sozkonusu oim ujtur. A na m esele D eutsche Bank'in 0 zam anki Y onetim K urulu Sozciisii Dr. R o lf B reuer’in 2.002 yilinda B loom berg televizyonuna verdigi bir roportajda Dr. K irch'in (ve jirketlerinin) finansm an bulam ayiji yoniindeki Dr. B reuer’in yorum unun, Kirch jirketlerinin iflasm a yol agip agm adigi idi. §ubat 2014’te D eutsche Bank ve Kirch varisleri, aralarm daki biitiin hukuki ihtilaflari sonlandiran kapsam li bir uzla§maya varm ijtir. Eski Y onetim Kurul uyem iz Dr. Stephan Leithner ile ilgili olarak, C um huriyet savcism m iddiasi, Sn. Fitschen ve Sn. L eithner’in, M iinih Bolge Y uksek M ahkem esi ve Federal M ahkem e nezdinde Kirch ile D eutsche B ank A G arasindaki hukuk davalarm dan birinde D eutsche B ank’in hukuk m iijaviri tarafm dan yapilan fiili beyanlari, sozkonusu beyanlann dogru olm adigim (iddia edildigine gore) ogrenm elerinden sonra zam anm da diizeltm edigi yoniindedir. Sn. Fitschen ve eski dort yonetim kurulu tiyesinin dahil oldugu ana sorujturm a tam am lanm i§ ve 6 A gustos 2 0 1 4 ’te biitiin zanhlar aleyhinde iddianam e verilmi§tir. M ahkem e D eutsche B ank A G ’nin ikincil olarak miidahil olm asini em retm is olup, bu durum B anka’ya para cezasi verilm esiyle sonuglanabilir idi. 25 N isan 2016’da M iinih B olge M ahkem esi Sn. Fitschen ve eski dort yonetim kurulu iiyesini beraat ettirm ijtir.A y n ca m ahkem e Barika’yi da beraat ettirm ijtir. C um huriyet savcisi 2 M ayis 2016’ya kadar tem yize ba§vurabilecektir. Tem yiz, esastan ziyade hukuki h atalann incelenm esi ile sim rh olacaktir. Eski yonetim kurul iiyesi Dr. Stephan L eithner aleyhindeki sorujturm a devam etm ektedir. D eutsche Bank, M iinih C um huriyet Savcihgi ile tam i^birligi yapm aktadir, G rup bu takibatlarin kendisi igin onem li ekonom ik sonuglan olm asm i beklem em ektedir ve bunlar igin k a rjih k veya §arta bagli yiikum luliik kaydetm emi§tir. K O S P I E n d e k sin in G ev^em esi K o n u la n . Kore Hisse Senetleri B ilejik Fiyat Endeksi 20 0 ’iin (“KOSPI 2,00”) 11 K asim 2 0 1 0 ’de kapam§ seansinda yaklajik % 2.7 dii§mesinden sonra Kore Finansal Denetim K urum u (“FSS”) soru§turm a ba$latmi§, ve KOSPI 20 0 ’iin dii§ii§unun, D eutsche Bank tarafindan, KOSPI 200 iizerindeki bir endeks arbitraj pozisyonunun bir pargasi olarak elde tutulm akta olan yaklajik 1.6 milyar Euro degerindeki b ir hisse senedi sepetini satisindan kaynakladigina dair endijelerini ifade etmi§tir. F S S ’in gah§m alanni denetleyen K ore Finansal H izm etler K om isyonu, 23 §ubat 2011 ’de F S S ’in bulgulanm ve onerilerini incelemi? ve: (i) piyasa m anipulasyonu iddiasiyla D eutsche B ank G rup’unun be§ galijam ve D eutsche B an k ’in bagli kurulu§u D eutsche Securities K orea Co. (DSK) aleyhine kurum sal sugtan vekaleten sorum luluk gerekgesiyle Kore C um huriyet Savciligina sug duyurusunda bulunulm asina; ve (ii) D SK ’mn nakit hisse senedi ve borsada ijlem goren tiirevlerin ahm satim i ve DM A (dogrudan piyasa erijim i) nakit hisse senedi ahm satirm faaliyetlerinin 1 N isan 2011’den 30 Eyliil 201 l ’e kadar alti aylik siire boyunca durdurulm asina, ve D S K ’run adi belirtilen bir gah§anmm istihdam im alti ay siireyle durdurm asm in zorunlu tutulm asina karar verm istir. Faaliyet durdurm anm bir istisnasm a gore, m evcut tiireviere endeksli menkul kiym etler igin likidite saglayicihgi yapm aya devam etrnesine izin verilmi? idi. 19 A gustos 2011’de Kore C um huriyet Savcihgi, D SK ve D eutsche B ank G rup’unun dort gahjam m spot/vadeli piyasayi manipiile etrne suglarnasiyla dava agm a kararim duyurmu§tur. C eza duru§masi O cak 2 0 1 2 ’de ba§lami§tir. 25 O cak 2016’da Seul M erkez Bolge M ahkem esi bir D SK ijlem cisini suglu bulan bir karar ve D S K ’yi suglu bulan bir karar verm ijtir. i§bu beige ingilizce fotokopisinden Tiirk9e ’ye tarafim dan kism i olarak tercum e edilmi^tir. EL D A P A S E N S Y A S E M i D IL H IZ M E T L E R I Tel. 0212 325 98-98 Faks C U 1 H i 59 E-m ail semi(§}atlas.net.tr D e u tsc h e B a n k 4 -K o n s o lid e F in a n s a l T a b lo la r a Iii$k in D ip o tla r 3J M a r t 2 0 1 6 it ib a n y ta A r a D o n e m R a p o r u KOSPI Eiideksinm Gev^emesi Konulan (devamu) D S K ’y a 3.5 rn iiy ar K R W (K o re W o n u ) (2.0 m ilyon E u ro ’dan az) p a ra cezasi uygulanrni§fir. M ahkem e ay rica 3119a yo! a 9an a lim -sa tim faaliy etin d en elde edilen k a rla n n iade e d ilm e sin e hiikm etm i§tir. G rup o ah m -satim faa liy e tin d e n eld e ed ilen k a rla n 2.011 y ilm d a iade etm istir. C eza davasi karari hem savci h em de d a v a h la r ta ra fin d a n tem y ize g5tiirulm ii§tur. A y rica, K O S P I 2 0 0 ’tin 11 K asim 2 0 1 0 ’da du§m esi so nucu zarara m aru z k ald ik la rm i iddia eden belli ta ra fla rca K o re m a h k e m e le rin d e D eu tsch e B an k ve D S K a ley h in d e b ir dizi huk u k davasi a 9ilmi§tir. 2 0 1 5 ’in dordiineii 9ey reg in d en baslayarak bu d av a la n n b azilarm d a B a n k a ve D S K aleyhinde asliye m ah k em esi k ararlari v e rilm istir. B ilin en m ev cu t ta zm in a t taSeplerinin tu tari 80 m ily o n E u ro ’dan (m ev cu t d o v iz k u rla rm d a n ) azdir. G ru p b u hukuk d av ala rin a ili§kin o larak kar§ihk ayirm i§tir. G rup, a 9ik lan m asm m bu k o n u larm so n u cu n a ciddi §ekilde halel getirm esin in bek len eb ileceg i kanaatine v ard ig in d an , G ru p bu kar§ihklarm tu tarim a 9iklam arm $tir. Ipotege ve Varhga Dayali Menkul K iy m e tle r Meseleleri ve Soru$turmasi. Diizenleyici Kurumlar ve Devletler He Meseleler. D eu tsch e B ank, belli i§tirakleri ile birlikte (bu p arag raflard a topluca “ D eu tsch e B an k ” o larak am lacak tir) ipotekli krediler, ko n u t ip otegine d ay ah m enkul kiym etler (K iD M K ), terninatlan d irilm i§ b o r 9 y u k iim luliikleri, d ig er v a rh k la ra d ay ah m en k u l k iy m etler ve kredi tiirevleri ihraci, satin a im m asi, m en k u l k iym etle?tirilm esi, sa ti 51 ve a lim -satim in a d air faaliyetleri ile ilgili olarak, A .B .D . M ali D o la n d iric ih k la M iicadele K o o rdinasyon B irim in in , K o n u t Ip o teg in e D ayah M en k u l K iy m etler C ah ^m a G ru b u u y eleri de dahil o lm ak tizere belli d iizen ley ici kuru m iard an ve d ev let k u ru m larin d an c e lp n a m e ler ve bilgi talepleri alrni? bulu n m ak tad ir. D eutsche B ank sozkonusu celp n am elere v e b ilg i ta le p le rin e y a m t v erirk en tam i§birligi yap m ak tad ir. G rup, idari soru§turrn alarm b azilari i 9in kar§ ih k ayirm i§, b azilari i9inse ayirm am i§tir. G rup, a 9ik lan m asm m bu idari so ru stu rm a la n n so n u c u n a cid d i sekilde halel getirm esin in b ek len eb ileceg i k an aatin e vardigindan, G ru p bu k ar§ ih k larm tu tarim a 9iklam am i§tir. Ihraggi ve Yuklenici Hukuk Davasi. D eutsche B an k K ID M K ve d ig er v a rh g a d ay ah m enkul k iy m etlerin arzlarin d a ih ra 99i v ey a y u k len ici sifatiyla iistlendigi 9e§itli ro llerle ilgili 9e?itli hukuk d a v a ia n n d a o zel sah islarca d a v a h o larak gosterilm i§tir. A sagsda a 9ik lan an bu d av alar arasm d a to plu d avalar, m enkul k iy m etlerin b irey sel alicilarin m davalari, ve K ID M K tro stle ri ad m a m litevellilerin a^tigi d a v a la r b u lu n m ak tad ir. id d ia la r d avadan d avaya degi$m ekle b irlik te, bu d av alard a genellikle, ipotek k red ilerin e d a y a h o larak ih ra 9 ed ilenlerin yiiklenim stan d artla rin a ilijk in o lan la r da dahil K iD M K arz d o k u m a n la rin m o n em li yani 15 b e y an la r ve ih m aller i9erdigi iddia edilm ekte veya k red ilere d air 9e§itii beyan v e y a g aran tilerin ihra 9 sirasm d a ihial ed ildigi ileri siiriilm ektedir. G rup bu h u k u k d a v a la n n m p e k g o guna ilifk in o larak kar§ilik a y irm ijtir, fak at a 9ik ian m asm m bu konularm so n u cu n a ciddi §ekilde halel g etirm esin in bek len eb ileceg i k an aatin e v ard ig in d an , G rup bu kar§ihkiarm tu ta rim aciklam am i§fir. D eu tsch e B ank, ba§ka fm an sal kurulu§larla birlikte, N o v a star M o rtg ag e C o rp o ra tio n tarafin d an ihra? edilm i§ K ID M K ’lerin yiiklenicisi roliine d air bir toplu d avada davali ko n u m u n d ad ir. §ik ay ette spesifik b ir ta z m in a t ta le b in d e bulun u lm am i§ tir.5 S ubat 2 0 1 5 ’te m ahkem e, R M B S ’n in d a v ad a ileri stirdugii alti on erm ed en b e jin i red d ettig i o n cek i k ararm i iptal eden bir k arar yayim lam istir. M ahkem e, d a v acila n n § ik ayetnam elerini o n ced en red d e d ile n o n erm elerini de i 9erecek §ekilde tadil etm elerini em retm i§tir. M ah k em en in 5 § u b a t 2015 em ri u y a rm c a ba§ davaci 9 M art 2 0 1 5 ’te ii^iincu tad il ediirnis §ikayetini sunm u§tur. D av ad a k e $ if a§am asi d ev am etm ektedir. I§bu beige ingilizce fotokopisinden T iirkse’ye tarafim dan kisms olarak tercum e ediSmi§tir. E L B A fA S E N S Y A S E M i DSL H IZ M E T L E R i Tel. 0212 325 98 98 Faks 0242 281 42 59 E-mail sem i@ atlas.net.tr 49 D e u tsc h e B a n k 4 -K o n s o lid e F in a n s a l T a b lo la r a iii§ k tn D ip o tla r 31 M a r t 2 0 1 6 it ib a n y ia A r a D o n e m R a p o r u ipotege ve Varhga Dayali Menkul Kiymetler Meseleleri ve Sorii§turmasi(devaim) D eutsche Bank, K iD M K ’in ahcilari olduklanm iddia edenler (1) A ozora Bank, Ltd. (D eutsche B ank’a atfedilebilir 61 m ilyon A .B D . D olari tazm inat talebiyle), (2) the Federal D eposit Insurance Corporation (FD IC) (a) C olonial Bank (iki a y n davadan birisinde biitiin davalilardan toplam da en az 189 m ilyon A.B.D. D olari tazm inat talebiyle), (b) Franklin B ank S.S.B., (c) G uaranty B ank (biitiin davalilardan toplam da en az 901 m ilyon A .B D . D o lan tazm inat talebiyle), ve (d) Citizens N ational B ank ve Strategic Capital B ank’m (iki ay n davadan birisinde biitiin davalilardan toplam da en az 66 m ilyon A .B D , D olari tazm inat talebiyle) kayyum u sifatiyla), (3) the Federal H om e Loan Bank o f San Francisco, (4) P hoenix Light SF Lim ited (eski W estLB A G tarafindan o lu jturulan ve/veya yonetilen ozel am agh araglann talep haklarinm tem lik alani oldugu iddiasiyla), ve (5) R oyal Park Investm ents (Fortis B ank’m belli varhklarm i iktisap etm ek iizere olufturulan ozel amagli aracm talep haklarinm tem lik alam oldugu iddiasiyla) dahil olm ak uzere, bunlarla ilgili i§lemlerde yer alan kar$i taraflar ve bunlarin ijtirakleri tarafm dan agilmi§ ge§itli toplu-olm ayan davalarda davah konum undadir. A ksi belirtilm edikge, bu davalardaki §ikayetlerde talep edilen tazm inat m eblagi belirtilm em ijtir. 14 O cak 2 0 1 5 ’te, Blue Edge A B S CD O Ltd. adina kayitli bir te m in atlan d m k n ij tahvil yliklimliiliigu ile ilgili olarak A ozora B ank Ltd tarafm dan agilm ij olan davam n reddedilm esi igin D eutsche B ank’m onergesini m ahkem e kabul eirnijtir. 30 M art 2016’da Tem yiz D airesi, alt m ahkem enin davayi ret kararim onam ijtir. A ozora B ank, tarafm dan agilan ba§ka bir davada da D eutsche Bank, UBS AG ve i^tirakleri ile birlikte davah konum undadir. D avahlar m ahkem enin em rini tem yize gotiirmug ve tem yize kadar davanrn bekletilm esi iifin dilekge verm ijtir. 2012 yilm da, C olonial Bank, Franklin B ank S.S.B., G uaranty Bank, C itizens N ational B ank ve Strategic C apital B ank adina kayyim sifatiyla FDIC, 1933 M enkul K iym etler K anunu M adde 11 ve 12(a)(2), ve Texas M enkul K iym etler K anunu M adde 581-33 kapsam inda iddialarla, D eutsche B ank’m da aralarm da bulundugu gok sayida yuklenici aleyhinde farkli federal m ahkem elerde davalar agmi§tir. Bu davatarin her biri zam anajim m a ugradigm dan dii§mti§tiir. FDIC bu kararlari Tem yiz M ahkem esi tkinci, Be§inci ve D okuzuncu D aireleri nezdinde tem yize goturm ujtiir. Tem yiz M ahkem esi tkinci ve D okuzuncu D airelerdeki tem yizler derdesttir, 10 A gustos 2 0 1 5 ’te Tem yiz M ahkem esi Bejirici D airesi, bolge m ahkem esinin FD IC ’in iddialarim n zam anagim m a ugradigi gerekgesiyle ret kararim bozm ujtur. 24 A gustos 2015’te Deutsche B ank ve diger davahlar bu dava igin tam toplanti halinde bir du ru jm a yapilm asi igin dilekge vermi§tir. 11 Eyliil 2 0 1 5 ’te T em yiz M ahkem esi Be§inci Dairesi bu dilekgeyi reddetm ijtir. 10 A ralik 2015’te Deutsche Bank ve diger davahlar, Tem yiz M ahkem esi B ehind D airenin, bolge m ahkem esi tarafm dan davam n ret kararim bozm asm a itiraz ederek B irlejik D evletler Y uksek M ahkem esine tem yiz b ajv u ru m iizekkeresi igin ba§vurmu§tur. 28 M art 2016’da Birlejik. D evletler Y uksek M ahkem esi dilekgeyi reddetm ijtir. Ke§if devam etmektedir. D eutsche B ank ile yapilan gizli bir sulh anla§masi uyarm ca 22 O cak 2015’te the Federal H om e Loan Bank o f San Francisco, yedi K ID M K arzina ili§kin olarak D eutsche B ank aleyhine agm if oldugu davalardan gekilm ijtir. 26 O cak 2 0 1 5 ’te, the Federal H om e Loan B ank o f San Francisco ve Countryw ide arasindaki gizli bir sozle§me uyarm ca the Federal Hom e Loan B ank o f San Francisco, Countryw ide i§tiraki olan kurulu$3ar tarafm dan ihrag edilmi§ 15 arza ilijkin olarak the Federal Horne Loan B ank o f San Francisco tarafm dan D eutsche B ank aleyhinde agilrm§ olan davalardan gekilmeye karar verm ijtir. D eutsche Bank, bu 15 arza dair davadan gekilm enin, D eutsche B ank’m tarafi olm adigi gizli bir sulh anlajm asi gergevesinde oldugu diijiincesindedir. D eutsche B ank, bir K IDM K arzina ve K ID M K senedi niteliginde yeniden menkul kiym etlejtirm e olarak ta rif edilen iki arza ilifkin bir davada davah olm aya devam etm ektedir. §ikayette belirli bir tazm inat talep edilm em iftir. D ava bilirkiji k ejfi a§amasindadir. D eutsche B ank’m durujm asi igin tarih 6 A ralik 2016 olarak belirlenm i§tir. R esidential Funding C om pany, R esidential Funding C om pany'ye satilan kredilere ili^kiri olarak yapilan beyanlarm ve verilen garantilerin ihlali nedeniyle, ve K iD M K ile ilgili iddialar ve R esidential Funding C om pany aleyhinde agilan davalar sonucu m aruz kalinan zararlann tazm ini igin, D eutsche Bank aleyhinde bir geri ahm davasi agm ijtir. §ikayette talep edilen tazm inat tutan belirtilmemi§t.ir. 8 Haziran 2015’de m ahkem e, belli iddialarm reddi igin D eutsche B ank’m yaptigi ba§vuruyu reddetmi§tir. A yrica 8 Haziran 2 015 ’te D eutsche Bank, diger iddialann da reddi igin dilekge verm ijtir, I§bu beige ingilizce fotokopisinden Tiirki^e’ye tarafim dan kism i olarak terctim e edilmi§tir. E L B A P A SEN SY A S E M t D lL H IZ M E T L E R i Tel. 0212 325 98 98 Faks 0 2 ^ 2 # 42 59 E-m ail sem i@ atlas.net.tr 50 D e u tsc h e B a n k 4 -K o n s o lid e F in a n s a l T a b lo la r a ili$ k in D ip o tla r 31 M a r t 2 0 1 6 itib a r iy la A r a D o n e m R a p o r u ipotege ve Varhga Dayah Menkul Kiymetler Meseleleri ve Soru§turmasi(devami) 29 Eyliil 2 0 1 5 ’te m ahkem e D eutsche B ank’m ikinci ret bajvurusunu da reddetmi§tir. K e§if devam etmektedir. M art 2 0 1 2 ’de, R M BS Recovery H oldings 4, LLC ve VP Structured Products LLC, D eutsche Bank tarafindan yapilan A C E Securities Corp. 2006-SL2 K IDM K arzsridaki m ortgage kredilerine iliskin olarak beyanlarm ve gararitilerin ihlali iddialariyla D eutsche B ank aleyhinde N ew Y ork eyalet m ahkem esinde dava agmi§tir. §ikayette talep edilen tazm inat tu ta n belirtilm em ijtir. 13 M ayis 2013 ’te m ahkem e, D eutsche B an k ’m davam n zam an ajim m a ugradigi gerekgesiyle reddedilm esi talebini reddetm ijtir. 19 A ralik 2013’te tem yiz m ahkem esi alt m ahkem enin kararim bozmu§ ve davayi reddetm ijtir. 11 H aziran 2015’te N ew York Y uksek M ahkem esi, tem yiz m ahkem esinin davayi ret karanrn onam iftir. M ahkem e, davacim n dava sebebinin, davam n agilm asindan alti yildan daha once tahakkuk etmi§ oldugunu ve dolayisiyla zam ana§im m a ugradigim tespit etm ijtir. 29 M art 2016’da m ahkem e, m litevelli sifatiyla H SBC tarafindan agilan, hem en hem en benzer bir davayi reddetm i? olup, tem yiz yolu agiktir. D eutsche Bank, C ountryw ide tarafm dan ihrag edilmi? tek bir K iD M K senedinin alim m m iptal edilmesi talebiyle the C harles Schw ab C orporation tarafm dan agiimig bir hukuk davasm da davali olarak gosteriim ijtir. 2 0 1 5 ’in dordiincii geyreginde, davada Deutsche B ank’i tazm in etmi§ olan Bank o f America, sozkonusu tek senede iii§kin davada D eutsche B ank adm a sulh olm ak igin anlajm aya varm ijtir. 25 Ocak 2016’da the C harles Schw ab C orporation davam n D eutsche B ank Securities Inc’a ilijkin oiarak esastan reddi igin ba§vurmu§tur. 16 M art 2 0 1 6 ’da m ahkem e, D eutsche B ank Securities Inc.’m davali sifatiyla azlini kesinle§tirmi§tir. D eutsche B ank, yiiklenim i D eutsche B ank tarafm dan yapilm i? alti adet iigiincu-jahis arzi ile ilgili olarak hile, ihmal, eyalet rnenkui kiym etler kanununun ihlali, ve sektor kurallarm m ve team ullerinin ihlali iddiasiyla K nights o f C olum bus (“K nights”) tarafm dan FINRA tahkim inde davah olarak gosterilm ijtir, 22 §ubat 2 0 1 6 ’da D eutsche Bank ve K nights m eselenin halli igin sozlejm e imzalami§ ve 26 M art 2016’da tahkim esastan reddedilm i$tir. U zlajm anm fm ansal ko§ullart D eutsche B ank igin onem sizdir. D eutsche Bank ve A m herst A dvisory & M anagem ent LLC (A m herst), be? K iD M K trostii ile ilgili sozlejm e ihlali dav alan n m halli igin H SBC B ank USA N ational A ssociation’a (H SB C ) sulh anlajm alari onerm ek iizere 12 §ubat 2016’da anlajm aya varmi§tir. Arnherst ile yapilan so zlejm eler uyarm ca 17 §ubat 2016’da A m herst, trostlerin her birinin senet ham illerinin, onerilen uzlajm alara onay veya reddine ilijkin olarak H S B C ’nin oylam a yapm asim talep etm ijtir. 22 §ubat 2016 haftasm da H SB C , sulh anlajm asm i aldigm i, senet ham illerine duyurmu§ ve uzia§mamn son tarihinin 12 M ayis 2016 oldugunu senet ham illerine bildirmi§tir, ancak bu son tarih uzatiiabilir. Be§ trostten birisine ilijkin olarak (onerilen uzla§manm o trestle ilgili olarak ikmal edilm esi halinde) D eutsche B ank tarafm dan odenecek uzlajm a tu tarlannm onem li bir kism i, o davam n tarafi olm ayan bir tarafga geri odenecektir. Uzla§malarm net ekonom ik etkisi, onceki dc5nemlerde zaten yansitilrm jtir 3 §ubat 2 0 1 6 ’da Lehm an Brothers H olding Inc., M ortgagelT Inc. (M IT )’nin L ehm an’a satrni§ oldugu, L ehm an’m da the Federal N ational M ortgage A ssociation (Fannie M ae) ve the Federal H om e Loan M ortgage C orporation’a (Freddie M ac) sattigi 63 m ortgage kredisine ili§kin olarak 2003 ve 2004 tarihli belli kredi ahm sozle§m elerinde yer alan beyanlarm ve garantilerin ihlal edildigi iddiasiyla ba§kalarinm yam sira M IT ve M IT ’nin halefi oldugu iddiasiyla D eutsche B ank A G aleyhinde B irlejik D evletler New Y ork Guney Bolgesi iflas M ahkem esinde iki tarafli takip ijlem i ba§>latmi§tir. §ikayette, Lehm an iflas i|lem lerinin bir pargasi olarak o kredilere dair iddialann halli igin Fannie M ae ve Freddie M ac ile girilmi? sulh anla§m alan ile ilgili olarak L ehm an’m katlandigi zararlann tazm ini talep edilm ektedir. §ikayette belli bir tazm inat tutari belirtilm em ijtir. §ikayete yanit verm e siiresi heniiz dolmami§tir. Sadece diger ihraggilarm K ID M K arzlanm n yiiklenicisi sifatiyla D eutsche B ank aleyhindeki davalarda, D eutsche B ank akdi olarak ihraggilarca tazm in edilm e hakkina sahiptir, fakat ihraggilarm §u anda, veya gelecekte m iiflis olm asi veya ba§ka bir surette m unfesih olmasi halinde o tazm inat haklan fiiliyatta tam am en veya kism en uygulanam az kalabilir. i?bu beige ingilizce fotokopisinden Ttirk^e’ye tarafim dan kism i olarak tercum e edilmi§tir. ELDA PASENSYA S E M I D iL H iZ M E T L E R i Tel. 0212 325 98 98 Faks O U t 281 42 59 E-m ail sem i@ atlas.net.tr 51 D e u tsc h e B a n k 4 -K o n s o lid e F in a n s a l T a b lo la r a ili§ k in D ip o tla r 3 1 M a r t 2 0 1 6 itib a r iy la A r a D o n e m R a p o r u ipotege ve Varhga Dayah Menkul Kiymetler Meseleleri ve Sorufturmasi(devami) D eu tsch e B ank, ge^itli K ID M K ve ilgili d ig e r iiriinlerin arzlarm d a D eu tsch e B an k aley h in d e iddialar ileri siirrnu§ o la n belli k urulu§lar ile, zam ana§im im gegirm ek iizere anla§m alara girm i§tir, Bu p o tan siy el id d ia la n n D eu tsch e B an k iizerinde onem li etki y ap m asi m um kundiir. Ayrica, D eutsche B an k b u kurulu§iarin b a z ila n y la sulh aniasjm alarina girm i§ olup, o an la§ m alan n fin ansal ko§ullari D eu tsch e B an k igin on em sizd ir. Miitevelli Hukuk Davasi. D eu tsch e B an k N atio n al T ru st C o m p an y (“D B N T C ”) ve D eutsche B ank T ru st C o m p an y A m ericas (“ D B T C A ” ), belli K iD M K tro stlerin in m iitevellisi g o rev lerin e ili§kin oiarak, y a tin m c ila r ta rafin d an d av a edilm i§tir. 18 H aziran 2 0 1 4 ’te, B lack R o ck A d v iso rs, L L C , P IM C O -A d v iso rs, L .P. ve dig erleri tarafm dan y o n etilen fo n la rin da a ra la rin d a b u lu n d u g u b ir grup y atin m c i, 544 ozel m ark ali K ID M K trostii nam ve h esa b m a h arek et ettigi saviyla, D B N T C ve D B T C A ’m n tro stlerin m iitevellisi sifatiy la gorevlerini yerin e g etirem ed ig i id d iasm a istin ad en , 1939 T ro st S 6zle§m esi K an u n u n u n (U .S . T ru st In denture A ct ■■ T IA ) ihlal ed ild ig i, k o n trat ihlali, m iitevelli gorevin ihlali ve ihm al id d ia la n y la D B N T C ve D B T C A aley h in d e N e w Y o rk E yaleti Y u k sek M ah k em esin d e h u kuk dav asi agm i§tir. D av acilar sonradan eyalet m a h k em esin d ek i §ikayetlerini geri gekmi§, ve ey alet m ah k em esin d ek i dav ad ak i tro stle r ile hem en hem en aym olan 564 o zel m ark ali K ID M K trostii nam ve hesab in a, A m erik a B irle§ik D evletleri N ew Y o rk G iiney B o lg esi B o lg e M a h k em esin e tiirevsel b ir to p lu d av a agm i$tir. §ik ay ette, sozkonusu tro stlerin to p lam 89.4 m ily a r A .B .D . D o la n tu tarin d a gergekle§m i§ tem in a t z a ra n n a m aruz kaldigi iddia ed ilm ek ted ir, fak at §ikayet b elli b ir m eb lag d a p arasal taz m in at taleb i igerm em ektedir. D B N T C ve D B T C A d av am n reddi igin dilekge verm i§tir, ve 19 O cak 2 0 1 6 ’da m ah k em e dilekgeyi, usul g erekgesiyle k ism en k ab u l etm i§tir: H av u z ve Servis Sozle§m elerine tabi olan 500 tro ste ilijk in olarak m ah k em e y etki k u ila n m a y i reddetm i§tir. M ah k em e ret dilekgesinde y ap ilan m iidafaa k o n u sunda karar bildirm em i§tir. 22 M art 2 0 1 6 ’da d av acilar federal m ahkem eye ta d il edilm i§ §ikayetnam e sunm u§tur. T adil edilm i§ jik a y e tn a m e d e d av acilar, Resin i S ozle§m elere tabi 62 tro st ile ilgili iddialarda b u lu n m ak tad ir. T ad il edilm i? §ikayetnam ede, sozkonusu tro stlerin gergekle§m i§ toplam 9.8 m ilyar A .B .D . D olari te m in a t z a ra n n a m aru z kaldigi ileri siiriilm ekte, fak at §ikayetnam ede belli bir m eblagda p arasal tazm in at taleb i y e r a lm am ak tad ir, D B N T C ve D B T C A tad il edilm i? §ikayetnam eye kar§ilik yeni sav u n m alar sunm a firsa tm a sahip o lacaktir. K e§if devam etm ektedir. 25 M art 2 0 1 6 ’da B lack R o ck d a v a c iia n , C alifornia, O range Ilgesi Y u k sek M ah k em esin d e, H avuz ve Servis S o z le jm e le rin e tab i 513 tro stii igeren, ve tig dava sebebi one siiren ey alet m ahkem esi davasi agm i§tir: k o n trat ihlali; m iitevelli g o rev in ihlali; ve gikar gati§rnalanm onlem e gorevinin ihlali. D av acilar, k en d ileri ve 513 trostiin sen etlerinin biitiin d ig er m ev cu t sah ip leri ad m a davayi agtiklanni id d ia etm ek ted ir. 513 tro stiin 5 1 2 ’sinin m iitevellisi D B N T C o lm asin a ragm en, fik ay etn am ed e halen d avali olarak sad ece D B T C A b elirtilm ektedir. §ik ay etn am ed e, so zk o n u su tro stlerin toplam 85.1, m ily ar A .B .D . D o lari tu ta n n d a gergekle§m i§ tem in at za rarm a m aru z kald ig i id d ia edilm ekte, fakat sik ay etn am ed e b elli b ir m eb la g d a p arasal tazm in at taleb i yer alm am ak tad ir. § ik ay etn am e heniiz D B T C A ’y a te b lig ed ilm em i§tir. K e$ if heniiz ba§lam am i§tir. 18 H aziran 2 0 1 4 ’te R o y al P a rk In v estm ents SA /N V , D B N T C ’nin trostlerin m iitevellisi sifatiyla g o rev lerin i y erin e g etirem ed ig i id d iasm a istinaden, T IA ihlali, k o n trat ihlali v e itim adm ihlali id d ia la n y la D B N T C a ley h in d e A m e rik a B irle§ik D evletleri N ew Y o rk G iiney B olgesi B 5lge M ah k em esin d e on K ID M K trostiiniin y atirim cilari ad m a to p lu ve tiirev sel dava agrm§tir. R oyal P a rk ’m §ikayetinde, tro stle rd e to p la m 3.1 m ily ar A .B .D . D o larm d an fazla tu ta rd a gergekie§m i§ zarar o ld u g u n iddia, ed ilm ek te, fak at b elli b ir m eb lag d a ta zm in a t talebi ileri siiriilm em ektedir. 3 §ubat 2 0 3 6 ’da m ah k em e d a v a c ila n n id d ia la n m kism en ret, kism en kabul etm i§tir: m ah k em e dav acim n TIA id d iasim ve tiirev te o risin i reddetm i§, k o n trat ihlali ve itibarin ihlali id d ialarim n reddi igin D B N T C ’nin verdigi dilekgeyi ise red detrnistir. K esrf devam etm ektedir. i§bu beige ingilizce fotokopisinden T iirk fe’ye tarafim dan kism i olarak tercum e edilmi?tir. EL D A P A S E N S Y A S E M i D iL H iZ M E T L E R i Tel, 0 2 5 2 U 2 5 98 98 Faks 0212 281 42 59 E-m ail sem i@ atias.net.tr 52 D e u tsc h e B a n k 4 -K o n s o lid e F in a n s a l T a b lo la r a Tii$kin D ip o tla r 31 M a r t 2 0 1 6 itib a r iy la A r a D o n e m R a p o r u ip o te g e v e V a r h g a D a y a h M e n k u l K iy m e tle r M e se le le ri v e S o r u f tu r a ia s i( d e v a m i) 7 K asim 2 0 1 4 ’te, 121 K ID M K trostiiniin y a tm m c isi o larak U lusal K red i B irligi id a re K urulu (N C U A ), D B N T C ’nin belli (so zd e) y a sa l ve akdi gorev lerin i y erin e g etirm ed ig i gerekgesiyle ve TIA ve N e w Y o rk S treit K an u n u n u n ihlal edildigi iddiasiyla, o tro stlerin m iitevellisi sifatiy la D B N TC aley h in d e A m e rik a B irle^ik D ev letleri N ew Y ork G iiney B olgesi B olge M ah k em esin d e §ikayette b u lu n m u jtu r. 5 M art 2 0 1 5 ’te N C U A , ilk §ikayetinin konusu olan 121 K iD M K trostiiniin 9 7 ’sinin y atirim cisi sifatiy la id d ialard a b u lu n m ak iizere $ikayetini guncellem i§tir. G iincellenm i? §ikayette, TIA ve S treit K an u n u n u n ih laileri, ve k o n tra t ihlal, m iitevelli go rev in in ihlali, ihm al, ag ir ku su r, ihm alen yanh§ beyan, ve iyi n iy et taahhiidiinii ihlal iddialari y e r alm aktadir. N C U A ’n m $ikayetinde, sozkonusu tro stlerin to p lam 17.2 m ily a r A .B .D . D o la n tu ta rin d a gergekle§m i§ te m in a t zara rm a m aruz kaldigi id d ia edilm ek te, fak at 51'k a y e tte belli b ir m eb lag d a parasal taz m in at taleb i y e r alm am ak tad ir. D B N T C re t dilekgesi verm i§ olup, gdriilm u§ fak at heniiz k arara baglanm am i§tir. K e ? if a§am asi askiya alm m i§tir. 23 A ralik 2 0 1 4 ’te, 21 K iD M K . trostii ta rafm d an ihrag edilm i§ K ID M K senetlerini elinde bulunduran belli C D O ’lar, tro stle rin m iitev ellisi sifatiy la D B N T C aleyhinde, D B N T C ’nin tro stlerin m iitevellisi sifatiy la g o rev lerin i y erin e g etirm ed ig i id d iasm a istinaden, T IA v e S treit K an u n u n u n ihlal edildigi, k o n trat ihlali, m iitevelli g o rev in in ihlali, ihm al, agir kusur, ve ihm alen yanli§ beyan id d iasiy la A m erika B irle§ik D ev letleri N e w Y o rk G iin ey B o lg esi B olge M ah k em esin e §ikayetnam e verrnistir. 10 N isan 2 0 1 5 ’te C D O ’lar ilave 34 tro st (to p lam 55 tro st) igin guncellenm i§ §ikayet sunm u?, ve ikinci kez 15 T em m u z 2 0 1 5 ’te ek iddialari ek lem ek Iizere §ikayet!erini giincellem i§lerdir. C D O ’lar D B N T C ’nin 527 m ily o n A .B .D . D o larm d an fa z la tazm in attan sorurnlu old u g u n u one siirm ektedir. K e§ if askiya alm m i$tir. 2 § u b a t 2 0 1 6 ’d a m ah k em e, 55 tro stten dordii ile ilgili id dialarm esastan reddi igin taraflarca im zalanm i§ b ir b a^vuruyu k ab u l etm i§tir. D B N T C ret dilekgesi verm i§tir. 29 M art 2 0 1 6 ’da m ahkem e, D B N T C ’nin ret d ilekgesini k ism en kabul kism en ret etm i§tir. M ah k em e, d a v a c ila n n k o n trat ihlali idd ialarim n g o g u n lu g u n u n d ev am etm esin e izin venni§tir. M ahkem e, m iitevelli gorevinin ihlali id d ialarim n reddi igin D B N T C ’nin v erd ig i dilekgeyi reddetm i§tir. M ah k em e, ihlal iddialarim n, kontrat ihlali idd ialarim n tek rari o ld u g u k a d a n y la ret dilekgesini kabul etm i§, fak at D B N T C ’nin sozle§m e di§i g o rev lerin i ihlal ettigi y o n iin d e d a v a c ila n n iddialari b ak im in d an re t dilekgesini k ab u l e tm e m i|tir. M ahkem e ay rica, iyi n iy ete ve ad il i§lem e d air zim ni taahhiidiin ihlali id d ia la n m d a reddetm i^tir. M ahkem e, T IA M a d d e 3 1 5 (b ) ve 3 1 5 (c )’nin ihlal edildigi iddialarim n red d i igin verilen dilekgeyi de kabul etm em is, fak at M ad d e 3 1 6 (b ) k apsam m daki iddialari reddetm i§tir. Son olarak m ahkem e, d a v a c ila n n S treit Y asasi id d iasim reddetm i§tir. T adil edilm i§ §ikayetnam eye D B N T C ’nin yaniti igin 13 M ayis 2 0 1 6 giinii belirlenm i§tir. K e s if devam etm ektedir. 24 M art 2 0 1 5 ’te W estern an d S outhern L ife In su ran ce C o m p an y v e be§ ili§kili kurulu§u (topluca “ W estern & S o u th ern ” ), y a tin m c ila r 18 K ID M K trostleri, H am ilton C o unty, O hio M edeni H ukuk M ah k em esi n ezd in d e, 0 tro stlerin 12’sinin m iitevellisi sifatiy la D B N T C aley h in d e, D B N T C ’nin tro stlerin m iitev ellisi sifatiy la g o rev lerin i y erine g etirm ed ig i idd iasm a istinaden T IA ve Streit K anunu ihlaileri, k o n trat ihlali, m iitev elli g o rev i ihlali, ihm al, ag ir kusur, ihm alen yanli§ b eyan, ve iyi n iy et ve adil islem taah hiidiiniin ihlali id d ia la n y la dava a g m ijtir. W estern & S o u thern 220 m ily o n A .B .D . D olarm d an fa z la itibari d eg erd e tro st senetleri almi§ oldugunu ve sozk o n u su tro stlerin to p lam 1 m ilyar A .B .D . D o larm d an fazla gergekie§m i§ tem in at z a ra rlan n a m aruz kald ig m i ileri siirm ektedir, fakat §ikayette belli b ir m e b la g d a p arasal tazm in at talebi y er alm am ak tad ir. D B N T C y etk isizlik ve uygun o lm ay an yarg i y eri g erek g esiy le d av am n red d i igin dilekge; D B N T C aley h in d e N e w Y o rk ’tak i benzer d a v a la n n so n u g lan m asm a k a d a r d av am n d u rdurulm asi igin dilekge; ve D B N T C aley h in d ek i iddialarm , e§-davahsi aley h in d ek ilerd en a y n lm a si igin dilekge verrnistir. 5 K asim 2 0 1 5 ’te M ahkem e D B N T C ’nin ret dilekgesini ve d av am n d u rd u ru lm asi dilekgesini reddetm i§, fak at D B N T C ’n in ay irm a dilekgesini kabul etmi§t.ir. D B N T C ’nin ilk ret talebi karara b ag lan d ik tan sonra, D B N T C bu k ez iddia b e lirtilm em esi n e d e n iy le ret igin ba§ka b ir dilekge verrnistir. B u ret d ilek g esin in sunum u tam am lanm i? fak at h eniiz k a ra ra baglan m am i§ tir. K eg if devam etm ektedir. I§bu beige ingilizce fotokopisinden T urk^e’ye tarafim dan kism i olarak terciim e edilmi§tir. E L D A P A SEN SY A S E M I D iL H iZ M E T L E R i Tel. 0 2 1 M 2 5 98 98 Faks 0212 2^1 4 2 59 E-m ail sem i@ atlas.net.tr 53 D e u tsc h e B a n k 4 -K o n s o lid e F in a n s a l T a b lo la r a lli§ k in D ip o tla r 31 M a r t 2 0 1 6 it ib a n y ia A r a D o n e m R a p o r u 23 Aralik 2015’te 50 KiDM K trOstUniin yatinm cisi sifatiyla Commerzbank AG (“Commerzbank”), trostlerin miitevellisi sifatiyla DBNTC aleyhinde, DBNTC’nin trostlerin miitevellisi olarak g 8revlerini yerine getirmedigi iddiaJarma istinaden TIA ’nm ve New York Streit Kanununun ihlaileri, kontrat ihlali, miitevelli gorevinin ihlali, ihmal, ve iyi niyet taahhtldtlntin ihlali iddialanyla A.B.D. New York Giiney Bolgesi B 6lge Mahkemesinde dava agmi§tir. Commerzbank, D BN TC’nin kendisinin “yiiz milyonlarca Dolar zarara” maruz kalmasma sebep oldugunu ileri siirmekte, fakat §ikayette belli bir meblagda parasal tazminat talebi yer almamaktadir. Bu dava ve Phoenix Light davasi aym yargica atanmijtir. Yargi bu davayi, Phoenix Light davasmm reddi igin DBNTC’nin dilekgesine karar vermesine kadar askiya almi§ olup, o esnada Commerzbank’a §ikayetini guncelleme imkam verilecektir. 29 M art 2016’da hakim, DBNTC’nin Phoenix Light davasmdaki ret dilekgesi hakkmda kararim yayimlami§, fakat hakim Commerzbank davasmda durdurmayi kaldirmami§tir. Ke§if a§amasi heniiz bajlam am ijtir. 30 Aralik 2015’te Tasfiye Halinde IKB International, S.A. ve IKB Deutsche Industriebank A.G. (topluca “J.KB”), 37 KIDM K trostiiniin yatinm cisi sifatiyla, New York Eyaleti, New York ili Yuksek Mahkemesi nezdinde, trostlerin miiteveilileri sifatiyla DBNTC ve DBTCA aleyhinde celpname sunmu§tur. IK B’nin, TIA’nm ihlali, New Y ork’un Streit Kanununun ihlali, kontrat ihlali, hile, hileli ve ihmalkar yanh§ beyan, miitevelli gorevinin ihlali, ihmal, ve haksiz zenginle§me iddialari ileri siirebilecegi gorttlmektedir. IKB, DBNTC’nin ve DBTCA’nm 274 milyon A.B.D. Dolarmdan fazla tazminat odemekle yukumiti oldugunu ileri siirecek gibi gfiriinmektedir. DBNTC ve DBTCA’ya celpname heniiz teblig edilmemijtir. Ke§if hentlz ba§lamami§tir. Grup, bu sekiz dava igin §arta bagli yiikiimliiluk buiunduguna inanmaktadir, fakat halihazirda bagli yliktimliiliigun tutari giivenilir jekilde tahmin edilememektedir. Degerli M etailer S o ru § tu rm a la n ve D avalari. Deutsche Bank, belli diizenleyici kurumiardan ve kanun uygulayici kurumlarmdan, degerli metal ahm-satimlarina ve ilgili eylemlere dair soru§turmalar konusunda bilgi ve beige talepleri de dahil olmak uzere talepler almijtir. Deutsche Bank bu sorujturm alarda ijbirligi yapmakta ve yerine gore ilgili otoritelerle birlikte gah§maktadir. Bununla ilgili olarak Deutsche Bank, Deutsche Bank’m degerli metal gOstergelerine katilimi ve degerli metailer alim-satimmin ve degerli metailer ijinin diger y5nleri konulannda kendi ig incelemesini yiirutmektedir. Deutsche Bank ayrica, A.B.D. New York Giiney Bolgesi BQlge Mahkemesinde derdest iki davada birle§tirilmi§ olan gok sayida toplu davada da davali konumundadir. A.B.D. davalarmda, Altin ve Giimii? Sabitlemelerine katilim yoluyla altin ve giimii§ fiyatlarmin manipiile edildigi iddiasindan kaynakli olarak A.B.D. antitrSst kanununun, A.B.D. Emtia Borsasi Kanununun ve ilgili eyalet kanunlannm ihlal edildigi ileri siirulmekte, fakat talep edilen tazminat tutari belirtilmemektedir. A.B.D.’deki jikayctlerin reddi igin verilen dilekgeler tizerinde sozlii savunmalar, giimii§ davasmda 18 Nisan 2016’da, altin davasmda ise 20 Nisan 2016’de alinmijtir. Deutsche Bank iki davada da sulh olmak igin prensipte anlajmaya varmi§ olup, bunlarm finansal kojullan Deutsche Bank igin onemsizdir. Anla§malarin k.o?ullan gizlidir, ve anla§malar hala mahkemenin onayma tabidir. Deutsche Bank ayrica altm ile ilgili olarak Kanada’da Ontario Yuksek Adalet Mahkemesindeki bir toplu davada davah konumundadir. Ontario’da iddianame 15 Ocak 2036’da sunulmuj olup, davacilar Kanada Rekabet Kanununun ihlal edildigi iddiasmin yam sira diger dava sebeplerine istinaden tazminat talep etmektedir. Deutsche Bank ayrica Ontario ve Quebec vilayetlerinde giimiije ilijkin olarak agilan Kanada toplu davalarmda davah konumundadir. Ontario ve Quebec giimii§ takibatlarmm her ikisinde de, Kanada Rekabet Kanununun ihlal edildigi iddialanyla ve diger dava sebepleriyle tazminat talep edilmektedir. Grup, Deutsche Bank’m A .B .D .’deki toplu davalarm ikisinde de sulh yoiuna gitmek igin prensip anla§masi kapsammdaki yiikumliiluklerini yerine getirmeye yetecek karjihklar da dahil olmak uzere bu konularm belli bazilari igin karjiiik ayirm ijtir. Grup, agiklamanm bunlarm sonucuna ciddi halel getirmesinin beklenebilecegi kanaatinde oldugundan dolayi bu karjihklarm tutarim agiklamamij, ve yukarida bahsedilen bu mevzularm digerleri igin kar$ilik tesis edip etmedigini veya bu konularm herhangi birisine dair §arta bagli yiikiimliiluk kaydedip kaydetmedigini de agiklamami§tir. R eferansli I§e Alm a S o ru jtu rm a la n . Belli diizenleyici kurumlar, diger hususlarm yam sira, Deutsche Bank’in Asya/Pasifik bolgesinde mu§terilerin, muhtemel miijterilerin ve devlet yetkililerinin referansiyla ba§vuran adaylarla ilgili oiarak Banka’nm i§e alma uygulamalarmda, ve damjmanlarim tutmasmda A.B.D. Yurtdiji Yolsuzluklar Kanununa ve diger kanunlara uyumunu soru§turmaktadir. Deutsche Bank bu sorujturmalara yamt vermeye ve i§birligi yapmaya devam etmektedir. Grup bu idari soru§turmalann belli bazilari igin karjilik ayirmijtir. Grup, agikiamanm bu idari sorujturmalarm sonucuna ciddi halel getirmesinin beklenebilecegi kanaatinde oldugundan dolayi bu karjihklarm tutarim agiklamamijtir. i§bu beige ingilizce fotokopisinden Tiirk^e’ye tarafim dan kism i oiarak tercum e edilm ijtir. ELD A P A S E N S Y A — S E M I D IL H iZ M E T L E R i Tei. 0212 325 98 98 Faks 0212 281 42 59 E-m ail sem i@ atias.net.tr 54 D e u tsc h e B a n k 4 -K o n s o lid e F in a n s a l T a b lo la r a iii$ k in D ip o tla r 31 M a r t 2 0 1 6 it ib a n y ia A r a D o n e m R a p o r u R u sy a/B irle?ik K r a lh k H isse S en ed i A h m -satim S o ru $ tu rm asi. D eutsche Bank, M oskova ve Londra’da D eutsche B ank ile belli m iijterilerin girdigi (ve birisi digerini kar§ilayan) hisse senedi ahm -satim lari konusundaki durum lari soru§turm aktadir. Incelem e altm daki i§lemlerin toplam hacm i onem lidir. D eutsche Bank'in potansiyel kanun, yonetm elik ve politika ihlallerine ve ilgili ig Kontrol ortam m a dair ig soru§turmas! devam etm ektedir; bugflne kadar D eutsche B ank’m politikalannin belli ihlaileri ve D eutsche B ank'in kontrol ortam inda noksanliklar tespit edilm ijtir. D eutsche B ank gok sayida m em leketteki (A lm anya, Rusya, B irlejik K ralhk ve A m erika B irlejik D evletleri dahil) diizenleyici kurum lara ve kanun uygulayici kurum lara bu soru?turm a hakkm da bilgi verm istir. D eutsche B ank bu konuya dahil olan belli ki§ilere kar§i disipliri tedbirleri alm i§tir ve gerektiginde digerleri igin de bu tedbirleri alm aya devam edecektir. G rup bu konu igin kargihk ayirm ijtir. Grup, agiklam am n bunlarm sonucuna ciddi halel getirm esinin beklenebilecegi kanaatinde oldugundan dolayi bu kar§ihklarin tutarim agiklam am ijtir. D evlet, U iu sla r iistii ve D evlet K u ru m u T a h v ille ri (SSA ) S o ru ftu rm a s i. D eutsche Bank, belli diizenleyici kurum iardan ve em niyet m akam larindan, SSA tahvili alim -satim i ile ilgili bilgi ve beige talepleri de dahil olm ak uzere tahkikat talepleri alm ijtir. D eutsche B ank bu sorufturm alarda ijbiriigi yapm aktadir. G rup, agiklanm asi bu m eselelerin sonucuna ciddi derecede halel getirm esi beklenebileceginden dolayi, bu m eselelere ilijkin olarak k a rjih k veya §arta bagli yiikiimliiluk ayinp ayirm adigm i agiklam am isnr. ABD A m b a r g o la n ile Ilgili K o n u la r. Diizenleyici kuram lar ve yasa uygulayici kuram lar, A B D am bargo kanunlarina tabi iilkelerden olan taraflar adm a A B D ’li finansal kuruluglar tizerinden A B D Dolari odem elerinin g egm ijte i§lenmi§ olm asi ile ilgili olarak ve bu i§lemlerin A B D ve eyalet kanunlarm a uyup uym adigi konusu ile ilgili olarak D eutsche B ank’tan bilgi taleplerinde bulunm ujtur. Bu kuram lar, bu ijlem lerin A .B .D . federal ve eyalet kanunlarm a uyup uym adigim sorujturm aktadir. 2006 yilinda Deutsche Bank, Iran, Sudan, K uzey Kore ve K iiba’yla ve belli Suriye bankalariyla yeni A .B.D . Dolari ijine girm em eye, ve bu karji taraflarla m evcut olan A.B.D. i§lerinden, kanunen m um kiin oldugu kadanyla gikmaya, goniillii olarak karar verm istir. 2007 yilinda D eutsche Bank, Iran, Suriye, Sudan ve Kuzey K ore’yle higbir para birim inden yeni i§lere girm em eye, ve bu kar§i taraflarla her turlii para birim inden m evcut olan ijlerinden, kanunen m iim kiin oldugu kadanyla gikmaya, goniillu olarak karar verm ij; aynca K uba’daki kar§i taraflarla A .B .D . D olari dijm daki ijlerini de sim rlandinnaya karar vermi§tir. 3 Kasim 2 0 1 5 ’te D eutsche B ank, N ew Y ork Eyaleti Finansal H izm etler D airesi ve Federal Reserve Bank o f N ew Y ork ile, D eutsche B ank hakkm daki sorujturm alarm m halli igin s 6z!e§melere girmi§tir. D eutsche Bank iki kurum a sirasiyla 200 m ilyon A .B .D . D olan ve 58 m ilyon A.B.D. D olari oderni§tir, ve belli gal isari Ian i§ten gikarm ayi, belli eski g a h ja n la n tekrar i§e almamayi ve bir yil boyunca bagim siz bir izlem e ortam i kurm ayi kabul etm ijtir. A yrica Federal Reserve B ank o f N ew York, spesifik olarak etkin bir O FAC uyum programi saglam a zorunlulugu ve Federal R eserve Bank o f N ew Y ork bunun etkinligine ikna oluncaya kadar program in bagim siz bir tarafga y ilh k incelem eye tabi tutulm asi zorunlulugu olm ak iizere telafi edici belli tedbirler alm m asm i em retm ijtir. A .B .D . hukuk uygulayici kurum larim n sora$turm alari devam etmektedir. G rup, agiklam am n bunlarm sonucuna ciddi halel getirm esinin beklenebilecegi kanaatinde oldugundan dolayi kar§ihk veya ja rta bagli yiikiimliiliik kaydedip kaydetm edigini agiklam am ijtir. A .B.D , H a z in e M e n k u l K iy m e tle ri S o ru stu rm a la n . ve H u k u k i ih tiia fla n . D eutsche B ank belli diizenleyici kurum iardan ve hukuk uygulayici kurum iardan, A .B.D . H azinesi ihalelerine, ahm -satim , ve ilgili piyasa faaliyetlerine dair bilgi ve beige talepleri de dahil olm ak uzere talepler alm ijtir. D eutsche Bank bu sorujturm alarda i§birligi yapm aktadir. D eutsche B ank Securities Inc., A .B.D . H azine m enkul kiym etleri pazarm m m anipiile edildigi iddiasiyla ilgili olarak A .B .D . antitrost kanununun, A.B.D. Em tia B orsasi K anununun ve team iil hukukunun ihlal edildigi iddiasm a istinaden A .B.D . N ew Y ork Giiney Bolgesi, Illinois K uzey Bolgesi, A labam a Giiney Bolgesi, ve V irgin A dalari B olgesi Bolge M ahkem elerinde agilmi? pek gok toplu davada davali konum undadir. B u davalar erken a§am alardadir. £ o k lu Bolge Davasi Adli H eyeti bu davalari N ew Y ork Giiney B olgesinde birle§tirmi§tir. G rup, agiklam am n bunlarm sonucuna ciddi halel getirm esinin beklenebilecegi kanaatinde oldugundan dolayi k arjilik veya ?arta bagli yiikum luliik kaydedip kaydetm edigini agiklamami§tir. i§bu beige Ingilizce fotokopisinden Xurk9e ’ye tarafim dan kism i olarak tercum e edilmi§tir. EL D A PA SEN SY A S E M i D iL H iZ M E T L E R i Tel. 0212 325 98 Faks 0 2 1 1 281 42 59 E-m ail sem i@ atlas.net.tr 55 D e u tsc h e B a n k 4 -K o n so H d e F in a n s a l T a b lo la r a ili$ k in D ip o tla r 31 M a r t 2 0 1 6 it ib a n y ia A r a D o n e m R a p o r u Uzun Vadeli Bor^lar m € 31 M a r t 2 0 1 6 31 A r a l i k 201 S O n c e lik ii b o r c la r T a h v ille r v e se n e tle r: S a b it faizli 8 1 ,6 2 0 86,25 5 D eg i§ k en faizii 3 4 ,8 2 5 38 ,9 6 3 S a b it faizli 4 ,5 5 8 4 ,6 0 2 D e g i^ k e n faizli 1,926 1,811 2 8 ,4 3 1 2 8 ,3 8 5 1 5 1 ,3 6 1 1 6 0 ,0 1 6 S erm ay e b en zeri b o re T a h v ille r v e se n e tle r: D ig e r T o p la m u z u n v a d e li b o r ? ve Tedaviilde Bulunan Hisseier M ily o n a d e t C ik a n lm i^ H iss e ie r 31 M a r t 2 0 1 6 31 A r a h k 2 0 1 5 1,379.3 1,379.3 B a n k a n tn e lin d e tu ttu g u k e n d i h isse le ri 12..3 0.4 - b u n la rm i? in d e n , g e ri a lm a n la r 12.1 0.3 - d ig e r T e d a v u ld e k i h iss e ie r 0.2 0.1 1 ,3 6 7 .0 1,378.9 I$bu beige Ingilizce fotokopisinden Tiirk9e ’ye tarafim dan kismi olarak terciim e edilmi$tir. ELDA PASENSYA SEMI DIL HiZMETLERi Tel. .2212 325 98 98 Faks 0 2 1 2 .J 8 1 42 59 E-m ail sem i@ atlas.net.tr 56 D e u tsc h e B a n k 4 -K o n s o !id e F m a n s a l T a b lo la r a l!i§ k in D ip o tla r 31 M a r t 2016 itib a n y ia A ra D o n em R a p o ru Diger Finansal Bilgiler (denetlenmemi^) Kredi ile Ilgili Taahlmfler ve §arta Bagli Yiikiimliiliikler Cayilamaz kredi verme taahhutleri ve kredi verme ile ilgili ?arta foagii yiikumlulukler iglerin no rm al sey rin d e G ru p , c a y ilam az kredi verm e taah h iitlerin e ve rn u ste n le r ad m a finansal g aran tilerd en , k esin te m in a t m e k tu p lan n d an , stan d b y kredi m e k tu p larin d an ve tazm in at so zle§m elerinden olu§an, k re d i v erm e ile ilgili saria b a g h yukiim iuliikler altin a diizenli olarak girm ek ted ir. Bu sozle§m eler gergevesinde, iigiincii b ir §ahsm y u kiim liiluklerini y erine getirm em esine d ay ali olarak G ru p , leh tara o d em e y ap m ak v ey a b ir yiikum luliik sozle§m esi gergevesinde ifada h u lu n m ak zo ru n d a k alm ak tad ir. Bu araglar igin, tazm in at taleb i olup olm ay acag i, o lu rsa ne zam an ve ne olgiide olacag i, G ru p ta ra fin d a n d e ta y h o larak bilin m em ek ted ir. G ru p ’un v erdigi taahhiitlerine ili$kin o larak n a k it o d em ek z o ru n d a k alm asi halinde, G rup sen d ik asy o n u n d ig er borg v erenlerinden derh al geri o d em e ta le p ed ecek tir. G rup bu araglari kredi risk in i izlerken d ikkate alm aktadir ve b u n larm igerdigi k red i risk in i azaltm ak igin tem in at k o n u su n d a ania$rna yap ab ilir. E g er kredi riski izlem esi, b ek ien en b ir ta z m in a t ta le b in d e n zarar igin yeterli kanit saglarsa, k a rjih k tesis edilm ekte ve bilan g o d a k ay d ed ilm ek ted ir. A §agidaki tab lo , G ru p ’u n k red i verm e ile ilgili cay ilam az taah h iitlerin in ve §arta bagli y iik iim liiluklerinin akdi tu ta rla rim , te m in at v ey a k ar§ ihklar d ikkate ah n m a k siz m ozetlem ek ted ir. Bu, biitiin bu y u k iim ltilu k lerin y e rin e g etirilm ek zoru n d a olm asi halinde G rup iizerindeki m aksim um po tan siy el e t k i y i g 5 sterm ek ted ir. B u y iikiim liiluklerin pek gogundan gekili? o lm ak sizin siireleri d o lacag i, d o g an ta z m in a t ta le p le ri m ii§teriler ta rafin d an kar§ilanacagi y a d a bu tazm in a t talepleri ahnm i§ o lan te m in a tta n k ar§ilanabilecegi igin, asagidaki ta b lo bu yiikum liiliiklerden gelecekte bek ien en n ak it giki§larim g o sterm em ek ted ir. 31 M a r t 2 0 1 6 31 A r a l ik 2 0 1 5 § a rta b a g h y u k u m lu liik le r 163,501 5 3 ,2 4 7 1 7 4 ,5 4 9 57 ,3 2 5 T o p la m 2 1 6 ,7 4 8 2 3 1 ,8 7 4 m € C a y ila m a z k re d i v e rm e ta a h h u tle ri Vergilere dair cayilamaz odeme taahhutleri B an k a K u rtarm a ve Q oziim D irek tifm e (B R R D ) gore b a n k a v ergisi ile ilgili cay ilam az odem e taah h u tleri M art 2016 v e A ra lik 2015 itib ariyla 155.5 m ilyon E u ro olm u$tur. T a ra f Iflemleri E ger bir ta ra f d ig e r tarafi d o g ru d an v ey a d o la y h olarak kontrol etm e im k am n a sah ip se veya fm ansal v ey a o p erasy o n el k ararlarm v erilm esiride d iger ta ra f iizerinde onem li etki uyg u lu y o rsa, taraflar ili§kili addedilrn ek ted ir. G ru p ’un ili§kili ta ra fla n : iist diizey y o n e tic i p erso n el, list diizey yo n etici p erso n elin y ak m aile b irey leri, iist diizey yonetici p erso n el y a d a y ak m aile b ire y le ri f kontrol edilen, onlarrn on em li k o n tro l sahibi oldugu, veya o n em li o y h a k la n n a sah ip o ld u g u kurulu§lar, -- b ag h kurulu§lar, o rtak g iri§im ler v e ili§kili kurulu$lar ve onlarm bagli kurulu§lar, ve D eu tsch e B an k g a h ja n la r leh in e istihdarn-sonrasi fa y d a p lan larm i kap sam ak tad ir. •§bu beige ingilizce fotokopisinden Tiirk^e’ye tarafim dan kism i olarak tercum e edilmi§tir. ELDA PASENSYA SEMI DiL HiZMETLERi Tel. 0212 325 98 98 Faks 02J.Z 2&1 42 59 E-m ail sem i@ atias.net.tr 57 D e u tsc h e B a n k 4 -K o riso iid e F in a n s a l T a b io ia r a ili§ k in D ip o tla r 31 M a r t 2 0 1 6 it ib a n y ia A r a D o n e m R a p o r u Cist Diizey Yonetici Personelle t^lem ler Ust diizey yonetici personel, Deutsche Bank Grup’unun faaliyetlerini dogrudan veya dolayh olarak planlama, yonetme ve kontrol etme yetki ve sorumluluguna sahip kijiierdir. Grup, halen gorevde olan Yonetim Kurulunun ve ana jirketin Denetim Kurulunun iiyelerinin UMS 24 agisindan iist diizey yonetici personeli te§kil ettigini addetmektedir. G rup’un iist diizey yonetici personelle ijlemleri arasmda 31 Mart 2016 itibariyla, 11 milyon Euro tutarinda kredi ve taahhiitler ve 8 milyon Euro mevduat bulunmaktadir. 31 Aralik 2015 itibariyla Grup’un iist diizey yonetici personelle ijlem leri arasmda, 11 milyon Euro tutarinda kredi ve taahhutler ve 8 milyon Euro mevduat mevcut idi. Buna ek oiarak Grup, bu iist diizey yonetici personele ve yakm aile bireylerine, odeme ve hesap hizmetleri, yatirim dam jm anligi gibi bankacihk hizmetleri sunrnaktadir. Bagh O rta k lik la r, O rta k G iri^im ler ve iU$kili K urulu$lar ile ijlem le r Deutsche Bank AG ile bagli kurulujlari arasindaki i§lem!er, iligkili taraf ijlem leri tammma uymaktadir. Eger bu i§lemler konsolidasyonda elimine edilmisse, ilijkili taraf i§lemleri olarak agiklanmamaktadir. Grup ile ili§kili kurulujlari ve ortak girijim leri ile bunlarin bagh kurulujlari arasindaki ijlem ler de ilijkili taraf ijlemleri niteligir.dedir. Agilan K rediler ve V erilen G a ra n tile r m€ Agilmi*; krediler, donem ba$! Donem iginde agilan krediler Donem igindeki kredi geri odemesi Konsolide jirketler grubundaki degi§iklikler Doviz kuru degirjimleri /diger Agilmi? krediler, donem so n u 1 K redi riski ile ilgili diger i^lemler: Kredi deger du$u§u indirimi Kredi deger du$il$U kar§iligi Garantiler ve taahhiitler Ili§kili jirk e tie r ve diger ili§kili ta ra fla r 31 M a rt 2016 31 A rahk 2015 396 321 92 464 64 376 0 (31) 0 18 425 396 1 0 1 0 263 263 1 Vadesi gesm ij krediler 3! M art 2016 itibariyla 8 milyon Euro ve 31 Aralik 2015 itibariyla 4 milyon E uro’dur. Yukandaki krediier i?in Grup, 31 M art 2016 itibariyla 78 milyon Euro ve 31 Aralik 2015 itibanyia 69 milyon Euro tem inati elinde bulundurmaktadir. Toplanan Mevduatlar m€ M ev d u atlar, donem ba$i Donem iginde toplanan mevduatlar Donem iginde geri odenen mevduatlar Konsolide jirketler grubundaki degijiklikler Doviz kuru degi?imleri /diger M evduatlar, donem sonu ilifkill firk e ile r ve diger ili^kiii ta ra fla r 31 M a rt 2016 31 A rahk 2015 162 128 75 326 119 295 0 ( 0) 2 ( 1) 115 162 Diger ijlemEer ili§kili jirketlerle ahm -satima konu varhklarm ve tiirev finansal ijlemlerden pozitif piyasa degerlerinin tutan 31 Mart .2016 itibariyla 39 milyon Euro ve 31 Aralik 2015 itibariyla 32 milyon Euro’dur. llijkili §irketlerle yapilan ahm-satimla ilgili yukiimliiluklerin ve turev finansal ijlemlerden negatif piyasa degerlerinin tutari 31 Mart 2016 itibariyla 0 Euro ve 31 Aralik 2015 itibariyla 0 Euro dur. Em eklilik P lan lari ile i§lem !er Grup, emeklilik planlari ile i§ ili§kileri iginde olup, bunlar uyarmca bu planlara, yatirim yonetim hizmetleri dahil, finansal hizmetler vermektedir. G rup’un emeklilik foniari, Deutsche Bank AG hisselerini veya menkul kiymetlerini ellerinde tutabilir ya da alip satabilir. 31 Mart 2016 itibariyla, bu planlarla yapilan ijlemler Grup agismdan onemsizdir. j ! I§bu beige ingilizce fotokopisinden T i u ^ e ’ye tarafim dan kismi olarak tercum e edilm istir. EL D A PA SEN SY A S E M I D ll H IZ M E T L E R I Tel. 325-98 98 Faks 0212 281 42 59 E-m ail serni@ atlas.net.tr 58 D e u tsc h e B a n k 4 -K o n s o lid e F in a n s a l T a b lo la r a tii^kfn D ip o tla r 31 M a r t 2 0 1 6 it ib a n y ia A r a D o n e m R a p o r u Satilmak IJzere Elde Tutulan Duran. V arhklar ve Satsllaeak G ru p lar B ilan g o d a satilm ak u zere eld e tu tu la n u zun vadeli varlik iar ve satilacak g ru p lar, D ig er v a rh k la rd a ve D ig er ytikiim liiliiklerde rap orlanm i§tir. B u notta, satilm ak iizere elde tu tu lan uzu n vad eli v arh k la rm ve satilacak g ru p larm n itelig i ve 31 M a rt 2016 itibariyla fin an sal etkisi ay rin tili o larak agiklanm aktadir. Raporlama Tarihinde Satilmak Uzere Elde Tutulan Duran Varlikiar ve Satilacak Gruplar 31 M art 2016 itib ariy la satilm ak iizere elde tutu lan toplam v a rh k la r 3.0 m ily ar E uro (31 A rah k 2015: 3.5 m ily ar E u ro ) v e satilacak g ru p la r 39 m ilyon E uro tu ta n n d a yiikiim liiluk ig erm ektedir (31 A rah k 2015: 37 m ily o n E uro). B ank a 'ru n stratejik n iy etin e paralei o larak v e 2020 Stratejisinin u y g u la n m a sm d a sag lan an ilerlem e ile, D eutsche B ank, H ua X ia B an k C o m p an y L im ite d ’deki (“H ua X ia ”) % 19.99 h issesin in tam am m i PIC C P roperty and C asu alty C o m p an y L im ite d ’e satm ak uzere anla§maya. varm i§tir. D o la y isiy la D eu tsch e B ank, O S & T M k u rum sal boliim tinde bu lu n an 3.3 m ilyar E uro tu tarin d ak i o zk ay n ak y o n te m iy le d eg erlen d irilen y atirim im 2.015 yil sonu itibariyla, satilm ak iizere elde tu tu la n k a te g o risin e y en id en sim fla n d irm ijtir. S atilm ak iizere elde tu tu la n y a tin m in m 2 0 1 6 ’m n b irin ci g ey reg in d e y en id en d eg erlen m esi ned en iy le G rup, duran v a rh k la rm d a 518 m ilyon E uro tu ta n n d a d eg er dii§iiklugii z a ra n kaydetm i§, v e 31 M art 2016 itib a n y ia degerini 2.8 m ilyar E u ro ’y a du§iirm ii§tiir. D ig e r g e lirle r a rasm d a kay d ed ilen d eg er dii§iiklugii zarari, biiyiik olgiide H ua X ia ’nm h isse fiy atin d ak i du§ii§iin ve d o v iz kurlarm d ak i olu m su z geli§m enin sonucudur. H u a X ia igin b ek ien en bedel n ed en iy le, i§lem le ilgili d iger etkiler, hisse fiy atin d ak i dii§li§u k ism en telafi etm ekte olup, 2 0 1 6 ’m n b irin ci g ey reg in d e gen el n et zarar 124 m ilyon E u ro ’dur. S atilm ak u z ere elde tutulan o larak sm iflarid irm asiy la b irlik te, y a tin m la ilgili 662 m ilyon E uro tu ta rin d a birikm i§ d ig er kapsam li gelirler, o z k a y n a k la r arasin d an , satilm ak u zere elde tu tu lan v a rh k la rd a n gergekle§m em i§ net k azan g lara (zararlara) y e n id e n sm iflan d in lm i§ tir. Islern. Qin B a n k a c ih k D iizenlem e K o m isyonunun o n a y la n d a dahil olmak. iizere m u tat idari on ay lara ve kapam § k o su lia n n a tab i olup, 2.016 yili o rtaiarm d a ta m am lan m asi b ek len m ek ted ir. 31 M art 2016 ve 31 A ra h k 2015 itibariyla, birikm i? d ig e r k apsam li g e lirle r (z ararlar) arasm da, duran v a rh k la rla satilm ak iizere eld e tu tu la n g ru p lara d air 662 m ilyon E u ro tu ta n n d a gergekle§m em i§ net kazang m ev cu ttu r. Raporlama Tarihinden Sonraki Olaylar 15 N isa n 2 0 1 6 ’d a G rup, P o rt E lizab eth , N e w Je rse y ’deki gok k u lla m c ih b ir k o n tey m r term in ali olan M a h e r T e rm in a ls U S A , L L C ’yi satm ak iizere, M acq u arie Infrastru ctu re ve R eal A ssets tarafm dan y o n etilen b ir fon olan M a cq u arie In frastructure P artners III (“ M IP III” ) ile anla§m aya vardigim d u y u rm u jtu r. I?lem k a p sa m in d a M IP III, M a h er T erm in als U S A , L L C ’n in % 1 0 0 ’iinii satm alm ayi k ab u l etm i§tir. B u, L im an O to ritesin in o n ay m a ve d ig er idari o n a y lara tab id ir. islem in D eutsch e B a n k ’in fin a n sa lla n iizerinde onem li b ir e tk i yapm asi bekien m em ek ted ir. 26 N isan 2016 R ed R o ck R eso rts Inc. ilk h alka arzim n fiyatm in belirlen d ig in i duyurrnu§ olup, halka arzm k a p a n ijm m 2 M ay is 2 0 1 6 ’d a gergekie§m esi bek len m ek ted ir. R ed R o c k R esorts, L as V egas m erk ezli b ir ku m ar, g eli§tirm e ve y o n etim §irketi olup, ilk h alk a arzm ikm aii son rasm d a Station C asin o s L L C ’nin o p e ra sy o n la n m da k ap say acak tir. G ru p ’un, R ed R o ck /S tatio n C a sin o s’ta 2011 y ilm d an bu y an a e k o n o m ik b ir payi bulu n m akta olup, elindeki h isselerin b ir kism im satm ak suretiyle ilk h alk a a rzd a y e r alacak tir. D eu tsch e B ank iflem in lid er y iik len icilerin d en b irisid ir. Islem in, ikinci geyrek so n u g lan iizerin d e p o z itif etki y ap m asi b ek lenm ektedir. i§bu beige ingilizce fotokopisinden T urk^e’ye tarafim dan kism i olarak tercum e edilmi§tir. ELDA PASENSYA S E M I D IL H E Z M E T L E R I Tel. (&12 325 98 98 Faks 0212 281 42 59 E-m ail sem i@ atias.net.tr 59 D e utsch e B ank 2 - Confirmations Interim Report as of March 31, 2.018 Review Report To Deutsche Bank Aktiengesellschaft, Frankfurt am Main We have reviewed the condensed interim consolidated financial statements of Deutsche Bank Aktiengesellschaft. Frankfurt am Main - comprising the consolidated statement of income, consolidated statement of comprehensive in come, consolidated balance sheet, consolidated statement of changes in equity, consolidated statement of cash flows and selected explanatory notes - together with the interim group management report of Deutsche Bank Aktiengesellschaft, Frankfurt am Main, for the period from January 1 to March 31, 2016 that are part of the quarterly financial report according to § 37w WpHG ["Wertpapierhandelsgesetz": German Securities Trading Act], The prepara tion of the condensed interim consolidated financial statements in accordance with International Accounting Standard IAS 34 "Interim Financial Reporting" as adopted by the EU and as issued by the International Accounting Standards Board (IASB), and of the interim group management report in accordance with the requirements of the WpHG applica ble to interim group management reports, is the responsibility of Deutsche Bank Aktiengesellschaft’s management. Our responsibility is to issue a report on the condensed interim consolidated financial statements and on the interim group management report based on our review. We performed our review of the condensed interim consolidated financial statements and the interim group manage ment report in accordance with the German generally accepted standards for the review of financial statements prom ulgated by the Institut der Wirtschaftsprufer (IDW). Those standards require that we plan and perform the review so that we can preclude through critical evaluation, with a certain level of assurance, that the condensed interim consoli dated financial statements have not been prepared, in material respects, in accordance with IAS 34, "Interim Financial Reporting" as adopted by the EU and as issued by the IASB, and that the interim group management report has not been prepared, in material respects, in accordance with the requirements of the WpHG applicable to interim group management reports, A review is limited primarily to inquiries of company employees and analytical assessments and therefore does not provide the assurance attainable in a financial statement audit. Since, in accordance with our en gagement, we have not performed a financial statement audit, we cannot issue an auditor’s report. Based on our review, no matters have come to our attention that cause us to presume that the condensed interim consolidated financial statements have not been prepared, in material respects, in accordance with IAS 34, "Interim Financial Reporting" as adopted by the EU and as issued by the IASB, or that the interim group management report has not been prepared, in material respects, in accordance with the requirements of the WpHG applicable to interim group management reports. Frankfurt am Main (Germany), April 27, 2016 KPMG AG Wirtschaftsprufungsgesellschaft Pukropski Wirtschaftsprufer Beier Wirtschaftsprufer D e utsch e B ank Consolidated Statement of Income - 59 Consolidated Statement interim Report as of March 31, 2018 Consolidated Statement of Comprehensive Income - 60 Consolidated Balance Sheet - 61 of Changes in Equity - 62 Consolidated Statement of Cash Flows - 64 Consolidated Statement of Income (unaudited) Income Statement I N 'ee months ended in € m. In te re s t a n d s im ila r in c o m e In te re s t e x p e n s e Net interest income P ro v is io n fo r c re d it lo s s e s Mar 31, 2016 6,032 2,108 Mar 31. 2015 3,924 4,210 6,4 5 7 2.2 4 7 304 218 Net interest income after provision for credit losses 3,620 3,992 C o m m is s io n s and fe e in c o m e 3 .263 O th e r in co m e 2.877 1,297 121 106 0 (257) Total noninterest income 4,144 6,166 C o m p e n s a tio n and be n e fits 3,194 3,736 44 0 211 N e t gam s (lo s s e s ) o n fin a n c ia l a s s e ts /lia b ilitie s a t fair va lu e th ro u g h p ro fit or loss N et g a in s (lo s s e s ) o n fin a n c ia l a s s e ts a v a ila b le fo r sale N e t in c o m e (loss) fro m e q u ity m e th o d in v e s tm e n ts Net in c o m e (lo s s ) fro m s e c u ritie s held to m a tu rity G e n e ra l and a d m in is tra tiv e e x p e n s e s P o lic y h o ld e r b e n e fits and cla im s Im p a irm e n t o f g o o d w .ll a n d o th e r in ta n g ib le assess R e s tru c tu rin g a c tiv itie s Total noninterest ex p en se s Income (loss) before income taxes 2 .146 185 201 0 370 5.069 153 0 23 7,184 8,678 579 1,479 In c o m e ta x e x p e n s e (benefit) 343 920 Net income (loss) 236 559 N e t in c o m e (lo s s ) a ttrib u ta b le to n o n c o n tro llin g Interests 23 214 544 N e t in c o m e (lo s s ) a ttrib u ta b le to D e u ts c h e B a n k sh a re h o ld e rs and a d d itio n a l e q u ity c o m p o n e n ts 16 Earnings per Common Share Three months ended Mar 31, 2016 Mar 31, 2015 € 0.15 € 0 .1 5 € 0.39 1,386.5 1.384.7 1,404.2 1,417.4 Earnings per common share: Ba sic D ilute d € 0 .3 8 Number of sh a re s in million: D e n o m in a to r fo r b a s ic e a rn in g s p e r s h a re - w e ig h te d -a v e ra g e sh a re s o u ts ta n d in g D e n o m in a to r fo r d ilu te d e a rn in g s p e r s h a re - a d ju s te d w e ig h te d -a v e ra g e s h a re s a fte r a s s u m e d c o n v e rs io n s D e utsch e B ank 3 - Consolidated Financial Statements Interim Report as of March 31, 2018 Consolidated Statement of Comprehensive Income (unaudited) Three months ended in € m. Net income (loss) recognized in the income statem ent Other com prehensive income Items that will not be reclassified to profit or loss R e m e a su re m e n t g a in s (losses) re la te d to d e fin e d b e n e fit plan s, b e fo re tax Total o f in co m e tax re la te d to ite m s th a t w ill n o t b e re c la s s ifie d to p ro fit o r loss Mar 31, 2016 236 (177) 121 Mar 31. 2015 559 (188) 2 29 Items that are or may be reclassified to profit or loss Fina ncial asse ts a v a ila b le fo r s a le U n re a lize d net g a in s (lo s s e s ) a ris in g d u rin g th e period, b e fo re ta x R e alized n e t (gains) lo s s e s a ris in g d u rin g th e perio d (re c la s s ifie d to p ro fit o r loss), b e fo re tax 385 (123) 703 (177) D e riva tive s h ed ging v a ria b ility o f c a s h flo w s U n re a lize d n e t gain s (lo s s e s ) a ris in g d u rin g th e period, b e fo re tax R e alized net (gains) lo s s e s a ris in g d u rin g th e perio d (re c la s s ifie d to p ro fit o r loss), b e fo re ta x 34 4 (4) 5 A s s e ts cla ssifie d a s h e ld fo r s ale U n rea lized net g a in s (lo s s e s ) a ris in g d u rin g th e period, b e fo re tax 0 0 R e alized n e t (gains) lo s s e s a ris in g d u rin g th e perio d (re c la s s ifie d to p ro fit o r loss)., b e fo re tax 0 0 F oreign c u rre n c y tra n s la tio n U n re a lize d net gain s (lo s s e s ) a ris in g d u rin g th e period, b e fo re tax R e alized n e t (gains) lo s s e s a ris in g d u rin g th e perio d (re c la s s ifie d to p ro fit o r loss), b e fo re tax (1,137) 3 3 .642 0 E q uity M e th o d In ve s tm e n ts N e t g a in s (lo sse s) a ris in g d u rin g th e perio d Total o f in co m e ta x re la te d to ite m s th a t a re o r m a y be re c la s s ifie d to pro fit o r loss Other com prehensive income (loss), net of tax Total com prehensive income (loss), net of tax 13 (113) (989) 4 (79) (752) 4,135 4,695 12 (764) 4,651 A ttrib u ta b le to: N o n co n tro llin g interests D e u tsch e B a nk s h a re h o ld e rs a n d a d d itio n a l e q u ity c o m p o n e n ts 44 D e u ts c h e B ank Consolidated Statement of Income - 59 Consolidated Statement Interim R e p o rt a s o f M arch 31, 2 0 1 6 Consolidated Statement of Comprehensive Income - 60 of Changes in Equity - 62 Consolidated Statement o f Cash Flows - 84 Consolidated Balance Sheet - 61 Consolidated Balance Sheet (unaudited) Assets in € m. C a s h a n d c e n tra l b a n k b a la n c e s In te rb a n k b a la n c e s (w /o c e n tra l b a n ks) C e n tra l b a n k fu n d s s old a n d s e c u ritie s p u rc h a s e d u n d e r re s a le a g re e m e n ts S e c u ritie s b o rro w e d Mar 31, 2016 113,040 10,083 22,987 39,369 Dec 31, 2015 96,940 12.842 2 2 ,4 5 6 33.557 Fin a n c ia l a s s e ts a t fa ir v a lu e th ro u g h p ro fit o r loss T ra d in g a s s e ts P o s itiv e m a rk e t v a lu e s fro m d e riv a tiv e fin a n c ia l in s tru m e n ts F in a n c ia l a s s e ts d e s ig n a te d a t fa ir v a lu e th ro u g h p ro fit or loss Total fin a n c ia l a s s e ts a t fa ir va lu e th ro u g h pro fit o r loss F in a n c ia l a s s e ts a v a ila b le fo r s ale E q uity m e th o d in v e s tm e n ts L oa ns S e c u ritie s held to m a tu rity P ro p e rty a n d e q u ip m e n t G o o d w ill a n d o th e r in ta n g ib le a s s e ts O th e r ass e ts A s s e ts fo r c u rre n t ta x D e fe rre d ta x a s s e ts Total a s s e ts 174,947 581,291 107,100 863,338 70,890 1,015 424,060 3,233 2,798 9,906 171,029 1,284 7,538 42 7 .7 4 9 1 , 740,569 1,629,130 Mar 31, 2016 559,140 15,115 2,207 Dec 31. 2015 1 96 ,035 5 1 5;594 1 09 ,253 82 0 .8 8 3 7 3 ,5 8 3 1,013 0 2,8 4 6 1 0.078 118.137 1,285 7 ,762 Liabilities a n d E q u ity in € m. D e p o s its C e n tra l b a n k fu n d s p u rc h a s e d a n d s e c u ritie s s old u n d e r re p u rc h a s e a g re e m e n ts S e c u ritie s loan ed 5 6 6 ,9 7 4 9.803 3.270 F in a n c ia l lia b ilitie s a t fa ir v a lu e th ro u g h pro fit o r loss T ra d in g lia b ilitie s N e g a tiv e m a rk e t v a lu e s fro m d e riv a tiv e fin a n c ia l in s tru m e n ts Fin a n c ia l lia b ilitie s d e s ig n a te d a t fa ir v a lu e th ro u g h p ro fit o r loss In v e s tm e n t c o n tra c t lia b ilitie s Total fin a n c ia l lia b ilitie s a t fa ir va lu e th ro u g h profit o r loss O th e r s h o rt-te rm b o rro w in g s O th e r lia b ilitie s P ro v is io n s Lia b ilitie s fo r c u rre n t ta x D e fe rre d ta x liab ilitie s L o n g -te rm d e b t T ru s t p re fe rre d s e c u ritie s O b lig a tio n to p u rc h a s e c o m m o n sh a re s Total liabilities 63,810 561,532 52,729 7,917 685,988 28,477 213.682 9,627 1,503 811 151,361 6,112 0 1 , 674,023 52.304 4 9 4 ,0 7 6 4 4 ,8 5 2 8 ,522 59 9 .7 5 4 2 8 ,0 1 0 175 .005 9.2 0 7 1,699 746 160 ,016 7,0 2 0 0 1,561,506 A c c u m u la te d o th e r c o m p re h e n s iv e in c o m e (loss), ne t o f ta x ' 3,531 33,451 21,340 (210) 0 3,482 Total shareholders’ equity 61,592 62,678 4,675 279 4 .6 7 5 66,546 67,624 1 , 740,569 1,629,130 C o m m o n s h a re s , no p a r v a lu e , n o m in a l va lu e o f € 2.5 6 A d d itio n a l paid -in c apital R e ta in e d e a rn in g s C o m m o n sh a re s in trea sury, a t c o s t E q u ity c la s s ifie d as o b lig a tio n to p u rc h a s e c o m m o n sh a re s A d d itio n a l e q u ity c o m p o n e n ts 2 N o n c o n tro llin g in te re s ts Total equity Total liabilities and equity 3,531 33 572 2 1.182 (10 ) 0 4 .404 270 I Excluding remeasurement effects related to defined benefit plans, net of tax. " Includes Additional Tier 1 Notes, which constitute unsecured and subordinated notes of Deutsche Bank and are classified as equity in accordance with IFRS. D e utsch e B ank 3 - Consolidated Financial Statements Interim Report as o f March 31 „ 2016 Consolidated Statement of Changes in Equity (unaudited) in € it ?. Common shares (no par value) Additional paid-in capital Retained earnings Common shares in treasury, at cost Equity classified as obligation to purchase common shares Unrealized net gains (losses) on financial assets available for sale, net of applicable tax and other1 3,531 33,626 29,279 (8) 0 1,675 Total co m p re h e n s iv e in c o m e (loss), ne t o f tax" 0 0 544 0 0 412 C o m m o n sh a re s issued 0 0 0 0 0 0 C a sh d ivid e n d s paid 0 0 0 0 0 0 C o u p o n on a d d itio n a l e q u ity c o m p o n e n ts , n e t o f ta x 0 0 0 0 0 0 0 41 0 0 0 0 0 0 0 Balance a s of D ecem ber 31, 2014 R e m e a su re m e n t g a in s (lo s s e s ) re la te d to d e fin e d b e n e fit plans, n e t o f tax 0 N et ch a n g e in s h a re a w a rd s in th e re p o rtin g period 0 (36) Tre a su ry sh a re s d istrib u te d u n d e r s h a re -b a s e d c o m p e n s a tio n plans 0 0 0 234 0 0 0 22 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Tax benefits related to s h a re -b a s e d c o m p e n s a tio n plans A d d itio n s to Equity c la s s ifie d a s o b lig a tio n to p u rc h a s e co m m o n shares D e d u ctio n s from E q u ity c la s s ifie d a s o b lig a tio n to p u rch a se co m m o n sh a re s O p tio n p re m iu m s and o th e r e ffe c ts fro m o p tio n s on (34) co m m o n shares 0 0 0 P u rch a se s o f tre a su ry shares 0 0 0 (2.641) 0 0 S a le o f trea sury shares 0 0 0 2 .4 0 3 0 0 N e t gam s (losses) on tre a s u ry sh a re s sold 0 1 0 0 0 0 0 0 0 28 0 0 0 Balance a s of March 31, 2015 3,531 33,607 29,863 (12) 0 2,086 Balance a s of D ecem ber 31, 2015 (10) O th e r 3,531 33,572 21,182 0 1,384 Total c o m p re h e n s iv e in c o m e (ioss), ne t o f tax'" 0 0 214 0 0 165 C o m m o n sh a re s issued 0 0 0 0 0 0 C a sh divid e n d s paid 0 0 0 0 0 0 C o u p o n on a d d itio n a l e q u ity c o m p o n e n ts , n e t o f tax 0 0 0 0 0 0 R e m e a s u re m e n t g a in s (lo s s e s ) re la te d to d e fin e d b e n e fit plans, ne t o f tax 0 N et ch a n g e in s h a re a w a rd s in th e re p o rtin g pe rio d 0 0 (78) (56) 0 0 0 0 0 0 0 T re a su ry s h a re s d istrib u te d u n d e r s h a re -b a s e d c o m p e n sa tio n plans 0 0 0 80 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Tax be n e fits related to s h a re -b a s e d c o m p e n s a tio n plan s A d d itio n s to E q uity c la s s ifie d as o b lig a tio n to p u rch a se co m m o n sh a re s D e d u ctio n s fro m E q uity c la s s ifie d a s o b lig a tio n to p u rc h a s e co m m o n sh a re s O p tio n p re m iu m s and o th e r e ffe c ts fro m o p tio n s on (129) co m m o n shares 0 0 0 P u rch a se s o f tre a su ry sha re s 0 0 (2,0 47) 0 0 S a le o f tre a s u ry sh a re s 0 0 1 .768 0 0 N e t g a in s (losses) on tre a s u ry sh a re s sold 0 24 0 0 0 O th e r 0 62 0 0 0 0 3,531 33,451 21,340 0 1,549 Balance a s of March 31, 2016 1 Excluding unrealized net gains (losses) from equity method investments. 2 Exdudlncwsemeasuremerit gains (losses) related to defined benefit plans, net of tax. 0 (210) D e u ts c h e B ank Interim Report as of March 31, 2018 Consolidated Statement of Income - 59 Consolidated Statement Consolidated Statement of Changes in Equity - 62 of Comprehensive income - 60 Consolidated Statement of Cash Flows - 64 Consolidated Balance S h e e t- 6 1 Unrealized net gains (losses) Unrealized net on derivatives gains (losses) hedging variability classified as of cash flows, held for sale, _ net of tax 1 net of tax 1 79 0 151 Unrealized net gains (losses) frorn equity method investments 18 0 0 3 ,650 0 0 0 Foreign currency translation, net of tax 1 Accumulated other comprehensive income (loss), net of tax 5 Total shareholders’ equity Additional equity, components 4 Noncontrolling Interests Total equity 1 ,923 68,351 4 ,6 1 9 253 73,223 4 4 ,0 6 6 4 ,6 1 0 0 44 4 .6 5 4 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 41 0 0 41 0 0 0 0 0 (36) 0 0 (36) 0 0 0 0 0 234 0 0 234 0 0 0 0 0 22 0 0 22 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (34) 0 0 (34) 0 0 0 0 0 (2,6 41) 0 0 (2,641) 0 0 0 0 0 2 ,4 0 3 0 0 2.403 0 0 0 0 0 1 0 0 0 0 0 0 0 28 46“ (9) 79 0 3,802 22 5,9 8 9 72,979 4 ,6 6 5 288 7 7 ,9 3 2 97 662 2 ,1 9 6 66 4,4 0 4 62,678 4 ,6 7 5 270 0 ........... 0 .1 2 6 ) 6 7 ,6 2 4 25 13 0 12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (56) 0 0 (56) 0 0 0 0 (78) 0 0 (78) 0 0 0 0 0 80 0 0 80 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (129) 0 0 (129) 0 0 0 0 0 (2,0 47) 0 0 (2,0 47) 0 0 0 0 0 1,768 0 0 1.768 0 0 0 0 24 0 0 24 0 0 0 0 0 0 62 0* 122 662 1,069 79 3,4 8 2 61,592 (922) (708) 4 ,6 7 5 1 65 (696) 58 (4) 279 6 6 ,5 4 6 3 Includes Additional Tier 1 Notes, which constitute unsecured and subordinated notes of Deutsche Bank and are classified as equity in accordance with IFRS. 4 includes net proceeds from purchase and sale of additional equity components. D e utsch e B ank 3 - Consolidated Financial Statements 64 Interim Report as o f March 31, 2018 Consolidated Statement of Cash Flows (unaudited) in € m. N et inco m e (loss) Three months ended Mar 31, 2015 Mar 31, 2016 236 559 C a s h flow s fro m o p e ra tin g activ itie s : A d ju s tm e n ts to re co n cile n e t in c o m e to ne t c a s h p ro v id e d by (u s e d in) o p e ra tin g activities: P rovisio n fo r c re d it losses R e stru ctu rin g activitie s G ain on saie o f fin a n cia l a s s e ts a v a ila b le fo r sale, e q u ity m e th o d inv e s tm e n ts , a n d o th e r D e fe rre d in co m e taxes, n e t Im pa irm ent, d e p re cia tio n a n d o th e r a m o rtiz a tio n , a n d a c c re tio n S h a re o f ne t inco m e (loss) fro m e q u ity m e th o d in v e s tm e n ts In co m e (loss) a d ju ste d fo r n o n c a s h ch a rg e s , c re d its a n d o th e r item s 304 211 (127) 116 509 (106) 1,143 2 18 23 (209) 506 124 (199) 1,022 A d ju s tm e n ts fo r ne t ch a n g e in o p e ra tin g a s s e ts a n d liab ilitie s: In te re st-e a rn in g tim e d e p o s its w ith c e n tra l b a n k s a n d w ith b a n k s w /o c e n tra ! b a n k s 1 C e n tra l b a n k fu n d s sold, s e c u ritie s p u rc h a s e d u n d e r re s a le a g re e m e n ts , s e c u ritie s b o rro w e d F in a n cia l a sse ts d e s ig n a te d a t fa ir v a lu e th ro u g h p ro fit o r loss L oa ns O th e r assets D e posits F in a n cia l iiab iiitie s d e s ig n a te d a t fa ir v a lu e th ro u g h p ro fit o r loss and in v e s tm e n t c o n tra c t lia b ilitie s C e n tra l b an k fu n d s p u rc h a s e d , s e c u ritie s s o ld u n d e r re p u rc h a s e a g re e m e n ts a n d s e c u ritie s loan ed O th e r sh o rt-te rm b o rro w in g s O th e r iia b iiitie s S e n io r lo n g -te rm d e b t 3 T rading a sse ts a n d iiab iiitie s, pos itiv e a n d n e g a tiv e m a rk e t v a lu e s fro m d e riv a tiv e fin a n c ia l ins tru m e n ts , net O ther, net N et ca sh pro vid e d by (used in) o p e ra tin g a c tiv itie s 247 (6,584) 1,363 3,136 (52,790) (6,983) 7,789 4,333 493 41,283 (8,502) 7 ,2 3 4 (1 2 ,3 6 9 ) (4,6 73) (16,155) (45,208) 3 3 ,3 9 9 4 ,0 8 5 5.891 (4.649) 4 8 ,5 1 5 11,657 34,077 (1,5 63) (2,502) 16,503 19,017 (8,1 69) C a sh flow s fro m inve stin g activ itie s : P rocee ds from : S a ie o f financial a sse ts a v a ila b le fo r s a le M a tu ritie s o f fin a n c ia l a s s e ts a v a ila b le fo r s ale M a tu ritie s o f s e cu ritie s h e ld to m a tu rity S a le o f eq u ity m eth o d in v e s tm e n ts S a ie o f p ro p e rty a n d e q u ip m e n t 5,254 1,561 0 18 11 3 ,280 (7,991) 0 (12) (110) 79 (299) (1,489) (9,1 00) 1,643 0 6 2 P u rch a se of: F in a n cia l a sse ts a v a ila b le fo r s ale S e cu ritie s held to m a tu rity E q u ity m e th o d in ve stm e n ts P ro p e rty a n d e q u ip m e n t N et c a sh re ceived in (paid fo r) b u s in e s s c o m b in a tio n s /d iv e s titu re s O ther, net N e t c a sh provided by (used in) in ve stin g a c tiv itie s 0 (45) (97) 0 (277) (4,588) D e u ts c h e B ank interim Report as of March. 31, 2016 Consolidated Statement of Income - 59 Consolidated Statement of Comprehensive Income - 60 Consolidated Balance S h e e t- 6 1 Consolidated Statement of Changes in Equity - 6 2 Consolidated Statement of Cash Flows - 64 in € m. Mar 31, 2016 Three months ended Mar 31, 2015 3 1,460 C a s h flo w s fro m fin a n c in g activities: is s u a n c e s o f s u b o rd in a te d lo n g -te rm deb t R e p a y m e n ts a n d e x tin g u is h m e n ts o f s u b o rd in a te d lo n g -te rm d e b t Is s u a n c e s o f tru s t p re fe rre d s e c u ritie s R e p a y m e n ts a n d e x tin g u is h m e n ts o f tru s t p re fe rre d s e c u ritie s C o m m o n s h a re s iss u e d P u rc h a s e s o f tre a s u ry s h a re s S a le o f tre a s u ry s h a re s A d d itio n a l E q uity C o m p o n e n ts ( A T I) issued P u rc h a s e s o f A d d itio n a l E q u ity C o m p o n e n ts (AT1) S a le o f A d d itio n a l E q u ity C o m p o n e n ts (AT1) C o u p o n o n a d d itio n a l e q u ity c o m p o n e n ts , p re tax D iv id e n d s paid to n o n c o n tro llin g in te re sts N e t c h a n g e in n o n c o n tro llin g in te re s ts C a s h d iv id e n d s paid N e t c a s h p ro v id e d by (u se d in) fin a n c in g a c tiv itie s N e t e ffe c t o f e x c h a n g e rate c h a n g e s on c a s h and c a s h e q u iv a le n ts N e t in c re a s e (d e c re a s e ) in c a s h and c a s h e q u iv a le n ts C a s h a n d c a s h e q u iv a le n ts a t b e g in n in g o f period C a s h a n d cash e q u iv a le n ts a t end o f period (170) 6 (705) 0 (2,047) 1,784 0 (82) 81 0 0 (4) 0 (1,134) (307) 13,573 105,478 119,049 (855) 393 (4,0 40) 0 (2,6 41) 2.405 0 (239) 276 0 0 (9) 0 (3,250) 2,561 13.740 5 1 .960 6 5 ,6 3 9 N e t c a s h p ro v id e d by (u s e d in) o p e ra tin g a c tiv itie s inclu ding In c o m e ta x e s paid, n e t In te re s t paid In te re s t a n d d iv id e n d s re ceived 422 2,206 6,075 2,4 5 7 111,607 59.601 7,442 119,049 65,700 222 6,4 0 6 C a sh and c a s h e q u iv a le n ts c o m p ris e C a s h a n d c e n tra l b a n k b a la n c e s (n o t in c lu d e d In te re s t-e a rn in g tim e d e p o s its w ith c e n tra l b a n k s 1 In te rb a n k b a la n c e s (vv/o c e n tra l b a n k s ) (not inclu ded: tim e d e p o s its o f € 4 ,0 7 4 m illion a s o f M a rc h 31, 2 01 6, and € 2 6 ,6 0 5 m illio n a s o f M a rc h 31, 20 1 5 ) ! Total 6 .098 1 In 2015, comparatives have been restated. See Note 1 'Significant Accounting Policies and Critical Accounting Estimates - Significant Changes In Estimates and Changes In Presentation" of the consolidated financial statements in our Annual Report 2015 for detailed information. 2 Included are senior long-term debt issuances of € 1.970 million and € 8,181 million and repayments and extinguishments of € 2,071 million and € 7,847 million through March 31. 2016 and March 31, 2015, respectively. 3 Included are issuances of € 11,328 million and € 50,696 million and repayments and extinguishments of € 18,928 million and € 40.067 million through March 31, 2016 and March 31. 2015, respectively. D e utsch e B ank 4 - Notes to the Consolidated Financial Statements Interim Report as of March 31, 2016 Basis of Preparation (unaudited) The accompanying condensed consolidated interim financial statements, which include Deutsche Bank AG and its subsidiaries (collectively the "Group”), are stated in euros, the presentation currency of the Group. They are presented in accordance with the requirements of IAS 34. “Interim Financial Reporting”, and have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and endorsed by the European Union (“EU”). The Group's application of IFRS results in no differences between IFRS as issued by the IASB and IFRS as endorsed by the EU. Some IFRS disclosures incorporated in the Management Report are an integral part of the consolidated interim finan cial statements. These include the Segmental Results of Operations of the Segmental Information note which is pre sented in the Operating and Financial Review: Segmental Results of the Management Report. The presentation of this information is in compliance with IAS 34 and IFRS 8, "Operating Segments”. Deutsche Bank's condensed consolidated interim financial statements are unaudited and include supplementary dis closures on segment information, which was restated in the first quarter 2016 to reflect Deutsche Bank's new structure and business operations. The condensed consolidated interim financial statements also include supplementary disclo sures on the income statement, balance sheet and other financial information. They should be read in conjunction with the audited consolidated financial statements of Deutsche Bank for 2015, for which the same accounting policies and critical accounting estimates have been applied with the exception of the newly adopted accounting pronouncements outlined in section “Impact of Changes in Accounting Principles”. The preparation of financial statements under IFRS requires management to make estimates and assumptions for certain categories of assets and liabilities. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the balance sheet date, and the reported amounts of revenue and expenses during the report ing period. Actual results could differ from management's estimates and the results reported should not be regarded as necessarily indicative of results that may be expected for the entire year. D e u ts c h e B ank Basis of Preparation - 66 Interim Report as of March 31, 2016 Impact of Changes in Accountion Principles - 67 Segment Information - 70 Information on the Consolidated Income Statement - ' Information on the Consolidated Balance S h e e t- 7 6 O ther Financial Information - 116 Impact of Changes in Accounting Principles (unaudited) Recently Adopted Accounting Pronouncements The following are those accounting pronouncements which are relevant to the Group and which have been applied in the preparation of these condensed consolidated interim financial statements. IAS 1 On January 1, 2016, the Group adopted the amendments to IAS 1 “Presentation of Financial Statements’, which re sulted as part of an initiative to improve presentation and disclosure in financial reports. These amendments clarify that the principle of materiality is applicable to the whole of the financial statements, professional judgment should be ap plied in determining disclosures and that inclusion of immaterial data can reduce the effectiveness of disclosures. The amendments did not have a material impact on the Group's consolidated financial statements. Improvements to IFRS 2012-2014 Cycle On January 1. 2016, the Group adopted amendments to multiple IFRS standards, which resulted from the lASB's annual improvement projects for the 2012-2014 cycle. They comprise amendments that result in accounting changes for presentation, recognition or measurement purposes as well as terminology or editorial amendments related to a variety of individual IFRS standards. The amendments did not have a material impact on the Group's consolidated financial statements. New Accounting Pronouncements The following accounting pronouncements were not effective as of March 31, 2016 and therefore have not been ap plied in preparing these condensed consolidated interim financial statements. IFRS 9 Financial Instruments In July 2014, the IASB issued IFRS 9 “Financial Instruments”, which replaces IAS 39, “Financial Instruments: Recogni tion and Measurement". IFRS 9 introduces new requirements for how an entity should classify and measure financial assets, requires changes to the reporting of ‘own credit’ with respect to issued debt liabilities that are designated at fair value, replaces the current rules for impairment of financial assets and amends the requirements for hedge accounting. IFRS 9 is effective for annual periods beginning on or after January 1. 2018. The Group is currently assessing the impact of IFRS 9. The standard has yet to be endorsed by the EU. The Group has implemented a centrally managed IFRS 9 program sponsored by the Group’s chief financial officer and includes subject matter experts on methodology, data sourcing and modeling, IT processing and reporting. Overall governance is through the IFRS 9 Steering Committee which includes joint representation from Finance and Risk. Guidance and training on IFRS 9 is delivered across businesses and functions as part of the Group's internal control system in preparation for IFRS 9 becoming effective for the Group from January 1, 2018. D e utsch e B ank 4 - Notes to the Consolidated Financial Statements Interim Report as of March 31, 2016 Classification and Measurement of financial assets and liabilities IFRS 9 requires that an entity's business model and a financial instrument’s contractual cash flows will determine its classification and measurement in the financial statements. Upon initial recognition each financial asset will be classi fied as either fair value through profit or loss (‘FVTPL’), amortized cost, or fair value through Other Comprehensive Income ('FVOCI'). As these requirements are different than the assessments under the existing IAS 39 rules, some differences to the classification and measurement of financial assets under IAS 39 are expected. The classification and measurement of financial liabilities remain largely unchanged under IFRS 9 from current re quirements. However, where issued debt liabilities are designated at fair value, the fair value movements attributable to an entity’s own credit risk will be recognized in Other Comprehensive Income rather than in the Statement of Income. The standard also allows the election to apply the presentation of fair value movements of an entity’s credit risk in Other Comprehensive Income prior to adopting IFRS 9 in full. The Group has not early adopted these requirements of the standard as IFRS 9 has not been endorsed by the EU yet. Impairment of financial assets The impairment rules under IFRS 9 will apply to financial assets that are measured at amortized cost or FVOCI. and off balance sheet lending commitments such as loan commitments and financial guarantees. The determination of im pairment losses and allowances will move from an incurred credit loss model whereby credit losses are recognized when a ‘trigger’ event occurs under IAS 39 to an expected credit loss model, where provisions are taken upon initial recognition of the financial asset (or the date that the Group becomes a party to the loan commitment or financial guar antee) based on expectations of potential credit losses at that time. Under the IFRS 9 expected credit loss approach, the Group will recognize expected credit losses resulting from default events that are possible within the next 12 months for both the homogeneous and non-homogeneous performing loan pools (stage 1). IFRS 9 also requires the recognition of credit losses expected over the remaining life of the assets (lifetime expected losses') which have significantly deteriorated in credit quality since origination or purchase but have yet to default (stage 2) and for assets that are credit impaired (stage 3). Under IFRS 9 expected credit losses are measured by taking into account forward-looking information, including macro-economic factors. As a result of the changes to the impairment rules, IFRS 9 will result in an increase in subjectivity as allowances will be based on reasonable and supportable forward-looking information which probability weights future economic situations that are continuously monitored and updated over the life of the financial asset. This is in contrast to impairment recog nition under IAS 39 which requires the occurrence of one or more loss events before an allowance is recorded. IFRS 9 is expected to result in an increase in the overall level of impairment allowances, due to the requirement to record an allowance equal to 12 month expected credit losses on those instruments whose credit risk has not significantly in creased since initial recognition and the likelihood that there will be a larger population of financial assets to which lifetime expected losses apply as compared to the population of financial assets for which loss events have already occurred under IAS 39, Hedge accounting IFRS 9 also incorporates new hedge accounting rules that intend to align hedge accounting with risk management practices. Generally, some restrictions under current rules have been removed and a greater variety of hedging instru ments and hedged items become available for hedge accounting. D e utsch e Bank Basis of Preparation - 66 Interim Report as of March 31, 2018 Impact of Changes in Accountion Principles - 67 Segment Information - 70 information on the Consolidated Income Statement - 73 Information on the Consolidated Balance Sheet - 76 O ther Financial Information - 116 IFRS 15 Revenue from Contracts with Customers In May 2014, the IASB issued IFRS 15, “Revenue from Contracts with Customers”, which specifies how and when revenue is recognized, but does not impact income recognition related to financial instruments in scope of IAS 39/ IFRS 9. IFRS 15 replaces several other IFRS standards and interpretations that currently govern revenue recognition under IFRS and provides a single, principles-based five-step model to be applied to all contracts with customers. The standard also requires entities to provide users of financial statements with more informative and relevant disclosures. IFRS 15 is effective for annual periods beginning on or after January 1, 2018. The Group is currently assessing the impact of IFRS 15. The standard has yet to be endorsed by the EU. IFRS 16 Leases In January 2016. the IASB issued IFRS 16, “Leases”, which introduces a single lessee accounting model and requires a lessee to recognize assets and liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value. A lessee is required to recognize a right-of-use asset representing its right to use the underlying leased asset and a lease liability representing its obligation to make lease payments. There will be only minor changes to the current accounting for lessors. The standard also requires entities to provide users of financial statements with more informative and relevant disclosures. IFRS 16 is effective for annual periods beginning on or after January 1, 2019. The Group is currently assessing the impact of IFRS 16. The standard has yet to be endorsed by the EU. D e utsch e B a nk 4 - Notes to the Consolidated Financial Statements interim Report as of March 31. 2016 Segment Information (unaudited) The following segment information has been prepared in accordance with the “management approach”, which requires presentation of the segments on the basis of the internal management reports of the entity which are regularly re viewed by the chief operating decision maker, which is the Deutsche Bank Management Board, in order to allocate resources to a segment arid to assess its financial performance. Business Segments The Group’s segment reporting follows the organizational structure as reflected in its internal management reporting systems, which are the basis for assessing the financial performance of the business segments and for allocating resources to the business segments. Generally, restatements due to changes in the organizational structure were implemented in the presentation of prior period comparables if they were considered in the Group’s management re porting systems. From 2016 onwards and in accordance with our Strategy 2020 our business operations have been organized under a new structure with the following segments: - Global Markets (“GM"), Corporate & Investment Banking (“CIB”), Private, Wealth and Commercial Clients (“PW&CC”), Deutsche Asset Management (“Deutsche AM”), Postbank (“PB") and Non-core Operations Unit (“NCOU”) The key changes compared to our previously reported segmental information in our former 2015 segment structure are outlined below. Global Markets (“GM”) - Our new segment GM includes the sales and trading related activities of our former Corporate Banking & Securities (“CB&S") segment. Revenues related to certain financing activities previously included within “Loan Products” in CB&S are now included within “Sales &Trading - debt and other products". Mark-to-market gains/losses relating to RWA mitigation on Credit Valuation Adjustment (CVA) RWA, Funding Valuation Adjustment (FVA) and certain CVA calculation methodology refinements previously reported under “Sales STrading" revenues are now included in “Other". Debt Valuation Adjustment (DVA) continues to be reported within “Other”. This category also includes transfers from and to our new segment Corporate & Investment Banking (“CIB”) resulting from client coverage and product distribution. Corporate & Investment Banking (“CIB’’) - Our new segment CIB combines the Corporate Finance business compo nents of our former Corporate Banking and Securities (“CB&S") and Global Transaction Banking (“GTB") businesses. Transfers from and to our new segment Global Markets related to client coverage and product distribution are included in “Loan Products & Other". Private, Wealth and Commercial Clients (“PW&CC") - Within the new segment PW&CC, we have combined our Ger man and International Private and Commercial Clients (“PCC”) businesses formerly included in the Private & Business Clients (“PBC”) segment with the Wealth Management (“W M”) activities formerly included in Deutsche Asset & Wealth management (“DeAWM”). Revenues from Hua Xia Bank are presented separately within PW&CC to reflect the ex pected disposal of this investment as part of our Strategy 2020. 70 D e u ts c h e B ank interim Report as of March 31, 2016 Basis of Preparation - 66 Impact of Changes in Accountion Principles - 67 Segment Information - 70 information on the Consolidated income Statement - 73 Information on the Consolidated Balance Sheet - 76 Other Financial Information - 116 Deutsche Asset Management (“Deutsche AM") - Our segment Deutsche AM contains the Asset Management activities included in our former DeAWM segment and focuses on providing investment solutions to institutions and intermediar ies that serve individual clients. Postbank (“PB") - To reflect the planned deconsolidation as formulated in our Strategy 2020 PB is now presented as a separate segment, which combines both core and non-core components of Postbank previously recorded in our NCOU segment. The reported numbers in the Postbank segment will deviate from Postbank's stand-alone reporting as a consequence of consolidation effects and the impact of purchase price allocation items. Non-core Operations Unit (“NCOU”) - As a key change compared to our former structure our NCOU segment no long er contains the aforementioned non-core components related to Postbank. The goodwill impairment losses in our 2015 results related to CB&S and PBC were allocated to the new segments Global Markets/Corporate & Investment Banking and PW&CC/Postbank respectively based on the goodwill balances related to these business units prior to the 3Q2015 impairment. Certain Liquidity Management activities previously included within our business segments are now being centrally managed by Treasury and therefore have been transferred to “Consolidation and Adjustments” and are reflected in our business segments on an allocated basis. The bank levy for the Single Resolution Fund (SRF) has to be recognized for the Group with its full annual amount in the first quarter. Different to the first quarter 2015, the SRF charge had been recognized with its full annual amount directly in the business segments in this quarter. Consequently, there will be no accrual over the year in the business segments and no recognition of a timing effect in Consolidation & Adjustments. We have restated the prior period to reflect this changed timing in the segments. In the first quarter 2016, a stricter definition for Invested Assets became effective and Client Assets were introduced as additional metric. Accordingly, Invested Assets include assets held on behalf of customers for investment purposes and/or client assets that are managed by DB on a discretionary or advisory basis and/or assets that are deposited with DB; Client Assets include Invested Assets plus other assets over which DB provides non investment services such as custody, risk management, administration and reporting (including execution only brokerage). Capital Expenditures and Divestitures During the first quarter 2016. the Group has made the following capital expenditures or divestitures: In November 2015, Visa Inc. announced a definitive agreement to acquire Visa Europe Ltd. As part of this acquisition Visa Europe Ltd. has requested all its shareholders, inter alia several Deutsche Bank Group entities, to return their shares against consideration. Deutsche Bank has returned its shares in Visa Europe Ltd. in January 2016 with the consideration still to be received at closing of the transaction. In August 2015, Deutsche Bank Group announced that it has entered into an agreement to sell its Indian asset man agement business to Pramerica Asset Managers Pvt, Ltd. In March 2016 all regulatory approvals have been obtained and the sale was completed. D e utsch e B a nk 4 - Notes to the Consolidated Financial Statements Interim R e port a s o f M arch 31, 201 6 Allocation of Average Shareholders’ Equity The total amount of average shareholders’ equity allocated is determined based on the higher of the Group’s overall economic risk exposure and the regulatory capital demand. Starting 2016, the Group refined its capital allocation and moved to allocating average shareholders’ equity instead of average active equity to the business segments. Under the new methodology, capital held against goodwill and other intangibles is now more comprehensively allocated, allowing the determination of allocated tangible shareholders’ equity to reflect the communicated profitability target. The Group's overall economic risk exposure requirement is driven by our internal capital adequacy thresholds for status “normal” as defined in DB Group's risk appetite framework. The regulatory capital demand is based on our externally communicat ed target ratios, i.e. a Common Equity Tier 1 target ratio of 12.5 % (10 % in early 2015 and 11 % from June 2015 on wards) and on a Leverage target ratio of 4.5 % (3.5 % in early 2015 and 5 % from June 2015 onwards) both at a Group level and assuming full implementation of CRR/CRD 4 rules. If the Group exceeds the Common Equity Tier 1 target ratio and the Leverage target ratio, excess average shareholders’ equity is assigned to C&A. The allocation of average shareholders’ equity to business segments reflects the contribution to both aforementioned targets. Segmental Results of Operations For the results of the business segments, including the reconciliation to the consolidated results of operations under IFRS, please see “Management Report: Operating and Financial Review: Results of Operations: Segment Results of Operations” of this Interim Report. D eutsche Bank in te rim R e p o rt a s o f M a rc h 31, 2 0 1 6 Basis of Preparation - 66 Impact of Changes in Accountion Principles ~ 87 Segment information - 70 Information on the Consolidated Income Statement - 73 Information on the Consolidated Balance Sheet - 76 Other Financial information - 116 Information on the Consolidated Income Statement (unaudited) Net Interest Income and Net Gains (Losses) on Financial Assets/Liabilities at Fair Value through Profit or Loss Three months ended in C m. N e t in te re s t in co m e T ra d in g in c o m e / N e t g a m s (lo s s e s ) on fin a n c ia l a s s e ts /lia b ilitie s d e s ig n a te d a t fa ir v alue th ro u g h p ro fit o r lo s s 1 Total ne t g a m s (lo s s e s ) o n fin a n c ia l a s s e ts /lia b ilitie s a t fair va lu e th ro u g h profit o r loss Mar 31, 2016 3,924 421 876 1,297 Mar 31 4 ,210 1.989 157 2,146 Total n e t in te re s t in c o m e and ne t g a in s (lo s s e s ) on fin a n c ia l a s s e ts /lia b ilitie s a t fa ir va lu e th ro u g h p ro fit o r loss S a le s & T ra d in g (equity) S a le s & T rading (d e b t a n d o th e r products) Total S a le s & T rading R e m a in in g p ro d u c ts 4 G lo b a l M a rke ts C o rp o ra te & In v e s tm e n t B anking'" P rivate, W e a lth & C o m m e rc ia l C lie n ts D e u ts c h e A s s e t M a n a g e m e n t P o s tb a n k N o n -C o re O p e ra tio n s U n it C o n s o lid a tio n & A d ju s tm e n ts 5,221 483 3,556 4,039 88 2,478 513 1,408 67 583 (128) 301 6,356 5,221 6,356 842 2,865 3,707 (245) 3,461 532 997 353 604 (152) 561 Total ne t in te re s t in c o m e a n d n e t g a in s (losses) on fin a n c ia l a s s e ts /lia b ilitie s a t fa ir va lu e th ro u g h p ro fit o r loss 1 Trading income includes gains and losses from derivatives not qualifying for hedge accounting. 2 Prior period comparatives has been restated. € 349 million were reclassified from net gains (losses) on financial assets/liabilities at fair value through profit or loss to commissions and fee income. 3 Includes gains of € 2 million and of € 5 million from securitization structures for the three months ended March 31, 2016 and March 31. 2015 respectively. Fair value movements on related instruments of € 2 million and of € (1) million for the three months ended March 31, 2016 arid March 31,. 2015, respectively, are reported within trading Income. Both are reported under Sales & Trading (debt and other products). The total of these gains and losses represents the Group's share of the losses in these consolidated securitization structures. J Includes the net interest spread on loans as well as the fair value changes of credit default swaps and loans designated at fair value through profit or loss. i; Includes net interest Income and net gains (losses) on financial assets/liabilities at fair value through profit or loss on origination, advisory and other products. Commissions and Fee Income Three months ended in € m. C o m m is s io n s a n d fe e s fro m fid u c ia ry a c tiv itie s C o m m is s io n s , b ro k e rs ' fees, m a rk -u p s on s e c u ritie s u n d e rw ritin g and o th e r s e c u ritie s a c tiv itie s Fee s fo r o th e r c u s to m e r s e rv ic e s Total c o m m is s io n s and fe e in c o m e Mar 31,2016 1,027 881 970 2,877 Mar 31.2015 1.059 1 .0 8 3 1 1 .1 2 2 3,263 1 Pnor period comparatives has been restated € 349 miliion were reclassified from net gains (losses) on financial assets/liabilities at fair value through profit or loss to commissions and fee Income. D e utsch e B ank 4 - Notes to the Consolidated Financial Statements Interim Report as o f March 31, 2016 Pensions and Other Post-Employment Benefits Three months ended in € m. S e rv ic e co s t N e t in te re st co s t (incom e) Total e x p en ses defined benefit plans Total e x p en ses for defined contribution plans Total e x p en ses for post-em ploym ent benefits Employer contributions to m andatory G erm an social security pension plan Mar 31, 2016 78 Mar 3 ' 2 0 ' 5 83 (D (3) 75 130 205 82 114 196 64 61 The Group expects to pay approximately € 325 million in regular contributions to its retirement benefit plans in 2016. It is not expected that any plan assets will be returned to the Group during the year ending December 31, 2016. D is c o u n t ra te to d e te rm in e d e fin e d b e n e fit o b lig a tio n G e rm a n y UK U.S. Mar 31, 2016 1.8 3.5 3.8 Dec 31, 2015 2.4 3.9 4.2 General and Administrative Expenses Three months ended in € m. IT co sts O ccupancy, fu rn itu re and e q u ip m e n t e x p e n s e s P ro fe ssio n a l se rvice fees C o m m u n ica tio n and da ta s e rv ic e s Travel a n d re p re se n ta tio n e x p e n s e s B a n kin g and tra n s a c tio n c h a rg e s M a rke tin g e x p e n s e s ' C o n so lid a te d inve stm e n ts O th e r expe nses^ Total general and administrative ex p en se s Mar 31, 2016 936 454 556 193 105 154 56 85 1,196 Mar 31, 2015 3,736 5,069 865 46 3 520 203 104 135 64 105 2 ,6 1 0 1 Prior period comparatives have been restated in order to reflect changes in the Group's cost reporting. Includes litigation-related expenses of € 187 million and € 1.544 million for the three months ended March 31 , 2016 and March 31, 2015 as weII as bank levy of € 538 million and € 561 million for the three months end*2d March 31. 2016 and March 31. 2015. Restructuring Restructuring forms part of the Group’s Strategy 2020 program announced in 2015. It contains initiatives to reposition Investment Banking, reshape the retail business, rationalize the geographic footprint and transform the operating model -w ith the aim to achieve net savings of € 1 to 1.5 billion by 2018. Restructuring expense is comprised of termination benefits, additional expenses covering the acceleration of deferred compensation awards not yet amortized due to the discontinuation of employment and contract termination costs relat ed to real estate. Basis of Preparation - 66 Impact of Changes in A c c o u n tin ' Principles ~ 67 Segment information - 70 D e u ts c h e B ank Interim Report as of March 31, 2016 Information on the Consolidated Income Statement - ' Information on the Consolidated Balance Sheet - 76 O ther Financial information - 116 Net restructuring expense by division Three months ended in € m.______ G lo b a l M a rk e ts ___ ________________ _ __ Mar 31.2016 _______ C o rp o ra te & In v e s tm e n t B a n k in g P rivate. W e a lth & C o m m e rc ia l C lie n ts D e u ts c h e A s s e t M a n a g e m e n t P o s tb a n k N o n -C o re O p e ra tio n s U n it Total Net Restructuring C harges Mar 31.2015 (70) (20) (73) (56) (7) 0 (5) (211) (2) (1) 0 0 (0 ) (23) N et re s tru c tu rin g e x p e n s e by ty p e Three months ended in € m. R e s tru c tu rin g - S ta ff related Mar 31, 2016 (211) (23) th e re o f: T erm ination P a y m e n ts R e te n tio n A c c e le ra tio n S o c ia l S e c u rity R e s tru c tu rin g - N o n S ta ff r e la te d : Total net restructuring C harges (196) (13) (2) 0 (211) (18) (5) (1 ) 0 (23) ! Contract costs, mainly related to real estate and technology. Provisions for restructuring amounted to € 826 million and € 651 million as of March 31, 2016 and December 31, 2015, respectively. The majority of the current provisions for restructuring should be utilized in the next two years. During the three months ended March 31, 2016, 160 full-time equivalent staff were reduced through restructuring. These reductions were identified within: Three months ended Mar 31, 2016 G lo b a l M a rke ts 39 C o rp o ra te & In v e s tm e n t B a n k in g 58 In fra s tru c tu re /R e g io n a l M a n a g e m e n t 61 O th e r Total full-time equivalent staff 2 160 Effective Tax Rate 2016 to 2015 Three Months Comparison Income tax expense was € 343 million (1Q2015: € 920 million). The effective tax rate of 59 % (1Q2015: 62 %) was largely attributable to tax effects related to share-based payments and our investment in Hua Xia Bank Co. Ltd. D e utsch e B a nk 4 - Notes to the Consolidated Financial Statements 76 Interim Report as of March 31, 2018 Information on the Consolidated Balance Sheet (unaudited) Financial Assets/Liabilities at Fair Value through Profit or Loss in € m. Mar 31, 2016 Dec 31. 2015 159,609 15,338 174,947 581,291 756,238 179 .256 Financial a s s e ts classified a s held for trading: Trading a ssets: T radina securities O th e r tra d in g a s s e ts : Total trading a ss e ts Positive market values from derivative financial instrum ents Total financial a ss e ts classified a s held for trading Financial a s s e ts designated at fair value through profit or loss: S e cu ritie s p u rch a se d u n d e r re s a le a g re e m e n ts S e cu ritie s b orrow ed L oa ns O th e r fin a n cia l asse ts d e s ig n a te d at fa ir va lu e th ro u g h p ro fit o r loss Total financial a ss e ts designated a t fair value through profit or loss Total financial a s s e ts at fair value through profit or loss 1 6,779 196,035 515,594 711,630 52,855 19,443 10,719 24,082 107,100 863,338 109,253 820,883 Mar 31, 2016 Dec 31, 2015 62,922 887 63,810 561,532 625,342 5 1.327 5 1,073 2 1 .4 8 9 12,451 2 4 .2 4 0 1 Includes traded loans of € 13.7 billion and € 15.5 billion at March 31, 2016 and December 31, 2015, respectively. in € m. Financial liabilities classified a s held for trading: Trading liabilities: T rading se cu ritie s O th e r tra d in g lia b ilitie s Total trading liabilities Negative market values from derivative financial instrum ents Total financial liabilities classified a s held for trading Financial liabilities designated a t fair value through profit or loss: S e cu ritie s sold un d e r re p u rc h a s e a g re e m e n ts Loan c o m m itm e n ts L o n g -te rm deb t O ther financial lia b ilitie s d e s ig n a te d a t fa ir v a lu e th ro u g h p ro fit o r loss Total financial liabilities designated a t fair value through profit or loss In v e stm e n t c o n tra c t lia b ilitie s 1 Total financial liabilities at fair value through profit or loss 977 52,304 494,076 546,381 40,234 68 8,064 4,363 52,729 7,917 3 1 .6 3 7 685,988 599,754 Mar 31, 2016 65,562 1,144 902 3,282 70,890 Dec 31. 2015 79 8,7 1 0 4 ,4 2 5 44,852 8.5 2 2 1 These are investment contracts where the policy terms and conditions result In their redemption values equaling fair values. Financial Assets Available for Sale in € m. D e b t securities E q u ity securities O th e r e q u ity interests Loans Total financial a ss e ts available for sale 6 8 ,2 6 6 1.241 974 3 ,102 73,583 Effective January 4, 2016, the Group has reclassified debt securities available for saie of € 3.2 billion to the held-tomaturity investments category. For further details, please refer to Note “Held-to-Maturity investments” of this Interim D e utsch e Bank Interim Report as of March 31, 2016 Basis of Preparation - 66 Impact of Changes in Accountion Principles - 67 Segment Information - 70 Information on the Consolidated income Statement - 73 Information on the Consolidated Balance S h e e t- 7 6 Other Financial Information - 116 Amendments to IAS 39 and IFRS 7, “Reclassification of Financial A ssets” Under the amendments to IAS 39 and IFRS 7, issued in October 2008, certain financial assets were reclassified in the second half of 2008 and the first quarter of 2009 from the financial assets at fair value through profit or loss and the available for sale classifications into the loans classification. No reclassifications have been made since the first quarter 2009. The Group identified assets, eligible under the amendments, for which at the reclassification date it had a clear change of intent and ability to hold for the foreseeable future, rather than to exit or trade in the short term. The reclassifications were made at the fair value of the assets at the reclassification date. Reclassified Financial Assets in € bn. (unless stated otherwise) Carrying value at reclassification date Unrealized fair value lo sse s in accum ulated other com prehensive income Effective interest rates a t reclassification date: Trading assets reclassified to loans 26.6 0.0 Financial assets available for sale reclassified to loans 11.4 (1.1) U p p e r ra n g e 13.1 % 9 .9 % L o w e r ra n a e 2 .8 % 3 .9 % 39.6 17.6 Expected recoverable c ash flows a t reclassification date C a rry in g v a lu e s a n d fair v a lu e s by a s s e t ty p e of a s s e t s re c la s s ifie d in 2008 a n d 2009 Mar 31, 2016 in € m. Carrying value Fair value Trading a s s e ts reclassified to loans: S e c u ritiz a tio n a s s e ts 1,039 1,147 D e b t s e c u ritie s 264 255 L oa ns 784 814 Total trading a s s e ts reclassified to loans 2,087 2,216 Financial a s s e ts available for sale reclassified to loans: S e c u ritiz a tio n a s s e ts 1,176 1,262 D e b t s e c u ritie s 0 0 Total financial a s s e ts available for sale reclassified to loans 1,262 1,176 Total financial a s s e ts reclassified to loans 3,4781 3,263 Dec 31,2015 Carrying value Fair value 1 .382 1.346 396 405 916 S57 2,695 2,608 1.540 1.470 168 1,708 4,403' 179 1,648 4,256 There is an associated effect on the carrying value from effective fair value hedge accounting for interest rate risk to the carrying value of the reclassified assets shown in the table above. This effect increases carrying value by € 4 million and decreases by € 3 million as at March 3 1 2 0 1 6 and December 31, 2015, respectively. Al! reclassified assets are managed by NCOU and disposal decisions across this portfolio are made by NCOU in ac cordance with their remit to take de-risking decisions. For the three months ending March 31, 2016, the Group sold reclassified assets with a carrying value o f f 0.6 billion, resulting in a net gain o f f 0.02 billion. In addition to sales, the carrying value of assets previously classified as available for sale includes redemptions of € 0.1 billion. The overall carrying value was further reduced by foreign exchange impacts in the period. Deutsche Bank Interim Report as of March 31. 2 0 16 4 - Notes to the Consolidated Financial Statements Unrealized fair value gains (losses) that would have been recognized in profit or loss and net gains (losses) that would have been recognized in other comprehensive income if the reclassifications had not been made Three months ended Mar 31, 2016 Mar 31, 2015 losses (40) 49 Im p a irm e n t (losses) on th e re c la s s ifie d fin a n c ia l a s s e ts a v a ila b le fo r s ale w h ic h w e re im p a ire d (42) 0 (27) 11 in € m. U n re a lize d fair value gain s (lo s s e s ) on th e re c la s s ifie d tra d in g a s s e ts , gro s s o f p ro v is io n s fo r cre d it N e t g a in s (losses) re co g n iz e d in o th e r c o m p re h e n s iv e in c o m e re p re s e n tin g a d d itio n a l u n re a liz e d fair va lu e gain s (losses) on th e re c la s s ifie d fin a n c ia l a s s e ts a v a ila b le fo r s ale w h ic h w e re no t im p a ire d Pre-tax contribution of all reclassified assets to the income statement Three months ended in € m. Mar 31, 2016 Mar 31. 2015 10 43 In te re s t incom e P ro visio n fo r cre d it losses (72) O th e r in c o m e ' In co m e (loss) b efore in co m e ta x e s on re c la s s ifie d tra d in g a s s e ts 24 (41) 65 In te re st incom e 4 P ro visio n fo r cre d it losses 3 O th e r in c o m e ' (2 ) 20 21 0 (1 ) 24 6 46 In co m e (loss) b efore in co m e ta x e s o n re c la s s ifie d fin a n c ia l a s s e ts a va ila b le for sale 5 Relates to gains and losses from the saie of reclassified assets. Reclassified Financial Assets: Carrying values and fair values by asset class All !AS 39 reclassified assets were transferred into NCOU upon creation of the new division in the fourth quarter of 2012. NCOU has been tasked to accelerate de-risking to reduce total capital demand and IFRS assets. A number of factors are considered in determining whether and when to sell assets including the income statement, regulatory capital and leverage impacts. The movements in carrying value and fair value are illustrated in the following table: Carrying values and fair values by asset class reclassification in 2008 and 2009 in € m. Carrying value (CV) Fair value (FV) Mar 31, 2016 Unrealized gains/(losses) Dec 31. 2015 Carrying value (CV) Fair value (FV) Unrealized gains/flosses) S e cu ritiza tio n a sse ts a n d d e b t s e c u ritie s reclassified: U S m u n icip a l b on ds 126 132 405 423 19 1,143 1,096 (47) 1.456 1,478 22 C D O /C L O 48 7 44 5 (43) 534 4S8 (36) C o ve re d bond 298 230 (69) 298 234 (64) C o m m e rcia l m o rtg a g e s s e c u ritie s 82 85 3 175 176 R e sidential m o rtg a g e s A B S 87 91 4 92 93 440 401 (39) 529 498 (31) 2,663 2,479 (184) 3,487 3 ,4 0 0 (8 8 ) 56 54 810 753 (1) (57) S tu d e n t loan s A B S O th e r 5 6 1 1 Total secu ritiza tio n a s s e ts and d e b t s e c u ri tie s re cla ssifie d L o a n s reclassified: C o m m e rcia l m ortg a g e s R e sidential m ortg a g e s O th e r Total loan s reclassified Total fin a n cia l a sse ts re c la s s ifie d to loan s 46 46 722 691 0 (31) 46 46 50 49 (1) 814 784 (31) 916 857 (59) 3,478 3,263 (215) 4 ,4 0 3 4 ,2 5 6 (147) 0 1 includes asset backed securities related to the aviation industry and a mixture of other securitization assets and debt securities. Basis of Preparation - 66 Impact of Changes in Accountion Principles ~ 67 Segment information - 70 D e u ts c h e B ank interim Report as of March 31,2016 Information on the Consolidated Income Statement - 73 Information on the Consolidated Balance Sheet - 76 O ther Financial Information - 1 1 6 Securities Held-to-Maturity In the first quarter 2016, the Group has begun to use the Held-to-Maturity category to more appropriately present in come and capital volatility in the firm’s banking book. In addition to managing the firm's existing banking book exposure to interest rates, the new accounting classification will support certain of the Group’s asset liability management objec tives, e.g. maturity transformation. The Group reclassified € 3.2 billion of securities held Available for Sale to Held-to-Maturity investments effective Janu ary 4, 2016. All reclassified assets are high quality Government, supranational and agency bonds and are managed by Group Treasury as part of the Group's Strategic Liquidity Reserve. Carrying values and fair values of financial assets reclassified from Available for Sale to Held-to-Maturity in € m.______________________________ ____________ _ ____ ______ _______ ____ __ __ JanM._2016.... ................................... Mar 31. 2016 Carrying Carrying Fair value (CV) value (CV) ___ Value (FV) D e b t s e c u ritie s rec la s s ifie d : G 7 G o v e rn m e n t b on ds O th e r G o v e rn m e n t, s u p ra n a tio n a l a n d a g e n c y b on ds Total financial a s s e ts reclassified to Held-to-Maturity 2 ,8 0 9 431 2,802 448 2,871 3,241 3,233 3,319 432 D e utsch e B a nk 4 - Notes to the Consolidated Financial Statements interim Report as of March 31. 2016 Financial Instruments carried at Fair Value Fair Value Hierarchy The financial instruments carried at fair value have been categorized under the three levels of the IFRS fair value hier archy as follows: Level 1 - Instruments valued using quoted prices in active markets are instruments where the fair value can be determined directly from prices which are quoted in active, liquid markets and where the instrument observed in the market is representative of that being priced in the Group's inventory. These include: government bonds, exchange-traded derivatives and equity securities traded on active, liquid exchanges. Level 2 - Instruments valued with valuation techniques using observable market data are instruments where the fair value can be determined by reference to similar instruments trading in active markets, or where a technique is used to derive the valuation but where all inputs to that technique are observable. These include: many OTC derivatives: many investment-grade listed credit bonds; some CDS; many collateralized debt obligations (CDO); and many less-liquid equities. Level 3 - Instruments valued using valuation techniques using market data which is not directly observable are instruments where the fair value cannot be determined directly by reference to market-observable information, and some other pricing technique must be employed. Instruments classified in this category have an element which is unobservable and which has a significant impact on the fair value. These include: more-complex OTC derivatives; distressed debt; highly-structured bonds; illiquid asset-backed securi ties (ABS); illiquid CDO's (cash and synthetic); monoline exposures; some private equity placements: many commer cial real estate (CRE) loans; illiquid loans; and some municipal bonds. D e u ts c h e Bank interim Report as of March 31, 2016 Basis of Preparation - 66 Impact of Changes in Accountion Principles - 67 Segment information - 70 information on the Consolidated Income Statement - ' Information on the Consolidated Balance Sheet - 76 O ther Financial Information - 1 1 6 Carrying value of the financial instruments held at fair value1 Mar 31, 2016 iri € m. Dec 31. 2015 Quoted prices in active market (Level 1) Valuation technique observable parameters (Level 2) Valuation technique unobservable parameters (Level 3) Quoted prices in active market (Level 1) Valuation technique observable parameters (Level 2} Valuation technique unobservable parameters (Level 3) 76,958 76,452 506 85,275 76,636 8.639 12,714 6,521 6,193 90.031 9 3,253 12,751 8 9 .7 1 8 82.869 6 ,6 6 9 313 10,384 6.0 8 2 5,386 566,306 9,599 5 .629 5 0 0 ,5 2 0 9,445 18,852 40,198 30 141,424 84.500 25,815 3,634* 765,530 3,748 4,877 28 30,966 1 8 ,024 86,751 4.4 7 8 4 3 ,2 6 0 2 5 ,4 4 9 4 .8 7 4 49,342 49,305 37 14,441 13,592 850 5,931 Financial a s s e ts held at fair value: T ra d in g ass e ts T ra d in g s e c u ritie s O th e r tra d in g a s s e ts P o s itiv e m a rk e t v a lu e s fro m d e riv a tiv e fin a n c ia l in s tru m e n ts F in a n c ia l a s s e ts d e s ig n a te d a t fa ir v alue th ro u g h pro fit o r lo s s F in a n c ia l a s s e ts a v a ila b le fo r sale O th e r fin a n c ia l a s s e ts a t fa ir v alue Total financial a s s e ts held at fair value 0 3 ,1 3 6 2 0 156,943 709,109 31,549 26 26 0 4 0 ,1 8 5 1 2,102 18 4 0 .1 5 4 11.155 18 30 947 0 548,235 7,366 5,528 4 8 0 ,6 6 8 7 .8 7 9 49,689 7,917 4,8372 625,120 3,038 0 (898)4 9,531 2 4 1,797 3 .053 0 8,5 2 2 0 6 ,4 9 2 “ Financial liabilities held a t fair value: T ra d in g lia b ilitie s T ra d in g s e c u ritie s O th e r tra d in g lia b ilitie s N e g a tiv e m a rk e t v a lu e s fro m d e riv a tiv e fin a n c ia l in s tru m e n ts F in a n c ia l lia b ilitie s d e s ig n a te d a t fa ir v alue th ro u g h pro fit o r loss In v e s tm e n t c o n tra c t lia b ilitie s " O th e r fin a n c ia l lia b ilitie s a t fa ir v alue Total financial liabilities held at fair value 2 0 0 55,275 45,715 549,581 0 (1 ,1 4 6 )' 9,805 1 Amounts in this table are generally presented on a gross basis, in line with the Group's accounting policy regarding offsetting of financial instruments, as described in Note 1 “Significant Accounting Policies and Critical Accounting Estimates'' of the Annual Report 2015. 2 Predominantly relates to derivatives qualifying for hedge accounting. ;i These are investment contracts where the policy terms and conditions result In their redemption value equaling fair value. See Note 41 "Insurance and investment Contracts'' of the Annual Report 2015 for more detail on these contracts. 4 Relates to derivatives which are embedded in contracts where the host contract is held at amortized cost but for which the embedded derivative is separated. The separated embedded derivatives may have a positive or a negative fair value but have been presented in this table to be consistent with the classification of the host contract. The separated embedded derivatives are held at fair value on a recurring basis and have been split between the fair value hierarchy classifications. Valuation Techniques The following is an explanation of the valuation techniques used in establishing the fair value of the different types of financial instruments that the Group trades. Sovereign, Quasi-sovereign and Corporate Debt and Equity Securities - Where there are no recent transactions then fair value may be determined from the last market price adjusted for all changes in risks and information since that date. Where a close proxy instrument is quoted in an active market then fair value is determined by adjusting the proxy value for differences in the risk profile of the instruments. Where close proxies are not available then fair value is esti mated using more complex modeling techniques. These techniques include discounted cash flow models using current market rates for credit, interest, liquidity and other risks. For equity securities modeling techniques may also include those based on earnings multiples. Mortgage- and O ther Asset-Backed Securities (MBS/ABS) include residential and commercial MBS and other ABS including CDOs. ABS have specific characteristics as they have different underlying assets and the issuing entities have different capital structures. The complexity increases further where the underlying assets are themselves ABS, as is the case with many of the CDO instruments. Where no reliable external pricing is available, ABS are valued, where applicable, using either relative value analysis which is performed based on similar transactions observable in the market, or industry standard valuation models incorporating available obseivable inputs. The industry standard external models calculate principal and interest pay ments for a given deal based on assumptions that can be independently price tested. The inputs include prepayment D e utsch e Bank 4 - Notes to the Consolidated Financial Statements Interim R e p o rt a s o f M a rch 31. 2016 speeds, loss assumptions (timing and severity) and a discount rate (spread, yield or discount margin). These in puts/assumptions are derived from actual transactions, external market research and market indices where appropriate. Loans - For certain loans fair value may be determined from the market price on a recently occurring transaction ad justed for all changes in risks and information since that transaction date. Where there are no recent market transac tions then broker quotes, consensus pricing, proxy instruments or discounted cash flow models are used to determine fair value. Discounted cash flow models incorporate parameter inputs for credit risk, interest rate risk, foreign exchange risk, loss given default estimates and amounts utilized given default, as appropriate. Credit risk, loss given default and utilization given default parameters are determined using information from the loan or CDS markets, where available and appropriate. Leveraged loans can have transaction-specific characteristics which can limit the relevance of market-observed trans actions. Where similar transactions exist for which observable quotes are available from external pricing services then this information is used with appropriate adjustments to reflect the transaction differences. When no similar transac tions exist, a discounted cash flow valuation technique is used with credit spreads derived from the appropriate lever aged loan index, incorporating the industry classification, subordination of the loan, and any other relevant information on the loan and loan counterparty. Over-The-Counter Derivative Financial Instruments - Market standard transactions in liquid trading markets, such as interest rate swaps, foreign exchange forward and option contracts in G7 currencies, and equity swap and option con tracts on listed securities or indices are valued using market standard models and quoted parameter inputs. Parameter inputs are obtained from pricing services, consensus pricing services and recently occurring transactions in active markets wherever possible. More complex instruments are modeled using more sophisticated modeling techniques specific for the instrument and are calibrated to available market prices. Where the model output value does not calibrate to a relevant market refer ence then valuation adjustments are made to the model output value to adjust for any difference. In less active markets, data is obtained from less frequent market transactions, broker quotes and through extrapolation and interpolation techniques. Where observable prices or inputs are not available, management judgment is required to determine fair values by assessing other relevant sources of information such as historical data, fundamental analysis of the econom ics of the transaction and proxy information from similar transactions. Financial Liabilities Designated at Fair Value through Profit or Loss under the Fair Value Option - The fair value of financial liabilities designated at fair value through profit or loss under the fair value option incorporates all market risk factors including a measure of the Group’s credit risk relevant for that financial liability. The financial liabilities include structured note issuances, structured deposits, and other structured securities issued by consolidated vehicles, which may not be quoted in an active market. The fair value of these financial liabilities is determined by discounting the contractual cash flows using the relevant credit-adjusted yield curve. The market risk parameters are valued consistent ly to similar instruments held as assets, for example, any derivatives embedded within the structured notes are valued using the same methodology discussed in the “Over-The-Counter Derivative Financial Instruments” section above. Where the financial liabilities designated at fair value through profit or loss under the fair value option are collateralized, such as securities loaned and securities sold under repurchase agreements, the credit enhancement is factored into the fair valuation of the liability. Investment Contract Liabilities - Assets which are linked to the investment contract liabilities are owned by the Group. The investment contract obliges the Group to use these assets to settle these liabilities. Therefore, the fair value of investment contract liabilities is determined by the fair value of the underlying assets (i.e., amount payable on surrender of the policies). ■J D e u ts c h e B ank interim Report as of March 31, 2016 Basis of Preparation - 66 Impact of Changes in Accountion Principles ~ 67 Segment information - 70 Information on the Consolidated income Statement 7 Information on the Consolidated Balance Sheet - 76 O ther Financial Information - 116 Analysis of Financial Instruments with Fair Value Derived from Valuation Techniques Containing Significant Unobservable Parameters (Level 3) Some of the instruments in level 3 of the fair value hierarchy have identical or similar offsetting exposures to the unob servable input. However, according to IFRS they are required to be presented as gross assets and liabilities. Trading Securities - Certain illiquid emerging market corporate bonds and illiquid highly structured corporate bonds are included in this level of the hierarchy. In addition, some of the holdings of notes issued by securitization entities, commercial and residential MBS, collateralized debt obligation securities and other ABS are reported here. The de crease in the period was mainly due to a combination of sales and settlements mostly offset by transfers between levels 2 and 3 and Purchases, Positive and Negative Market Values from Derivative Instruments categorized in this level of the fair value hierarchy are valued based on one or more significant unobservable parameters. The unobservable parameters may include certain correlations, certain longer-term volatilities, certain prepayment rates, credit spreads and other transactionspecific parameters. Level 3 derivatives include customized CDO derivatives in which the underlying reference pool of corporate assets is not closely comparable to regularly market-traded indices; certain tranched index credit derivatives; certain options where the volatility is unobservable: certain basket options in which the correlations between the referenced underlying assets are unobservable; longer-term interest rate option derivatives; multi-currency foreign exchange derivatives: and certain credit default swaps for which the credit spread is not observable. The marginal increase in the period refers to gains offset by settlements. Other Trading Instruments classified in level 3 of the fair value hierarchy mainly consist of traded loans valued using valuation models based on one or more significant unobservable parameters. Level 3 loans comprise illiquid leveraged loans and illiquid residential and commercial mortgage loans. The marginal increase in the period refers to purchases and transfers between levels 2 and 3, offset by sales and settlements. Financial Assets/Liabilities designated at Fair Value through Profit or Loss - Certain corporate loans and structured liabilities which were designated at fair value through profit or loss under the fair value option are categorized in this level of the fair value hierarchy. The corporate loans are valued using valuation techniques which incorporate observa ble credit spreads, recovery rates and unobservable utilization parameters. Revolving loan facilities are reported in the third level of the hierarchy because the utilization in the event of the default parameter is significant and unobservable. In addition, certain hybrid debt issuances designated at fair value through profit or loss containing embedded deriva tives are valued based on significant unobservable parameters. These unobservable parameters include single stock volatility correlations. The decrease in assets during the period is primarily due to settlements and transfers between levels 2 and 3. Liabilities are stable due to Issuances offset by settlements and transfers between level 2 and 3. Financial Assets Available for Sale include non-performing loan portfolios where there is no trading intent and unlist ed equity instruments where there is no close proxy and the market is very illiquid. Assets are stable due to sales and settlements offsetting purchases. D e utsch e B ank 4 - Notes to the Consolidated Financial Statements Interim Report as of March 31, 2016 Reconciliation of financial instruments classified in Level 3 Mar 31 2016 in € rn, Balance, beginning of year Changes in the group of consoli dated com panies Total gains/ losses1 Issuances Purchases Sales Settle ments3 Transfers into Level 3‘! Transfers out of Level 3^ Balance, end of period F in a n cia l asse ts h eld a t fa ir value: T rading securities 6 669 0 (189) 441 9 ,445 0 475 6 ,0 8 2 0 (122) 1 ,132 4 .4 7 8 0 (78) 4 ,8 7 4 0 (5 2 )s 0 0 0 3 1 ,5 4 9 0 18 0 7 ,879 0 0 0 3 .0 5 3 0 (1 ,1 4 6 ) 0 9 ,8 0 5 0 (583) 0 (341) 935 (412) 6.521 0 (409) 748 (659) 9 .599 (946) 13 (562) 1,053 (458) 6 .1 9 3 0 (50) 39 (478) 42 (204) 3 .748 485 (249) 0 (270) 127 (38) 4 .8 7 7 P o sitive m arke t v a lu e s fro m d e riv a tiv e fin a n cial in stru m e n ts 0 0 O th e r trad ing asse ts F in a n cia l asse ts d e s ig n a te d a t fa ir va lu e th ro u g h p ro fit o r loss F ina ncial asse ts a va ila b le fo r sale O th e r financial a sse ts a t fa ir value 0 0 0 0 28 0 28 Total fin a n cia l a sse ts held a t fair v alue 3 3 6,7 2 ,058 (1,8 28) 52 (2,0 60) 2 ,9 3 3 (1 ,7 7 1 ) 3 0 ,9 6 6 F in a n cia l liabilities held a t fa ir value: T rading securities 0 0 0 0 7 0 0 0 0 0 0 0 0 567 (194) 55 0 0 0 1 (4 3 4 )67 0 0 567 (776) 0 0 26 N e g a tive m arke t v alue s fro m d e riva tive fin a n cial in stru m e n ts (291) (591) 954 (585) 7 .3 6 6 O th e r trad ing liab ilitie s 0 0 0 0 0 F in a n cia l liab ilitie s d e sig n a te d a t fa ir v a lu e th ro u g h pro fit o r loss (199) 79 (269) 3 ,038 O th e r financial lia b ilitie s at fair v a lu e (?) 198 (898) Total financial lia b ilitie s held a t fair value 1,026 (656) 9,531 1 Total gains and losses predominantly relate to net gains (losses) on financial assets/liabilities at fair value through profit or loss reported in the consolidated statement of income. The balance also Includes net gains (losses* on financial assets available for saie reported in the consolidated statement of income and unrealized net gains (losses) on financial assets available for sale and exchange rate changes reported in other comprehensive income, net of tax. Further, certain instruments are hedged with instruments in level 1 or level 2 but the table above does not include the gains and losses on these hedging instruments. Additionally, both observable and unobservable parameters may be used to determine the fair value of an instrument classified within level 3 of the fair value hierarchy; the gains and losses presented below are attributable to movements in both the observable and unobservable parameters. •? Issuances relate to the cash amount received on the issuance of a liability and the cash amount paid on the primary issuance of a loan to a borrower. 3 Settlements represent cash flows to settle the asset or liability. For debt and loan instruments this includes principal on maturity, principal amortizations and principal repayments. For derivatives all cash flows are presented In settlements. 15 Transfers in and transfers out of level 3 are related to changes in observability of input parameters. During the period they are recorded at their fair value at the beginning of year. For instruments transferred into level 3 the table shows the gains and losses and cash flows on the instruments as if they had been transferred at the beginning of the year. Similarly for instruments transferred out of level 3 the table does not show any gains or losses or cash flows on the instruments during the period since the table is presented as if they have been transferred out at the beginning of the year. 5 Total gains and losses on financial assets available for sale include a loss of € 15 million recognized in other comprehensive income, net of tax. and a gain of € 2 million recognized in the income statement presented in net gains (losses) on financial assets available for sale. * This amount includes the effect of exchange rate changes. For total financial assets held at fair value this effect is a loss of € 186 million and for total financial ? liabilities held at fair value this is a gain of € 103 million. The effect of exchange rate changes Is reported in accumulated other comprehensive income, net of tax. * For assets, positive balances represent gains, negative balances represent losses. For liabilities, positive balances represent losses, negative balances represent gains. Basis of Preparation - 66 Impact of Changes in Accountion Principles - 67 Segment information - 70 D e utsch e Bank interim Report as of March 31. 2016 Information on the Consolidated Income Statement - • Information on the Consolidated Balance Sheet - 76 O ther Financial Information - 1 1 6 Mar 31. 2015 in € m. Balance, beginning of year Changes in the group of consoli dated com panies Total gains/ losses! Issuances Purchases Sales Settle ments' Transfers into Level 34 Transfers out of Level 3* Balance, end of period (1,123) 9 ,0 7 8 Financial a s s e ts held at fair value: T ra d in g s e c u ritie s 8 ,957 0 7 73 468 9..559 0 1.645 0 4 ,1 9 8 0 398 344 4 .1 5 2 0 496 195 4 ,4 2 7 0 289s 174 0 0 31,294 0 43 0 7 0 0 0 32 6 .5 5 3 0 981 0 0 0 (113) 0 0 0 0 0 0 2 .3 6 6 0 2 08 0 0 157 (717) 0 (195) 916 0 (293) 1 .6 5 2 5 (738) 11,825 94 (132) 213 (296) 4.4 7 0 820 (392) 58 (33) 5.297 (18) 4 .616 P o s itiv e m a rk e t v a lu e s fro m d e riv a tiv e fin a n c ia l in s tru m e n ts 0 O th e r tra d in g ass e ts (351) F in a n c ia l a s s e ts d e s ig n a te d a t fa ir v a lu e th ro u g h p ro fit o r loss 0 F in a n c ia l a s s e ts a v a ila b le fo r s aie (100) 0 (2 1 4 ) 58 0 0 0 O th e r fin a n c ia l a s s e ts a t fa ir v a lu e Total financial a s s e ts held a t fair value Financial liabilities held at fair value: T ra d in g s e c u ritie s 0 3,60178 0 1,181 0 (1,168) 915 (1,225) 0 0 2,896 (2,208) 35,286 42 (6) 117 (981) 7,8 1 8 N e g a tiv e m a rk e t v a lu e s fro m d e riv a tiv e fin a n c ia l in s tru m e n ts 1 .3 7 7 5 O th e r tra d in g lia b ilitie s 0 0 0 0 F in a n c ia l lia b ilitie s d e s ig n a te d a t fa ir v a lu e th ro u g h p ro fit o r loss (67) 112 (22) 64 31 14 2.7 5 5 O th e r fin a n c ia l lia b ilitie s a t fa ir v a lu e Total financial liabilities held a t fair value (552) 8,410 0 (55) 0 0 0 0 1,1427 8 0 0 157 (84) 1,562 (996) (498) 10,192 Total gains and losses predominantly relate to net gains (losses) c-n financial assets/liabilities at fair value through profit or loss reported in the consolidated statement of income. The balance also Includes net gains (losses) on financial assets available for sale reported in the consolidated statement of income and unrealized net gains (losses) on financial assets available for sale and exchange rate changes reported in other comprehensive income, net of tax. Further, certain Instruments are hedged with instruments in level 1 or level 2 but the table above does not include trie gains and losses on these hedging instruments. Additionally, both observable and unobservable parameters may be used to determine the fair value of an instrument classified within level 3 of the fair value hierarchy; the gains and losses presented below are attributable to movements in both the observable and unobservable parameters. ' Issuances relate to the cash amount received on the issuance of a liability and the cash amount paid on the primary issuance of a loan to a borrower. ' Settlements represent cash flows to settle the asset or liability. For debt and loan instruments this includes principal on maturity, principal amortizations and principal repayments. For derivatives all cash flows are presented in settlements. * Transfers in and transfers out of level 3 are related to changes in Observability o f input parameters. During the period they are recorded at their fair value at the beginning of year. For instruments transferred into level 3 the table shows the gains and losses and cash flows on the instruments as if they had been transferred at the beginning of the year. Similarly for instruments transferred out of level 3 the table does not show any gains or losses or cash flows on the Instruments during the period since the table is presented as if they have been transferred out at the beginning of the year. b Amounts have been restated by € 670 million in 'Positive market values from derivative financial instruments1and € 708 million in Negative market values from derivative financial instruments. 6 Total gains and losses on financial assets available for sale include a gain of € 47 million recognized in other comprehensive Income, net of tax; and a gain of _€ 10 million recognized in the income statement presented in net gains (losses) on financial assets available for sale. 1 This amount includes the effect of exchange rate changes. For total financial assets held at fair value this effect is a gain of € 716 million and for total financial „ liabilities held at fair value this is a gain of € 208 million, The effect of exchange rate changes is reported in accumulated other comprehensive income, net of tax. ' For assets, positive balances represent gains, negative balances represent losses. For liabilities, positive balances represent losses, negative balances represent gains. D e utsch e B a nk 4 - Notes to the Consolidated Financial Statements 86 interim Report as o f March 31, 2016 Sensitivity Analysis of Unobservable Parameters Where the value of financial instruments is dependent on unobservable parameter inputs, the precise level for these parameters at the balance sheet date might be drawn from a range of reasonably possible alternatives. In preparing the financial statements, appropriate levels for these unobservable input parameters are chosen so that they are con sistent with prevailing market evidence and in line with the Group's approach to valuation control detailed above. Were the Group to have marked the financial instruments concerned using parameter values drawn from the extremes of the ranges of reasonably possible alternatives then as of March 31, 2016 it could have increased fair value by as much as € 1.7 billion or decreased fair value by as much as € 1.5 billion. As of December 31, 2015 it could have increased fair value by as much as € 2.1 billion or decreased fair value by as much as € 1.5 billion. This disclosure is intended to illustrate the potential impact of the relative uncertainty in the fair value of financial in struments for which valuation is dependent on unobservable input parameters. However, it is unlikely in practice that all unobservable parameters would be simultaneously at the extremes of their ranges of reasonably possible alternatives. Hence, the estimates disclosed above are likely to be greater than the true uncertainty in fair value at the balance sheet date. Furthermore, the disclosure is neither predictive nor indicative of future movements in fair value. For many of the financial instruments considered here, in particular derivatives, unobservable input parameters repre sent only a subset of the parameters required to price the financial instrument, the remainder being observable. Hence for these instruments the overall impact of moving the unobservable input parameters to the extremes of their ranges might be relatively small compared with the total fair value of the financial instrument. For other instruments, fair value is determined based on the price of the entire instrument, for example, by adjusting the fair value of a reasonable proxy instrument. In addition, all financial instruments are already carried at fair values which are inclusive of valuation ad justments for the cost to close out that instrument and hence already factor in uncertainty as it reflects itself in market pricing. Any negative impact of uncertainty calculated within this disclosure, then, will be over and above that already included in the fair value contained in the financial statements. B re a k d o w n o f th e s e n sitiv ity a n a ly s is by ty p e o f in s tru m e n t1 Mar 31, 2016 in € nn. Positive fair value movement from using reasonable possible alternatives Negative fair value movement from using reasonable possible alternatives Dec 31. 2015 Positive fair value movement from using reasonable possible alternatives Negative fair value movement from using reasonable possible alternatives Securities: D e b t securities C o m m e rcia l m o rtg a g e -b a c k e d s e c u ritie s M o rtg a g e a n d o th e r a s s e t-b a c k e d s e c u ritie s C o rp o ra te , so ve re ig n a n d o th e r d e b t s e c u ritie s E q uity se cu ritie s 174 14 44 116 120 132 13 42 76 83 212 226 215 297 16 177 158 12 11 38 31 161 116 179 105 537 187 157 12 102 489 627 183 131 364 147 471 0 0 1,696 Derivatives: C redit Equity in te re s t related F oreign e xch a n g e O th e r 17 13 161 100 271 0 0 539 261 0 0 0 0 1,481 2,144 1,542 Loans: Loa ns Loan c o m m itm e n ts Other Total ‘ Where the exposure to an unobservable parameter is offset across different instruments then only the net impact is disclosed in the table. D e u ts c h e B ank Interim Report as of March 31; 2018 Basis of Preparation ~ 66 Impact of Changes in Accountion Principles — 67 Segment Information - 70 information on the Consolidated Income Statement ~ 73 Information on the Consolidated Balance Sheet - 76 O ther Financial Information - 1 1 6 Quantitative Information about the Sensitivity of Significant Unobservable Inputs The behavior of the unobservable parameters on Level 3 fair value measurement is not necessarily independent, and dynamic relationships often exist between the other unobservable parameters and the observable parameters. Such relationships, where material to the fair value of a given instrument, are explicitly captured via correlation parameters, or are otherwise controlled via pricing models or valuation techniques. Frequently, where a valuation technique utilizes more than one input, the choice of a certain input will bound the range of possible values for other inputs. In addition, broader market factors (such as interest rates, equity, credit or commodity indices or foreign exchange rates) can also have effects. The range of values shown below represents the highest and lowest inputs used to value the significant exposures within Level 3. The diversity of financial instruments that make up the disclosure is significant and therefore the ranges of certain parameters can be large. For example, the range of credit spreads on mortgage backed securities represents performing, more liquid positions with lower spreads then the less liquid, non-performing positions which will have higher credit spreads. As Level 3 contains the less liquid fair value instruments, the wide ranges of parameters seen is to be expected, as there is a high degree of pricing differentiation within each exposure type to capture the relevant market dynamics. There follows a brief description of each of the principle parameter types, along with a commentary on significant interrelationships between them. Credit Parameters are used to assess the creditworthiness of an exposure, by enabling the probability of default and resulting losses of a default to be represented. The credit spread is the primary reflection of creditworthiness, and represents the premium or yield return above the benchmark reference instrument (typically LIBOR, or relevant Treas ury Instrument, depending upon the asset being assessed), that a bond holder would require to allow for the credit quality difference between that entity and the reference benchmark. Higher credit spreads will indicate lower credit quality, and lead to a lower value for a given bond, or other loan-asset that is to be repaid to the Bank by the borrower. Recovery Rates represent an estimate of the amount a lender would receive in the case of a default of a loan, or a bond holder would receive in the case of default of the bond. Higher recovery rates will give a higher valuation for a given bond position, if other parameters are held constant. Constant Default Rate (CDR) and Constant Prepayment Rate (CPR) allow more complex loan and debt assets to be assessed, as these parameters estimate the ongoing defaults arising on scheduled repayments and coupons, or whether the borrower is making additional (usually volun tary) prepayments. These parameters are particularly relevant when forming a fair value opinion for mortgage or other types of lending, where repayments are delivered by the borrower through time, or where the borrower may pre-pay the loan (seen for example in some residential mortgages). Higher CDR will lead to lower valuation of a given loan or mortgage as the lender will ultimately receive less cash. Interest rates, credit spreads, inflation rates, foreign exchange rates and equity prices are referenced in some option instruments, or other complex derivatives, where the payoff a holder of the derivative will receive is dependent upon the behavior of these underlying references through time. Volatility parameters describe key attributes of option behavior by enabling the variability of returns of the underlying instrument to be assessed. This volatility is a measure of proba bility, with higher volatilities denoting higher probabilities of a particular outcome occurring. The underlying references (interest rates, credit spreads etc.) have an effect on the valuation of options, by describing the size of the return that can be expected from the option. Therefore the value of a given option is dependent upon the value of the underlying instrument, and the volatility of that instrument, representing the size of the payoff, and the probability of that payoff occurring. Where volatilities are high, the option holder will see a higher option value as there is greater probability of positive returns. A higher option value will also occur where the payoff described by the option is significant. Correlations are used to describe influential relationships between underlying references where a derivative or other instrument has more than one underlying reference. Behind some of these relationships, for example commodity corre lation and interest rate-foreign exchange correlations, typically lie macroeconomic factors such as the impact of global demand on groups of commodities, or the pricing parity effect of interest rates on foreign exchange rates. More specific relationships can exist between credit references or equity stocks in the case of credit derivatives and equity basket derivatives, for example. Credit correlations are used to estimate the relationship between the credit performance of a D e utsch e Bank 4 - Notes to the Consolidated Financial Statements interim Report as of March 31.. 2016 range of credit names, and stock correlations are used to estimate the relationship between the returns of a range of equities. A derivative with a correlation exposure will be either long- or short-correlation. A high correlation suggests a strong relationship between the underlying references is in force, and this will lead to an increase in value of a iongcorrelation derivative. Negative correlations suggest that the relationship between underlying references is opposing, i.e., an increase in price of one underlying reference will lead to a reduction in the price of the other. An EBITDA {‘earnings before interest, tax, depreciation and amortization’) multiple approach can be used in the valua tion of less liquid securities. Under this approach the enterprise value fE V ) of an entity can be estimated via identifying the ratio of the EV to EBITDA of a comparable observable entity and applying this ratio to the EBITDA of the entity for which a valuation is being estimated. Under this approach a liquidity adjustment is often applied due to the difference in liquidity between the generally listed comparable used and the company under valuation. A higher EV/EBITDA multiple will result in a higher fair value. Financial instruments classified in Level 3 and quantitative information about unobservable inputs Mar 31, 2016 Fair value Significant unobservable in € m. (unless stated otherwise) Assets Liabilities 356 0 Valuation technique(s)1 Range input(s) (Level 3} Financial instruments held at fair value held for trading, designated at fair value and available-for-sale: M o rtg a g e - and o th e r a s s e t-b a c k e d se cu ritie s C o m m e rcia l m o rtg a g e -b a c k e d se cu ritie s P ric e based P rice 0 % 102% D is c o u n te d c a s h flo w C re d it s p re a d (bps) 319 1,573 P ric e based P rice 0 % 177% D is c o u n te d c a s h flo w C re d it s p re a d (bps) M o rtg a g e - and o th e r a s s e t-b a c k e d se cu ritie s Total mortgage- and other asset-b ack ed securities 1 .734 0 2 ,0 9 0 0 4 ,4 7 3 1,387 4 .0 8 8 26 54 1,556 R e c o v e ry ra te 0 % 100 % C o n s ta n t d e fa u lt rate 0 % 18% C o n s ta n t p re p a y m e n t rate 0 % 66 % P rice b ase d P rice 0 % 235 % D is c o u n te d c a s h flo w C re d it s p re a d (bps) 2 1,237 M a rk e t a p p ro a c h P ric e p e r ne t a s s e t v alue 70 % 100% ■| 18 D e b t se cu ritie s a n d o th e r d e b t o b lig a tio n s H eid fo r trad ing C o rp o ra te , so ve re ig n a n d o th e r d e b t se cu ritie s o b lig a tio n s A va ila b le -fo r-sa le D e sig n a te d a t fa ir value E q uity se cu ritie s Held fo r trad ing D e sig n a te d a t fa ir va lu e 4 ,0 8 6 2 15 172 1,361 1.061 0 E n te rp ris e v a lu e /E B IT D A 344 (m ultiple ) 0 20 D is c o u n te d c a s h flow W e ig h te d a v e ra g e c o s t c a p ita l 8 % 2 2 % 1 2 ,0 7 9 0 P rice b ase d P rice 0 % 160 % H eld fo r trading 6 .1 8 8 0 D is c o u n te d c a s h flow C re d it s p re a d (bps) 118 4 ,6 1 2 D e signated a t fair va lu e 2 ,9 3 4 C o n s ta n t d e fa u lt rate 0 % 24% A va ila b ie -fo r-sa ie 2 .9 5 7 R e c o v e ry rate A v a ila b le -fo r-s a le L oa ns Loa n c o m m itm e n ts 697 0 71 D is c o u n te d c a s h flo w C re d it s p re a d (bps) O th e r fin a n cia l in stru m e n ts 1,664'" 1 .6 0 7 3 D is c o u n te d c a s h fio w W 2 1 ,3 6 8 1,103 2 0 % 75% 0 % 100 % IRR 0 % 23% 85 201 R e po rate (bps.) Total financial instruments held at fair value 82 % 6 U tilization R e c o v e ry rate Loa n pric in g m odel 25% 3,0 6 4 * Valuation technique(s) and subsequently the significant unobservable input(s) relate to the respective total position. •' Other financial assets include € 5 million of other trading assets. € 822 million of other financial assets designated at fair value and € 1 0 billion other financial assets available tor sale. 3 Other fm/noial liabilities include € 1.5 billion of securities sold under repurchase agreements designated at fair value and € 35 million of other financial iiabiiities designapdsat fair value. Information on the Consolidated Income Statement - ' Basis of Preparation - 66 Impact of Changes in Accountion Principles - 67 Segment Information - 70 D e utsch e Bank Interim Report as of March 31, 2016 Information on the Consolidated Balance Sheet - 76 Other Financial Information - 116 Dec 31, 2015 Fair value in € m, (unless stated otherwise) Significant unobservable Assets Liabilities Valuation techniques)' input(s) (Level 3) Range Financial instrum ents held at fair value held for trading, designated at fair value and available-for-sale: M o rtg a g e - and o th e r a s s e t-b a c k e d se c u ritie s C o m m e rc ia l m o rtg a g e -b a c k e d s e c u ritie s 224 0 P rice based P rice 0 % 105% D is c o u n te d c a s h flo w C re d it s p re a d (bps) 370 1,500 P ric e b ase d P rice 0 % 111 % D is c o u n te d c a s h flo w C re d it s p re a d (bps) M o rtg a g e - and o th e r a s s e t-b a c k e d s e c u ritie s Total m ortgage- and other asset-b ack ed securities 1,891 0 2,115 0 4,721 1,654 4 ,2 2 9 18 32 2 .0 0 0 R e c o v e ry ra te 0 % 100% C o n s ta n t d e fa u lt ra te 0 % 24 % C o n s ta n t p re p a y m e n t ra te 0 % 51 % 0 % 230 % 9 984 70 % 100% 1 18 D e bt s e c u ritie s a n d o th e r d e b t o b lig a tio n s H eld fo r tra d in g P rice b ase d P rice D is c o u n te d c a s h flo w C re d it s p re a d (bps) M a rk e t a p p ro a c h P ric e p e r n e t a s s e t v a lu e C o rp o ra te , s o v e re ig n a n d o th e r d e b t s e c u ritie s o b lig a tio n s A v a ila b le -fo r-s a le D e s ig n a te d a t fa ir v alue E q u ity s e c u ritie s H eld fo r tra d in g D e s ig n a te d a t fair va lu e A v a ila b le -fo r-s a le 4 .2 2 9 330 163 1.636 1,248 0 E n te rp ris e v a lu e /E B IT D A 325 (m u ltip le ) 0 21 D is c o u n te d c a s h flo w W e ig h te d a v e ra g e c o s t c apital 8 % 1 2 % 12.626 0 P rice b ase d P rice 0 % 146 % H eld fo r tra d in g 6 .076 0 D is c o u n te d c a s h flo w C re d it s p re a d (bps) 103 2 ,787 D e s ig n a te d a t fair v a lu e 3 ,672 C o n s ta n t d e fa u lt rate 0 % 24 % A v a ila b le -fo r-s a le 2 ,879 R e c o v e ry ra te Loan c o m m itm e n ts 0 L oa ns 901 84 D is c o u n te d c a s h flo w C re d it s p re a d (bps) R e c o v e ry rate Loa n p ric in g m odel O th e r fin a n c ia l in s tru m e n ts Total financial instrum ents held at fair value 1,394* 2 2 ,104 1 ,3 3 3 s D is c o u n te d c a s h flo w 10 % 82 % 5 1,257 2 0 % 75% U tiliz a tio n 0 % 100 % IRR 4% 24 % R e p o ra te (bps.) 125 277 3,071 1 Valuation technique(s) and subsequently the significant unobservable input(s) relate to the respective total position. 2 Other financial assets include € 6 million of other trading assets, € 523 million of other financial assets designated at fair value and € 765 million other financial assets available for saie. 3 Other financial liabilities include € 12 billion of securities sold under repurchase agreements designated at fair value and € 84 million of other financial liabilities designated at fair value. D e utsch e B ank 4 - Notes to the Consolidated Financial Statements 90 Interim Report as of March 31, 2016 __________________________________________________ ___________________________________ Mar 31, 2016 Fair value in € m. (unless stated otherwise) Significant unobsen/abie Assets Liabilities 3.711 2 ,467 Valuation technique(s) input(s) (Level 3) __ D isco u n te d c a sh flow S w a p ra te (bps) Range Financial instruments held at fair value: M a rk e t valu e s fro m d e riv a tiv e financial instru m en ts: In te re st ra te deriva tive s O p tio n p ricin g m odel C re d it deriva tive s 2 ,834 1 .7 7 9 D is c o u n te d ca sh flo w 0 715 Infla tion sw a p rate 0 % 7 % C o n s ta n t d e fa u lt rate 0 % 7 % C o n s ta n t p re p a y m e n t rate 2 % 1 2 % In fla tio n v o la tility 0 % 8 % In te re s t ra te vola tility 1 % 163 % IR - IR co rre la tio n (25) % 85% H yb rid co rre la tio n (85) % 99% C re d it s p re a d (bps) R e co ve ry rate 1 7 ,5 0 4 0 % 100 % C o rre la tio n pricing E q u ity deriva tive s FX deriva tive s O th e r deriva tive s 631 1.504 920 1194 1,293 (2 6 6 )1 m odel C re d it co rre la tio n O p tio n pricing m odel S tock vo la tility 87 % 8 % 90 % In d e x vola tility 14% 59 % Index - in d e x c o rre la tio n 46% 92 % S tock - sto c k c o rre la tio n 5 % 89% O p tio n p ricin g m odel V o latility 3% 32% D isco u n te d ca sh flo w C re d it s p re a d (bps) O p tio n pricing m odel In d e x v o la tility C o m m o d ity c o rre la tio n Total market values from derivative financial instruments______________________ 9,599 13 % - - 7% 50% (2 1 ) % 8 6 % 6,468 ! Includes derivatives which are embedded in contracts where the host contract is held as amortized cost bur for which the embedded derivative is separated. Dec 31, 2015 Fair value in € m. (unless stated otherwise) Significant unobservable Assets Liabilities 3 ,7 7 5 2 ,3 3 7 Valuation technique(s) input(s) (Level 3) D is c o u n te d c a s h flow S w a p ra te (bps) Range Financial instruments held at fair value M a rk e t value s fro m d e riv a tiv e fin a n c ia l instru m en ts: In te re st rate d e riva tive s In fla tio n s w a p ra te O p tio n p ric in g m odel C re d it deriva tive s 2 ,6 2 6 1,771 D is c o u n te d c a s h flo w 915 (2 0 ) 8 % 0 % C o n s ta n t d e fa u lt rate 0 % 6 % C o n s ta n t p re p a y m e n t rate 2 % 19% In fla tio n vola tility 0 % 8 % In te re s t ra te vola tility 9% 176 % IR - IR c o rre la tio n (25) % 100% H yb rid c o rre la tio n (70) % 99% 3 8 ,5 2 6 0 % 100 % C re d it s p re a d (bps) R e c o v e ry rate C o rre la tio n pricing E q uity d e riva tive s FX deriva tive s O th e r deriva tive s 695 1 ,613 736 1,402 1 ,604 m odel C re d it c o rre la tio n 13% 89% O p tio n pricing m odel S tock vo la tility 9 % 89 % Index vola tility 1 2 % 85 % In d e x - in d e x c o rre la tio n 45 % 93 % S to c k - s to c k c o rre la tio n 5% 93 % V o latility 2 % 24 % O p tio n pricing m odel (3 8 0 )1 D is c o u n te d c a s h flo w O p tio n p ric in g m odel C re d it s p re a d (bps) In d e x v o la tility C o m m o d ity c o rre la tio n Total market values from derivative financial instruments 9,445 - - 7% 36 % (2 1 ) % 6 ,7 3 3 1 Includes derivatives which are embedded in contracts where the host contract is held at amortized cost but for which the embedded derivative is separated. 90% 91 D e u ts c h e B ank Interim Report as of March 31, 2016 Basis of Preparation - 68 Impact of Changes in Accountion Principles - 67 Segment Information - 70 Information on the Consolidated Income Statement ~ ' Information on the Consolidated Balance Sheet - 76 Other Financial Information - 116 Unrealized Gains or Losses on Level 3 Instruments held or in Issue at the Reporting Date The unrealized gains or losses on Level 3 Instruments are not due solely to unobservable parameters. Many of the parameter inputs to the valuation of instruments in this level of the hierarchy are observable and the gain or loss is partly due to movements in these observable parameters over the period. Many of the positions in this level of the hierarchy are economically hedged by instruments which are categorized in other levels of the fair value hierarchy. The offsetting gains and losses that have been recorded on all such hedges are not included in the table below, which only shows the gains and losses related to the level 3 classified instruments themselves held at the reporting date in ac cordance with IFRS 13. The unrealized gains and losses on level 3 instruments are included in both net interest in come and net gains on financial assets/liabilities at fair value through profit or loss in the consolidated income statement. in € m. Financial a s s e ts held a t fair value: Trading securities Positive m arket values from derivative financial instruments O ther tradina a s s e ts Financial a s s e ts designated at fair value through profit or loss Financial a s s e ts available for sale O ther financial a s s e ts a t fair value Total financial a s s e ts held at fair value Financial liabilities held a t fair value: Trading securities Negative m arket values from derivative financial instruments O ther trading liabilities Financial liabilities designated at fair value through profit or loss O ther financial liabilities a t fair value Total financial liabilities held at fair value Total Three months ended Mar 31, 2016 Mar 31. 2015 (149) 628 (28) (19) 33 0 465 655 1.604 264 342 201 0 3,067 1 274 0 139 (61) 353 (1,007) 819 2,060 2 (375) (1) (94) 60 Recognition of Trade Date Profit If there are significant unobservable inputs used in a valuation technique, the financial instrument is recognized at the transaction price and any trade date profit is deferred. The table below presents the year-to-year movement of the trade date profits deferred due to significant unobservable parameters for financial instruments classified at fair value through profit or loss. The balance is predominantly related to derivative instruments. in € m. Balance, beginning of year New trad es during th e period Amortization Matured trades S u b se q u en t m ove to observability Exchange rate ch an g es Balance, end of period Mar 31, 2016 955 58 (113) (30) (65) (4) 802 Mar 31.2015 973 157 (90) (55) (14) 19 991 D e utsch e Bank 4 - Notes to the Consolidated Financial Statements Interim Report as of March 31, 2016 Fair Value of Financial Instruments not carried at Fair Value This section should be read in conjunction with Note 15 “Fair Value of Financial Instruments not carried at Fair Value” of the Group’s Annual Report 2015. The valuation techniques used to establish fair value for the Group’s financial instruments which are not carried at fair value in the balance sheet are consistent with those outlined in Note 14 “Financial Instruments carried at Fair Value" of the Group's Annual Report 2015. As described in section "Amendments to IAS 39 and IFRS 7, Reclassification of Financial Assets"’, the Group reclassified certain eligible assets from the trading and available for sale classifications to loans. The Group continues to apply the relevant valuation techniques set out in Note 14 “Financial Instruments carried at Fair Value’’ of the Group’s Annual Report 2015 to the reclassified assets. Other financial instruments not carried at fair value are not managed on a fair value basis, for example, retail loans and deposits and credit facilities extended to corporate clients. For these instruments fair values are calculated for disclo sure purposes only and do not impact the balance sheet or income statement. Additionally, since the instruments gen erally do not trade there is significant management judgment required to determine these fair values. Estimated fair value of financial instruments not carried at fair value on the balance sheet1 ___________________Mar 31, 2016 ________ Fair value in € m._______________________________________________________________ Carrying value _ ______ Dec 31. 2015 Carrying vaiue Fair value Financial assets: C a sh and ce n tra l b an k b a la n c e s In te rb a n k d e p o sits (w/'o c e n tra l b an ks) 113,040 10,083 113,040 10,083 9 6 ,9 4 0 9 6 ,9 4 0 1 2 .842 12,842 22,987 39.369 424,060 3,233 154.515 22,979 39,369 422,804 3,319 154,485 2 2 .4 5 6 2 2 ,4 5 6 3 3 ,5 5 7 3 3 ,5 5 7 4 2 7 ,7 4 9 4 2 6 ,3 6 5 0 0 101..901 1 0 1 ,8 6 8 559,140 558,799 5 6 6 .9 7 4 5 6 6 ,6 5 2 15,115 2,207 28,477 190.050 151,361 6,112 15,116 2,207 28,473 190,050 149,235 6,176 9 .8 0 3 9 ,803 C e n tra l b an k fu n d s sold a n d s e c u ritie s p u rc h a s e d u n d e r resale a g re e m e n ts S e cu ritie s borrow ed Loa ns S e c u ritie s heid to m atu rity O th e r fin a n cia l asse ts Financial liabilities: D e posits C e n tra l b an k fu n d s p u rc h a s e d a n d s e c u ritie s s o ld u n d e r re p u rch a se a g re e m e n ts S e cu ritie s loan ed O th e r sh o rt-te rm b o rro w in g s O th e r fin a n cia l liabilities L o n g -te rm deb t T ru st preferred secu ritie s 3 ,2 7 0 3,270 2 8 .0 1 0 2 8 ,0 0 3 1 49 ,994 1 49 ,994 1 6 0 ,0 1 6 1 60 ,065 7 .0 2 0 7 ,5 1 6 1 Amounts generally presented on a gross basis, in line with the Group's accounting policy regarding offsetting of financial instruments as described in Note 1 ’’Significant Accounting Policies and Critical Accounting Estimates'’ of the Group's Annual Report 2015. D e utsch e B ank interim Report as of March 31, 2016 Information on the Consolidated income Statement - 7 Information on the Consolidated Balance Sheet - 76 Other Financial Information - 116 Basis of Preparation - 66 Impact of Changes in Accountion Principles - 67 Segment Information - 70 Offsetting Financial Assets and Financial Liabilities The Group is eligible to present certain financial assets and financial liabilities on a net basis on the balance sheet pursuant to criteria described in Note 1 “Significant Accounting Policies and Critical Accounting Estimates: Offsetting Financial Instruments” of the Group's Annual Report 2015. The following tables provide information on the impact of offsetting on the consolidated balance sheet, as well as the financial impact of netting for instruments subject to an enforceable master netting arrangement or similar agreement as well as available cash and financial instrument collateral. Assets Mar 31. 2016 Amounts not set off on the balance sheet Gross amounts of financial assets Gross amounts set off on the balance sheet 18,961 (1.490) Net amounts of financial assets pre sented on the balance sheet Impact of Master Netting Agreements Cash collateral Financial instrument collateral1 Net amount C e n tra l b a n k fu n d s s old a n d s e c u ritie s p u rc h a s e d u n d e r re s a le a g re e m e n ts (e n fo rc e a b le ) 17,471 (17,368) 103 C e n tra l b a n k fu n d s s o ld a n d s e c u ritie s p u rc h a s e d u n d e r re s a le a g re e m e n ts (n o n -e n fo rc e a b le ) 5.516 5,516 2 2,136 22* 136 (5.085) (21,527) 431 S e c u ritie s b o rro w e d (e n fo rc e a b le ) S e c u ritie s b o rro w e d (n o n -e n fo rc e a b le ) 17,233 17.233 (17,015) 218 ( 12) (386) 1 74 ,549 (53,608) (1 4 ,0 8 6 ) 2 8 ,3 4 7 609 Fin a n c ia l a s s e ts a t fa ir v a lu e th ro u g h p ro fit o r loss T ra d in g ass e ts 1 75 ,417 (470) 1 7 4 ,9 4 7 7 1 4 ,4 6 9 (1 5 3 ,4 3 5 ) 561034 0 P o s itiv e m a rk e t v a lu e s fro m d e riv a tiv e fin a n c ia l in s tru m e n ts (e n fo rc e a b le ) (4 6 4 ,9 9 3 ) P o s itiv e m a rk e t v a lu e s fro m d e riv a tiv e fin a n c ia l in s tru m e n ts (n o n -e n fo rc e a b le ) 2 0 ,257 0 2 0 ,2 5 7 0 0 0 2 0 ,2 5 7 F in a n c ia l a s s e ts d e s ig n a te d at fa ir v a lu e th ro u g h p ro fit o r loss (e n fo rc e a b le ) 9 8 ,293 (42.046) 5 6 ;247 (2,2 93) (1 ,0 4 1 ) (46,686) 6,2 2 7 (25.953) 2 4 ,900 F in a n c ia l a s s e ts d e s ig n a te d at fa ir v a lu e th ro u g h p ro fit o r loss (n o n -e n fo rc e a b le ) 5 0,853 5 0.853 Total fin a n c ia l a s s e ts a t fa ir va lu e th ro u g h p ro fit o r lo ss____________________ ,059,289 L oa ns 4 2 4 ,0 7 8 O th e r a s s e ts 198,466 (1 9 5 ,9 5 1 ) .(18).. (2 7 .3 7 1 ) 8 6 3 ,3 3 8 (4 6 7 ,2 8 6 ) 4 2 4 ,0 6 0 1 71 .029 (6 2 .7 8 8 ) (6 .J 6 5 ) 3,727 (2,.82.0) 0 2 1 9 ,7 8 7 (54,660) (87,110) 2 5 4 ,2 8 0 (14,594) (50,267) 359,199 (153) 0 108.089 (696) 2 18 ,604 (1 9 9 ,0 6 9 ) 9 41 ,532 T h e re o f: P o s itiv e m a rk e t v a lu e s fro m d e riv a tiv e s q u a lify in g fo r hed ge a c c o u n ting (e n fo rce a b le ) R e m a in in g a s s e ts n o t s u b je c t to nettlnc Total a s s e ts 9,893 2 1 9 ,7 8 7 1 ,9 6 5 ,3 9 9 Excludes seal estate and other non-financial instrument collateral. " ............... (2 2 4 ,8 3 0 ) 1 ,7 4 0 ,5 6 9 _ 0_ 1487) ~ (53 0 ,0 7 4 ) (6 9 ,8 9 4 ) 907 D e utsch e Bank 4 - Notes to the Consolidated Financial Statements interim Report as o f March 31, 2018 Liabilities Mar 31. 2016 Amounts not set off on the balance sheet in € m. D e p o sit Gross amounts of financial liabilities Gross amounts set off on the balance sheet 5 5 9 158 (18) 6 ,6 0 0 (2,367) Net amounts of financial liabilities pre sented on the balance sheet impact of Master Netting Agreements Cash collateral Financial instrument collateral Net amount 5 59 .140 0 0 0 5 5 9 .1 4 0 4.2 3 3 0 0 (4,2 33) 0 4 ,4 3 2 C e n tra i b an k fu n d s p u rch a s e d and se cu ritie s sold und er re p u rc h a s e a g re e m e n ts (e n fo rce a b le ) C e ntra! b an k fu n d s p u rch a s e d and se cu ritie s sold u n d e r re p u rc h a s e ag re e m e n ts (n o n -e n fo rce a b le ) S e cu ritie s loan ed (enfo rce a b le ) S e cu ritie s loan ed (n o n -e n fo rc e a b le ) 1 0 .8 8 2 0 10.882 0 0 (6,4 50) 1 ,9 6 2 0 1,962 0 0 (1.9 62) 0 245 0 245 0 0 (128) 117 0 0 F in a n cia l liab ilitie s a t fa ir v a lu e th ro u g h pro fit o r loss T ra d in g liab ilitie s 6 4 ,7 0 9 (899) 6 3 ,8 1 0 6 9 3 ,4 0 5 (1 5 3 ,9 0 5 ) 5 3 9 ,4 9 9 0 6 3 ,8 1 0 N e g a tive m a rke t value s fro m d e riv a tiv e fin a n cia l in stru m e n ts (e n fo rc e a b le ) (46 3 ,0 2 6 ) (54,283) (22,190) 0 0 (5,6 85) 16,348 0 (1 6 ,8 9 8 ) 0 (5 ,6 3 6 ) (2 2 ,7 3 5 ) 1 3,094 (5 9 ,9 2 0 ) (6 7 ,5 0 8 ) N e g a tive m a rk e t v a lu e s fro m d e riv a tiv e fin a n cia l in stru m e n ts (n o n -e n fo rc e a b ie ) 2 2 ,0 3 3 0 2 2,033 0 F ina ncial liab ilitie s d e s ig n a te d at fa ir value th ro u g h pro fit o r loss (e n fo rce a b le ) 5 9 ,4 5 0 (40,269) 19,180 (2,282) F ina ncial iiab iiitie s d e s ig n a te d a t fa ir value th ro u g h profit o r loss (n o n -e n fo rce a b le ) 4 1 ,4 6 6 0 4 1 ,4 6 6 0 Total fin a n cia l liab ilitie s a t fa ir v a lu e 9 3 ,2 5 2 th ro u g h pro fit o r loss 881 ,061 (19 5 ,0 7 4 ) 6 8 5 ,9 8 8 (4 6 5 ,3 0 8 ) O th e r lia b ilitie s 2 4 1 ,0 5 3 (27,371) 2 1 3 ,6 8 2 (6 3 .1 8 3 ) 0 0 1 50 ,499 1 0 ,9 5 3 (6,1 65) 4,7 8 7 (4,787) 0 0 0 T he reo f: N e g a tive m a rke t v a lu e s from d e riv a tiv e s q u a lifyin g fo r h e d g e a c co u n tin g (enfo rce a b le ) R e m a in in g lia b ilitie s no t s u b je c t to netting Total lia b ilitie s 197.891 1 ,8 9 8 ,8 5 3 0 (2 2 4 ,8 3 0 ) 197,891 1,674,023 0 (528,491) 0 (59,920) 0 (8 0 ,2 8 1 ) 197,891 1,005,331 D e u ts c h e Bank Interim Report as of March 31, 2016 information on the Consolidated Income Statement - " Information on the Consolidated Balance Sheet - 76 Other Financial Information - 116 Basis of Preparation - 68 Impact of Changes iri Accountion Principles - 67 Segment Information - 70 Assets Dec 31, 2015 Amounts not set off on the balance sheet in € m. Gross amounts of financial assets Gross amounts set off on the balance sheet 2 1 ,3 0 9 (5 ,1 7 4 ) Net amounts of financial assets pre sented on the balance sheet Impact of Master Netting Agreements Cash collateral 16,135 0 0 Financial instrument collateral1 Met amount C e n tra l b a n k fu n d s s old a n d s e c u ritie s p u rc h a s e d u n d e r re s a le a g re e m e n ts (e n fo rc e a b le ) (16,127) 8 C e n tra l b a n k fu n d s s old a n d s e c u ritie s p u rc h a s e d u n d e r re s a le a g re e m e n ts 6.321 0 6,321 0 0 (5,910) 411 S e c u ritie s b o rro w e d (e n fo rc e a b le ) 13,956 0 13,956 0 0 (13,448) 508 S e c u ritie s b o rro w e d (n o n -e n fo rc e a b le ) 19.601 0 19,601 0 0 (18,583) 1,018 0 (12 ) (592) 195,431 (55,896) (13,218) 2 2,150 (n o n -e n fo rc e a b le ) F in a n c ia l a s s e ts a t fa ir v a lu e th ro u g h p ro fit o r lo s s T ra d in g ass e ts 1 96 ,478 (442) 1 96 ,035 6 1 2 ,4 1 2 (113.977) 4 9 8 ,4 3 5 P o s itiv e m a rk e t v a lu e s fro m d e riv a tiv e fin a n c ia l in s tru m e n ts (e n fo rc e a b le ) (4 0 7 ,1 7 1 ) P o s itiv e m a rk e t v a lu e s fro m d e riv a tiv e fin a n c ia l in s tru m e n ts (n o n -e n fo rc e a b le ) 17.159 0 17,159 0 0 0 17,159 F in a n c ia l a s s e ts d e s ig n a te d a t fa ir v a lu e th ro u g h p ro fit o r loss (e n fo rc e a b le ) 8 6 ,596 (3 0 ,8 0 1 ) 5 5 ,7 9 6 (2 ,1 4 6 ) (1,1 67) (44,437) 8,0 4 5 (28,793) 24 .664 F in a n c ia l a s s e ts d e s ig n a te d a t fa ir v a lu e th ro u g h p ro fit o r loss (n o n -e n fo rc e a b le ) 5 3 .4 5 7 0 5 3 ,4 5 7 0 0 Total fin a n c ia l a s s e ts at fa ir v a lu e th ro u g h (4 0 9 ,3 1 7 ) p ro fit o r loss 96 6 ,1 0 2 (1 4 5 ,2 1 9 ) 8 2 0 ,8 8 3 Loa ns 42 7 .7 6 8 (19) 4 2 7 .7 4 9 O th e r ass e ts 13 4 ,7 4 2 (1 6 .6 0 5 ) 118,137 (5 8 ,4 7 8 ) 8 ,272 (5,1 37) 3 .1 3 6 (2,4 61) 0 (57.075) (87,041) 2 6 7 ,4 4 9 (1 4 ,2 9 6 ) (49,117) 3 6 4 ,3 3 5 (7) 0 5 9,652 T h e re o f: P o s itiv e m a rk e t v a lu e s fro m d e riv a tiv e s q u a lify in g fo r he d g e a c c o u n tin g (e n fo rc e a b le ) R e m a in in g a s s e ts n o t s u b je c t to nettin g Total a s s e ts 20 6 .3 4 8 1,7 96,146 Excludes real estate and other non-financial instrument collateral. 0 (1 6 7 ,0 1 6 ) 2 0 6 ,3 4 8 1 ,629,130 0 (46 7 ,7 9 5 ) 0 0 674 (555) (549) 205,2.45 (71,933) (190,775) 89 8 ,6 2 7 D e utsch e Bank 4 - Notes to the Consolidated Financial Statements Interim Report as of March 31. 2016 Liabilities Dec 31, 2015 Amounts not set off on the balance sheet in € m. D e p o sit Gross amounts of financial iiabiiities Gross amounts set off on the balance sheet 5 6 6 ,9 9 3 (19) 9 ,0 8 9 (5.135) Net amounts of financial Iiabiiities pre sented on the balance sheet Impact of Master Netting Agreements Cash collateral Financial instrument collateral Net amount 5 66 .974 0 0 0 56 6 ,9 7 4 3 ,954 0 0 C e n tra l b an k fu n d s p u rch a s e d and secu ritie s sold un d e r re p u rc h a s e ag re e m e n ts (e n fo rce a b le ) (3.9 54) 0 719 C e n tra l b a n k fu n d s p u rch a s e d and s e cu ritie s so ld un d e r re p u rc h a s e a g re e m e n ts (n o n -e n fo rce a b le ) 5.8 4 9 0 5,849 0 0 (5 ; 130) S e cu ritie s loa n e d (enfo rce a b le ) 1,7 9 5 0 1.795 0 0 (1,7 95) 0 S e cu ritie s loa n e d (n o n -e n fo rc e a b le ) 1.4 7 5 0 1.475 0 0 (951) 524 0 0 Fin a n cia l lia b ilitie s a t fair va lu e th ro u g h pro fit o r loss T ra d in g lia b ilitie s 5 3 ,2 1 5 (910) 5 2,304 588.281 (117.306) 4 7 0 ,9 7 5 0 5 2 ,3 0 4 N e g a tive m a rke t v a lu e s fro m d e riv a tiv e fin a n cia l in stru m e n ts (e n fo rc e a b le ) (40 3 .2 6 7 ) (5 3 .1 4 9 ) (1 4 ,5 5 9 ) 0 0 (2,8 67) 2 0 ,2 3 4 0 (18,657) 0 0 (11,077) 2 1 ,5 3 5 N e g a tive m a rk e t v a lu e s fro m d e riv a tiv e fin a n cia l in s tru m e n ts (n o n -e n fo rc e a b le ) 23,101 0 23,101 0 Fina ncial liab ilitie s d e s ig n a te d a t fa ir value th ro u g h pro fit o r loss (enfo rce a b le ) 5 0 .6 9 0 (2 9 ,9 2 9 ) 20,761 (2.1 05) F ina ncial liab ilitie s d e s ig n a te d at fa ir va lu e th ro u g h pro fit o r loss (n o n -e n fo rce a b le ) 3 2 ,6 1 2 0 3 2 ,6 1 2 0 Total fin a n c ia l lia b ilitie s a t fa ir v a lu e th ro u g h profit o r loss 7 4 7 ,8 9 9 (14 8 ,1 4 5 ) 5 9 9 ,7 5 4 (405,372) O th e r lia b ilitie s 1 88 ,723 (13,718) 1 75 .005 (68.626) 0 0 1 06 .379 8 ,615 (2,2 50) 6 ,3 6 5 (6,3 65) 0 0 0 0 2 0 6 ,6 9 9 (5 3 ,1 4 9 ) (4 7 ,1 6 0 ) 9 4 ,0 7 3 T he reo f: N e g a tive m a rk e t v a lu e s fro m d e riv a tiv e s q u a lifyin g fo r h e d g e a cco u n tin g (enforce able) R e m a in in g liab ilitie s n o t su b je c t to netting Total lia b ilitie s 2 0 6 ,6 9 9 1 ,7 2 8 ,5 2 2 0 (16 7 ,0 1 6 ) 2 0 6 ,6 9 9 1,561,506 0 (473,998) 0 (53,149) (58,990) 9 7 5 ,3 6 8 Detailed information of what is presented in the individual columns are described in Note 18 “Offsetting Financial As sets and Financial Liabilities” of the Group’s Annual Report 2015. Information on the Consolidated Income Statement - ' Information on the Consolidated Balance Sheet - 76 O ther Financial Information - 116 Basis of Preparation - 66 Impact of Changes in Accountlon Principies - 67 Segment Information - 70 D e u ts c h e B ank interim Report as of March H , 2 0 1 6 Allowance for Credit Losses Three months ended Mar 31, 2016 Allowance for Loan Losses in € m. (unless stated otherwise) Allowance for Off-Balance Sheet Positions individually assessed Coliectively assessed Subtotal individually assessed Collectively assessed Subtotal Total 2,252 2,776 5,028 144 168 312 5,340 185 107 292 18 13 304 Balance, beginning of y ear P ro v is io n fo r c re d it lo s s e s (5) T h e re o f: (G a in s )/L o s s e s fro m (4) (20) (24) 0 0 0 (24) N e t c h a rg e -o ffs : (158) (452) (610) 0 0 0 (610) C h a rg e -o ffs (166) (498) (665) (665) d is p o s a l o f im p a ire d loan s R e c o v e rie s O th e r c h a n g e s Balance, end of period 8 43 2,322 0 0 0 46 55 0 0 0 55 (109) (66) (0) (5) (6) (71) 2,322 4,644 161 158 319 4,963 C h an g es com pared to prior year P ro v is io n fo r c re d it losses In € m. In % 93 (12) 81 13 (7) 5 86 102 (10) 39 248 (311) 73 40 (56) (352) (408) 0 0 0 (408) 54 354 202 0 0 0 202 N e t c h a rg e -o ffs In € m. In % Three months ended Mar 31, 2016 Allowance for Loan Losses in € m. (unless stated otherwise) Allowance for Off-Balance Sheet Positions individually assessed Collectively assessed Subtotal individually assessed Collectively assessed Subtotal Total 2,364 2,849 5,212 85 141 226 5,439 92 119 211 5 2 7 218 (7) (103) 0 0 (1 0 0 ) (7) (2 0 2 ) 0 N et ch a rg e -o ffs : 0 (2) (2) (7) (204) C h a rg e -o ffs (113) (1 2 0 ) (233) 0 (236) Balance, beginning of year P ro v is io n fo r c re d it lo s s e s T h e re o f: (G ain s)Z L osses fro m d is p o s a l o f im p a ire d lo a n s 0 10 21 31 0 (2) 0 (2) R e c o v e rie s 0 31 O th e r c h a n g e s 70 24 94 3 15 18 112 2,423 2,892 5,315 93 156 249 5,564 Balance, end of period C h an g es com pared to prior year P ro v is io n fo r c re d it lo s s e s In € m. (5) (25) (30) 0 In % (5) (17) (13) (8) 2 (5,4 65) 2 (28) 35 (12) N e t c h a rg e -o ffs In € m. In % 418 (80) (17) 20 401 (67) 0 0 0 0 0 0 401 (67) Goodwill Changes in Goodwill The changes in the carrying amount of goodwill, as well as gross amounts and accumulated impairment losses of goodwill for the period ended March 31, 2016 are shown below by cash-generating units (“CGU”). As of January 1, 2016, the structure of the primary CGUs has been changed, following the reorganization of business operations under a new segment structure. Please refer to the “Segment Information” note to the consolidated financial statements for information regarding changes in the presentation of the segment disclosure. D e utsch e B a nk 4 - Notes to the Consolidated Financial Statements Interim Report as of March 31. 2016 G oodw ill allocated to cash -gen era tin g units in € m . Global Markets B alance a s of January 1, 2016 Corporate & investment Banking Private & Commercial Clients Wealth Manage ment Deutsche Asset Manage ment. Postbank Non-Core Operations Unit1 Others Total 0 519 0 621 3,749 0 0 1 4,890 0 0 0 0 0 0 0 0 0 G o o d w ill acq u ire d d u rin g th e year P u rch a se acco u n tin g a d ju stm e n ts 0 0 0 0 0 0 0 0 T ra n sfe rs 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 “ held fo r sale" 0 0 0 0 0 0 0 0 Im p a irm e n t losses^ 0 0 0 0 0 0 0 0 0 0 0 0 0 R e cla ssifica tio n fro m (to) “ held fo r sale" G oo d w ill related to d isp o sitio n s w ith o u t b ein g cla ssifie d as E xch a n g e rate Balance a s of March 31, 2016 G ross amount of goodwill Accumulated impairment losses (158) 0 (1 9 ) 0 (2 0 ) 0 500 0 601 3,630 0 0 1 4,732 2,477 1,454 999 601 3,630 1,763 662 580 12,166 0 0 (1,763) (662) (579) (7,434) c h a n g e s /o th e r (2,477) (954) (999) (119) 1 Includes primary CGUs NCOU Wholesale Assets and NCOU Operating Assets. - Impairment losses of goodwill are recorded as impairment of goodwill and other intangible assets in the income statement. In addition to the primary CGUs, the segments GM and NCOU carry goodwill resulting from the acquisition of nonin tegrated investments which are not allocated to the respective segments’ primary CGUs, Such goodwill is summarized as “Others" in the table above. The nonintegrated investment in the NCOU consists of Maher Terminals LLC, Goodwill Impairment Test For the purposes of impairment testing, goodwill acquired in a business combination is allocated to the CGUs as out lined above. In a goodwill impairment test, the recoverable amounts of the goodwill-carrying CGUs are compared with the respective carrying amounts. The recoverable amount is the higher of a CGU's fair value less costs of disposal and its value in use. As the implementation of the Group's Strategy 2020 in the first quarter resulted in a reallocation of goodwill between CGUs, an impairment test was performed as of January 1, 2016. This test did not result in a goodwill impairment. A review of the significant parameters of that test as of March 31, 2016 confirmed there was no indication that the remaining goodwill in the primary CGUs was impaired. Carrying Amount The carrying amount of a primary CGU is derived using a capital allocation model. The allocation uses the Group’s total equity at the date of valuation, including Additional Tier 1 Notes (“AT1 Notes”), which constitute unsecured and subor dinated notes of Deutsche Bank and which are classified as Additional equity components in accordance with IFRS. Total equity is adjusted for specific effects related to nonintegrated investments, which are tested separately for im pairment, and for an add-on adjustment for goodwill attributable to noncontrolling interests. The carrying amount (excluding the AT1 Notes) is allocated to the primary CGUs in a two-step process, which is aliased with the determination of the recoverable amount. The two-step approach works as follows: Allocation of gfiareholders’ equity using a solvency-based key first, until the current target of 12.5 % CET1 ratio (CRR/CRD 4 calcu- D e u ts c h e B ank Interim Report as of March 31, 2018 Basis of Preparation - 68 Impact of Changes in Accountion Principles - 67 Segment Information - 70 Information on the Consolidated Income Statement Information on the Consolidated Balance Sheet - 76 O ther Financial Information - 116 lated on a fully loaded basis) is met, and then, if applicable, incremental capital allocation to consider the leverage ratio requirements. The solvency-based allocation contains the assignment of goodwill (plus the add-on adjustment for noncontrolling interests) and unamorttzing other intangible assets. Further, it comprises equity allocations based on the CGU’s relative share of risk-weighted assets, on capital deduction items as well as on regulatory reconciliation items. In the second step, if applicable, the CGUs receive equity allocations based on their pro-rata leverage ratio exposure measure relative to the Group. Additionally, noncontrolling interests are considered in the carrying amounts of the respective primary CGUs.The AT 1 Notes are allocated to the primary CGUs in proportion to their specific leverage ratio shortfall, with leverage ratio shortfall being a function of the Group's target leverage ratio, the CGU's leverage ratio exposure measure and the allocated CET1 capital. The carrying amount for nonintegrated investments is determined on the basis of their respective equity. Recoverable Am ount As of January 1, 2016, the Group determined the recoverable amounts of its primary CGUs on the basis of value in use and employed a discounted cash flow (DCF) model, which reflects the specifics of the banking business and its regula tory environment. The model calculates the present value of the estimated future earnings that are distributable to shareholders after fulfilling the respective regulatory capital requirements. The recoverable amounts also include the value of the AT 1 Notes, allocated to the primary CGUs consistent to their treatment in the carrying amount. The DCF model uses earnings projections and respective capitalization assumptions (with a Common Equity Tier 1 capital ratio of 12.5 % and a leverage ratio increasing to 5.0 % under CRR/CRD 4 fully loaded definitions) based on five-year financial plans agreed by management, which are discounted to their present value. Estimating future earn ings and capital requirements involves judgment and the consideration of past and current performances as well as expected developments in the respective markets, and in the overall macroeconomic and regulatory environments. Earnings projections beyond the initial five-year period are, where applicable, adjusted to derive a sustainable level. In case of a going concern, the cash flow to equity is assumed to increase by or converge towards a constant long-term growth rate of up to 3.2 %. This is based on projected revenue forecasts of the CGUs as well as expectations for the development of gross domestic product and inflation, and is captured in the terminal value. The DCF value of a CGU is sensitive to the cash flow projections, to the discount rate (cost of equity) applied and to the long-term growth rate. The discount rates applied have been determined based on the capita! asset pricing model and comprise a risk-free interest rate, a market risk premium and a factor covering the systematic market risk (beta factor). The values for the risk-free interest rate, the market risk premium and the beta factors are determined using external sources of information. CGU-specific beta factors are determined based on a respective group of peer com panies. Variations in all of these components might impact the calculation of the discount rates. In order to test the resilience of the value in use, key assumptions used in the DCF model (for example, the discount rate and the earnings projections) are sensitized. Management believes that the only goodwill-carrying CGU, where reasonable possible changes in key assumptions could cause an impairment loss, is Wealth Management, for which the value in use exceeded the carrying amount by approximately 6 % or € 0.2 billion. An increase in the (post-tax) discount rate by approximately 20 basis points, reduced projected future earnings in each period by approximately 3 %, or a decreased long term growth rate of 2.2 % would cause the value in use of WM to equal its carrying amount. The recoverable amounts of all remaining, goodwill-carrying primary CGUs were substantially in excess of their respective carrying amounts. However, further changes of the Group’s strategy or certain political or global risks for the banking industry, uncertain ties regarding the implementation of already adopted regulation and the introduction of legislation that is already under discussion as well as a slowdown of GDP growth may negatively impact the performance forecasts of certain of the Group's CGUs and, thus, could result in an impairment of goodwill in the future. D e utsch e B a nk 100 4 - Notes to the Consolidated Financial Statements interim Report as of March 31. 2016 Other Assets and Other Liabilities Other Assets in € m. Mar 31, 2016 Dec 31. 2015 63,732 15,223 5,622 57,461 142,037 2,594 2,976 23,422 171,029 60,421 118,137 Mar31, 2016 Dec 31, 2015 75,463 41,475 4,701 53,773 175,412 2,511 39 35,720 213,682 71.161 B ro ke ra g e and se cu ritie s re la te d re c e iv a b le s C a sh /m a rg in re ce iva b le s R e ce iva b le s fro m prim e b ro k e ra g e P e nding se cu ritie s tra n s a c tio n s p a s t s e ttle m e n t da te R e ce iva b le s fro m u n se ttle d re g u la r w a y tra d e s Total b ro ke ra g e and se cu ritie s re la te d re c e iv a b le s A c c ru e d in te re st receivable A s s e ts held fo r sale O th e r Total other a sse ts 1 0.575 4,221 19,722 9 4 ,9 3 9 2 ,649 3.491 17,058 O th e r Liabilities in € rn. B ro ke ra g e and se cu ritie s re la te d p a y a b le s C a sh /m a rg in p aya bles P a yables fro m prim e b ro k e ra g e P e nding secu ritie s tra n s a c tio n s p a s t s e ttle m e n t d ate P a ya b le s fro m unse ttled re g u la r w a y tra d e s Total b ro k e ra g e and se cu ritie s re la te d p a y a b le s A c c ru e d in te re st paya ble Liab ilities held fo r sale O ther Total other liabilities 4 0 ,854 3,8 4 7 18.776 134 .637 2 ,6 0 7 37 3 7.725 175,005 Deposits in € m. N o n in te re st-b e a rin g d e m a n d d e p o s its Mar 31, 2016 Dec 31, 2015 1 8 5 ,6 5 2 192 ,010 In te re st-b e a rin g dep o sits D e m a n d d ep osits 159 ,322 153 ,559 T im e dep o sits 119,341 1 24 ,196 9 4 ,8 2 5 9 7 ,2 1 0 Total in te re st-b e a rin g d e p o s its 3 7 3 ,4 8 8 3 7 4 .9 6 4 Total deposits 559,140 566,974 S a vin g s de p o sits D eutsche Bank Basis of Preparation - 66 Impact of Changes in Accountion Principles - 67 Segment Information - 70 in te rim R e port a s o f M a rc h 3 1 2 0 1 6 Information on the Consolidated income Statement ~ ' Information on the Consolidated Balance Sheet - 76 Other Financial Information - 116 Provisions Movements by Class of Provisions in € m. Balance a s of January 1, 2016 Home Savings Business Operational Risk Civil Litigations 1,132 315 1,418 0 38 58 3 0 23 4 14 0 271 46 108 Re structuring Mortgage Repurchase Demands 4,048 656 409 0 35 1 10 0 200 26 4 0 0 0 0 Regulatory Enforcement Other1 922 Total 8,900 C h a n g e s in th e g ro u p o f co n s o lid a te d c o m p a n ie s N e w p ro v is io n s A m o u n ts used U n u se d a m o u n ts re ve rse d (3) 5 14 136 22 (3) 1,081 271 161 E ffe c ts fro m e x c h a n g e rate fiu c tu a tio n s /U n w in d o f dis co u n t T ra n s fe rs O th e r Balance a s of March 31, 2016 0 0 0 1,109 (7) 0 0 313 (24) 54 0 1,565 (180) (55) 0 3,837 0 (0) 0 826 (18) (8) (237) 0 0 390 (0 ) (1) 0 9,308 0 1,268 1 For the remaining portion of provisions as disclosed on the consolidated balance sheet, please see Note ‘ Allowance for Credit Losses ', in which allowances for credit related off-balance sheet positions are disclosed. Classes of Provisions Home Savings provisions arise out of the home savings business of Deutsche Postbank Group and Deutsche Bank Bauspar-Aktiengesellschaft. !n home savings, a customer enters into a building loan agreement, whereby the customer becomes entitled to borrow on a building loan once the customer has on deposit with the lending bank a targeted amount of money. In connection with the building loan agreement, arrangement fees are charged and interest is paid on deposited amounts at a rate that is typically lower than that paid on other bank deposits. In the event the customer determines not to make the borrowing, the customer becomes entitled to a retroactive interest bonus, reflecting the difference between the low contract savings interest rate and a fixed interest rate, currently substantially above market rate. The home savings provision relates to the potential interest bonus and arrangement fee reimbursement liability. The model for the calculation of the potential interest bonus liability includes parameters for the percentage of customer base impacted, applicable bonus rate, customer status and timing of payment. Other factors impacting the provision are available statistical data relating to customer behavior and the general environment likely to affect the business in the future. Operational provisions arise out of operational risk and exclude civil litigation and regulatory enforcement provisions, which are presented as separate classes of provisions. Operational risk is the risk of loss resulting from inadequate or failed internal processes, people and systems, or from external events. The definition used for the purposes of deter mining operational provisions differs from the risk management definition, as it excludes risk of loss resulting from civil litigations or regulatory enforcement matters. For risk management purposes, operational risk includes legal risk, as payments to customers, counterparties and regulatory bodies in civil litigations or regulatory enforcement matters con stitute loss events for operational shortcomings, but excludes business and reputational risk. Civil Litigation provisions arise out of current or potential claims or proceedings alleging non-compliance with contrac tual or other legal or regulatory responsibilities, which have resulted or may result in demands from customers, coun terparties or other parties in civil litigations. Regulatory Enforcement provisions arise out of current or potential claims or proceedings alleging non-compliance with legal or regulatory responsibilities, which have resulted or may result in an assessment of fines or penalties by governmental regulatory agencies, self regulatory organizations or other enforcement authorities. Restructuring provisions arise out of restructuring activities. The Group aims to enhance its long-term competitiveness through major reductions in costs, duplication and complexity in the years ahead. For details see Note 10 ‘'Restructuring”. D e utsch e B ank 4 - Notes to the Consolidated Financial Statements Interim Report as of March 31, 2016 Mortgage Repurchase Demands provisions arise out of Deutsche Bank's U.S. residential mortgage loan business. From 2005 through 2008, as part of Deutsche Bank's U.S. residential mortgage loan business, Deutsche Bank sold approximately U.S.$ 84 billion of private label securities and U.S.$71 billion of loans through whole loan sales. Deutsche Bank has been presented with demands to repurchase loans from or to indemnify purchasers, investors or financial insurers with respect to losses allegedly caused by material breaches of representations and warranties. Deutsche Bank's general practice is to process valid repurchase demands that are presented in compliance with con tractual rights. As of March 31, 2016, Deutsche Bank has approximately U.S.$ 2.4 billion of mortgage repurchase demands outstand ing and not subject to agreements to rescind (based on original principal balance of the loans). These demands consist primarily of demands made in respect of private label securitizations by the trustees or servicers thereof. Against these outstanding demands, Deutsche Bank recorded provisions of U.S.$ 445 million (€ 390 million) as of March 31, 2016. Deutsche Bank is the beneficiary of indemnity agreements from the originators or sellers of certain of the mortgage loans subject to these demands, with respect to which Deutsche Bank has recognized receivables of U.S.$ 109 million (€ 96 million) as of March 31, 2016. The net provisions against these demands following deduction of such receivables were U.S.$ 336 million (€ 295 million) as of March 31, 2016. As of March 31, 2016, Deutsche Bank has completed repurchases, obtained agreements to rescind, settled or rejected as untimely claims on loans with an original principal balance of approximately U.S.$ 7.3 billion. In connection with those repurchases, agreements and settlements, Deutsche Bank has obtained releases for potential claims on approx imately U.S.$ 93.1 billion of loans sold by Deutsche Bank as described above. Deutsche Bank has entered into agreements with certain entities that have threatened to assert mortgage loan repur chase demands against Deutsche Bank to toll the relevant statutes of limitations. It is possible that these potential demands may have a material impact on Deutsche Bank. Deutsche Bank anticipates that additional mortgage repurchase demands may be made in respect of mortgage loans that it has sold, but cannot reliably estimate their timing or amount. On June 11, 2015, the New York Court of Appeals issued a ruling affirming dismissal of mortgage repurchase claims asserted in litigation relating to a residential mort gage-backed security issued by Deutsche Bank on the grounds that the action was not timely commenced. This deci sion could impact the extent to which future repurchase demands are made to Deutsche Bank and the likelihood of success of any such claims. Deutsche Bank did not act as servicer for the loans sold to third parties as whole loans (which constitute almost half of all U.S. residential mortgage loans sold from 2005 through 2008) and, once sold, Deutsche Bank ceased to have access to information about their performance. While loan performance is publicly available on the mortgage loans that Deutsche Bank securitized, no direct correlation has been observed between their performance and repurchase demands received. Demands have been received on loans that have defaulted, as well as loans that are current and loans that have been repaid in full. Other provisions include several specific items arising from a variety of different circumstances, including the provision for the reimbursement of loan processing fees, deferred sales commissions, provisions for bank levies and a provision under the credit card business cooperation of Deutsche Bank and Hua Xia Bank Co. Ltd. Provisions and Contingent Liabilities The Group recognizes a provision for potential loss only when there is a present obligation arising from a past event that is probable to result in an economic outflow that can be reliably estimated. Where a reliable estimate cannot be made for such an obligation, no provision is recognized and the obligation is deemed a contingent liability. Contingent liabilities also include possible obligations for which the possibility of future economic outflow is more than remote but less than probable. Where a provision has been taken for a particular claim, no contingent liability is recorded; for matters or sets of matters consisting of more than one claim, however, provisions may be recorded for some claims, and contingent liabilities (or neither a provision nor a contingent liability) may be recorded for others. D e utsch e Bank Interim Report as of March 31, 2016 Basis of Preparation - 66 Impact of Changes in Accountion Principles - 67 Segment information - 70 Information on the Consolidated Income Statement - 73 Information on the Consolidated Balance Sheet - 76 O ther Financial Information - 116 The Group operates in a legal and regulatory environment that exposes it to significant litigation risks. As a result, the Group is involved in litigation, arbitration and regulatory proceedings and investigations in Germany and in a number of jurisdictions outside Germany, including the United States, In recent years, regulation and supervision in a number of areas have increased, and regulators, governmental bodies and others have sought to subject financial services pro viders to increasing oversight and scrutiny, which in turn has led to additional regulatory investigations and enforce ment actions which are often followed by civil litigation. This trend has accelerated markedly as a result of the global financial crisis and the European sovereign debt crisis. In determining for which of the claims the possibility of a loss is probable, or less than probable but more than remote, and then estimating the possible loss for those claims, the Group takes into consideration a number of factors, includ ing but not limited to the nature of the claim and its underlying facts, the procedural posture and litigation history of each case, rulings by the courts or tribunals, the Group’s experience and the experience of others in similar cases (to the extent this is known to the Group), prior settlement discussions, settlements by others in similar cases (to the extent this is known to the Group), available indemnities and the opinions and views of legal counsel and other experts. The provisions the Group has recognized for civil litigation and regulatory enforcement matters as of March 31, 2016 is set forth in the table above. For some matters for which the Group believes an outflow of funds is probable, no provi sions were recognized as the Group could not reliably estimate the amount of the potential outflow. For the matters for which a reliable estimate can be made, the Group currently estimates that, as of March 31, 2016, the aggregate future loss of which the possibility is more than remote but less than probable is approximately € 1.1 billion for civil litigation matters (December 31, 2015: € 1.4 billion) and € 1.0 billion for regulatory enforcement matters (December 31, 2015: € 1.0 billion). These figures include matters where the Group's potential liability is joint and several and where the Group expects any such liability to be paid by a third party. For other significant civil litiga tion and regulatory enforcement matters, the Group believes the possibility of an outflow of funds is more than remote but less than probable but the amount is not reliably estimable, and accordingly such matters are not included in the contingent liability estimates. For still other significant civil litigation and regulatory enforcement matters, the Group believes the possibility of an outflow of funds is remote and therefore has neither recognized a provision nor included them in the contingent liability estimates. This estimated possible loss, as well as any provisions taken, is based upon currently available information and is subject to significant judgment and a variety of assumptions, variables and known and unknown uncertainties. These uncertainties may include inaccuracies in or incompleteness of the information available to the Group, particularly at the preliminary stages of matters, and assumptions by the Group as to future rulings of courts or other tribunals or the likely actions or positions taken by regulators or adversaries may prove incorrect. Moreover, estimates of possible loss for these matters are often not amenable to the use of statistical or other quantitative analytical tools frequently used in making judgments and estimates, and are subject to even greater degrees of uncertainty than in many other areas where the Group must exercise judgment and make estimates. The estimated possible loss, as well as any provisions taken, can be and often are substantially less than the amount initially requested by regulators or adversaries or the maximum potential loss that could be incurred were the matters to result in a final adjudication adverse to the Group. Moreover, in several regions in which the Group operates, an adversary often is not required to set forth the amount it is seeking, and where it is, the amount may not be subject to the same requirements that generally apply to pleading factual allegations or legal claims. The matters for which the Group determines that the possibility of a future loss is more than remote will change from time to time, as will the matters as to which a reliable estimate can be made and the estimated possible loss for such matters. Actual results may prove to be significantly higher or lower than the estimate of possible loss in those matters where such an estimate was made. In addition, loss may be incurred in matters with respect to which the Group be lieved the likelihood of loss was remote. In particular, the estimated aggregate possible loss does not represent the Group’s potential maximum loss exposure for those matters. The Group may settle litigation or regulatory proceedings or investigations prior to a final judgment or determination of liability. It may do so to avoid the cost, management efforts or negative business, regulatory or reputational conse quences of continuing to contest liability, even when the Group believes it has valid defenses to liability. It may also do D e utsch e B a nk 4 - Notes to the Consolidated Financial Statements Interim Report as of March 31. 2018 so when the potential consequences of failing to prevail would be disproportionate to the costs of settlement. Further more, the Group may, for similar reasons, reimburse counterparties for their losses even in situations where it does not believe that it is legally compelled to do so. Current Individual Proceedings Set forth below are descriptions of civil litigation and regulatory enforcement matters or groups of matters for which the Group has taken material provisions, or for which there are material contingent liabilities that are more than remote, or for which there is the possibility of material business or reputational risk; similar matters are grouped together and some matters consist of a number of proceedings or claims. The disclosed matters include matters for which the possi bility of a loss is more than remote but for which the Group cannot reliably estimate the possible loss. Esch Funds Litigation. Sal, Oppenheim jr. & Cie, AG & Co. KGaA (“Sal, Oppenheim") was prior to its acquisition by Deutsche Bank in 2010 involved in the marketing and financing of participations in dosed end real estate funds. These funds were structured as Civil Law Partnerships under German law. Usually, Josef Esch Fonds-Projekt GmbH per formed the planning and project development. Sal. Oppenheim held an indirect interest in this company via a jointventure. In relation to this business a number of civil claims have been filed against Sal. Oppenheim. Some but not all of these claims are also directed against former managing partners of Sal. Oppenheim and other individuals. The claims brought against Sal. Oppenheim relate to investments of originally approximately € 1.1 billion. After certain claims have either been dismissed in court or were settled to the effect that no further action will be taken, claims relat ing to investments of originally approximately € 500 million are still pending. Currently, the aggregate amounts claimed in the pending proceedings are approximately € 640 million. The investors are seeking to unwind their fund participa tion and to be indemnified against potential losses and debt related to the investment. The claims are based in part on an alleged failure of Sal, Oppenheim to provide adequate information on related risks and other material aspects im portant for the investors' decision. Based on the facts of the individual cases, some courts have decided in favor and some against Sal. Oppenheim. Appeals are pending. The Group has recorded provisions and contingent liabilities with respect to these cases but has not disclosed the amounts thereof because it has concluded that such disclosure can be expected to prejudice seriously their outcome. FX Investigations and Litigations. Deutsche Bank has received requests for information from certain regulatory and law enforcement agencies globally who are investigating trading in, and various other aspects of, the foreign exchange market, Deutsche Bank is cooperating with these investigations. Belatedly, Deutsche Bank is conducting its own inter nal global review of foreign exchange trading and other aspects of its foreign exchange business. Deutsche Bank also has been named as a defendant in multiple putative class actions brought in the U.S. District Court for the Southern District of New York alleging antitrust and U.S. Commodity Exchange Act claims relating to the alleged manipulation of foreign exchange rates. The complaints in the class actions do not specify the damages sought. On January 28, 2015, the federal court overseeing the class actions granted the motion to dismiss with prejudice in two actions involving non-U.S. plaintiffs while denying the motion to dismiss in one action involving U.S. plaintiffs then pending. Additional actions have been filed since the court's January 28, 2015 order. There are now three actions pending. The pending consolidated action is brought on behalf of a putative class of over-the-counter traders and a putative class of central-exchange traders, who are domiciled in or traded in the United States or its territories, and alleges illegal agreements to restrain competition with respect to and to manipulate both benchmark rates and spot rates, particularly the spreads quoted on those spot rates; the complaint further alleges that those supposed conspira cies, in turn, resulted in artificial prices on centralized exchanges for foreign exchange futures and options. A second action tracks the allegations in the consolidated action and asserts that such purported conduct gave rise to, and re sulted in a breach of, defendants’ fiduciary duties under the U.S. Employment Retirement Income Security Act of 1974 (ERISA). The third putative class action was filed in the same court on December 21, 2015, by Axiom Investment Advi sors, LLC alleging that Deutsche Bank rejected FX orders placed over electronic trading platforms through the applica tion of a' function referred to as “Last Look” and that these orders were later filled at prices less favorable to putative class tpembers. Plaintiff has asserted claims for breach of contract, quasi-contractual claims, and claims under New tory law. Deutsche Bank has moved to dismiss the consolidated and Last Look actions and intends to move 104 D e u ts c h e Bank Interim Report as of March 31, 2016 Basis of Preparation - 66 Impact of Changes in Accountion Principles - 67 Segment Information - 70 Information on the Consolidated Income Statement - 73 Information on the Consolidated Balance Sheet - 76 Other Financial Information - 1 1 6 to dismiss the ERISA action in its entirety. The motion to dismiss in the ERISA action is due May 19, 2016. Discovery has commenced in all three actions. Deutsche Bank also has been named as a defendant in two Canadian class proceedings brought in the provinces of Ontario and Quebec. Filed on September 10, 2015, these class actions assert factual allegations similar to those made in the consolidated action in the United States and seek damages pursuant to the Canadian Competition Act as well as other causes of action. The Group has not disclosed whether it has established a provision or contingent liability with respect to these matters because it has concluded that such disclosure can be expected to prejudice seriously their outcome. High Frequency Trading/Dark Pool Trading. Deutsche Bank has received requests for information from certain regu latory authorities related to high frequency trading and the operation of Deutsche Bank's alternative trading system ('ATS” or “Dark Pool”), SuperX. The Bank is cooperating with these requests. The Group has recorded a provision with respect to this matter. The Group has not disclosed the amount of this provision because it has concluded that such disclosure can be expected to prejudice seriously the outcome of this matter. Deutsche Bank was initially named as a defendant in putative class action complaints alleging violations of U.S. securi ties laws related to high frequency trading, but in their consolidated amended complaint filed September 2, 2014, the plaintiffs did not include Deutsche Bank as a defendant. Regulatory Enforcement Matters Interbank Offered Rates Matters. . Deutsche Bank has received subpoenas and requests for information from various regulatory and law enforcement agencies in Europe, North America and Asia/Pacific, including various U.S. state attorneys general, in connection with industry-wide investigations concerning the setting of the London Interbank Offered Rate (LIBOR), Euro Interbank Offered Rate (EURIBOR), Tokyo Interbank Offered Rate (TIBOR) and other interbank offered rates. Deutsche Bank is cooperating with these investigations. As previously reported, Deutsche Bank reached a settlement with the European Commission on December 4, 2013 as part of a collective settlement to resolve the European Commission's investigations in relation to anticompetitive con duct in the trading of Euro interest rate derivatives and Yen interest rate derivatives. Under the terms of the settlement agreement, Deutsche Bank agreed to pay € 725 million in total. This fine has been paid in full and does not form part of the Bank’s provisions. Also as previously reported, on April 23, 2015, Deutsche Bank entered into separate settlements with the U.S. Depart ment of Justice (DOJ), the U.S. Commodity Futures Trading Commission (CFTC), the U.K. Financial Conduct Authority (FCA). and the New York State Department of Financial Services (NYSDFS) to resolve investigations into misconduct concerning the setting of LIBOR, EURIBOR, and TIBOR. Under the terms of these agreements, Deutsche Bank agreed to pay penalties of U.S.$ 2.175 billion to the DOJ, CFTC and NYSDFS and GBP 226.8 million to the FCA. These fines have been paid in full and do not form part of the Bank’s provisions, save for U.S. $150 million that is pay able to the DOJ following the sentencing of DB Group Services (UK) Ltd. as described below. The agreements also contained provisions requiring various undertakings with respect to Deutsche Bank's benchmark rate submissions in the future, as well as provisions requiring the appointment of independent corporate monitors. Deutsche Bank was also required to take further disciplinary action against certain employees who were working at the Bank at the time of the agreements. As part of the resolution with the DOJ, Deutsche Bank entered into a Deferred Prosecution Agreement with a threeyear term pursuant to which it agreed (among other things) to the filing of a two-count criminal Information in the U.S. District Court for the District of Connecticut charging Deutsche Bank with one count of wire fraud and one count of price-fixing, in violation of the Sherman Act. As part of the agreement, DB Group Services (UK) Ltd. (an indirectly held, wholly-owned subsidiary of Deutsche Bank) entered into a Plea Agreement with the DOJ. pursuant to which the com pany pled guilty to a one-count criminal Information filed in the same court and charging the company with wire fraud. Deutsche Bank has made provision for a U.S.$ 150 million fine, which (subject to court approval) is expected to be paid by Deutsche Bank pursuant to the Plea Agreement within ten business days of when DB Group Services (UK) Ltd. is D e utsch e B a nk 4 - Notes to the Consolidated Financial Statements interim Report as of March 31, 2016 sentenced. (The U.S.$ 150 million fine is included in the U.S.$ 2.175 billion in total penalties referenced in the immedi ately preceding paragraph.) DB Group Services (UK) Ltd. currently has a sentencing date of October 7, 2016. As reported above, Deutsche Bank is subject to an inquiry by a working group of U.S. state attorneys general in rela tion to the setting of LIBOR, EURIBOR, and TIBOR. The Bank continues to cooperate with the U.S. state attorneys generals’ inquiry. Other regulatory investigations of Deutsche Bank concerning the setting of various interbank offered rates remain ongoing, and Deutsche Bank remains exposed to further regulatory action. The Group has recorded provisions with respect to certain of the regulatory investigations. The Group has not disclosed the amount of such provisions because it has concluded that such disclosure can be expected to prejudice seriously the outcome of these regulatory investiga tions. Overview of Civil Litigations. Deutsche Bank is party to 46 civil actions concerning alleged manipulation relating to the setting of various Interbank Offered Rates which are described in the following paragraphs. Most of the civil actions, including putative class actions, are pending in the U.S. District Court for the Southern District of New York (SDNY), against Deutsche Bank and numerous other defendants. All but five of the civil actions were filed on behalf of parties who allege losses as a result of manipulation relating to the setting of U.S. dollar LIBOR. The five civil actions pending against Deutsche Bank that do not relate to U.S. dollar LIBOR are also pending in the SDNY, and include two actions concerning Yen LIBOR and Euroyen TIBOR, one action concerning EURIBOR, one consolidated action concerning Pound Sterling (GBP) LIBOR and one action concerning Swiss franc (CHF) LIBOR. With one exception, all of the civil actions pending in the SDNY concerning U.S. dollar LIBOR are being coordinated as part of a multidistrict litigation (the “U.S. dollar LIBOR MDL"). There is one non-MDL class action concerning U.S. dollar LIBOR that was dismissed and for which an appeal is pending in the U.S. Court of Appeals for the Ninth Circuit. Claims for damages for all 46 of the civil actions discussed have been asserted under various legal theories, including violations of the U.S. Commodity Exchange Act (CEA), federal and state antitrust laws, the U.S. Racketeer Influenced and Corrupt Organizations Act (RICO), and other federal and state laws. In all but five cases, the amount of damages has not been formally articulated by the plaintiffs. The five cases that allege a specific amount of damages are individ ual actions consolidated in the U.S. dollar LIBOR MDL and seek a minimum of more than U.S.$ 1.25 billion in damages in the aggregate from all defendants including Deutsche Bank. The Group has not disclosed whether it has established a provision or contingent liability with respect to these matters because it has concluded that such disclosure can be expected to prejudice seriously their outcome. U.S. dollar LIBOR. In a series of decisions between March 2013 and November 2015, the court in the U.S. dollar LI BOR MDL granted in part and denied in part motions to dismiss addressed to various groups of putative class actions and direct actions. Generally, the court has permitted certain CEA claims and state law fraud, contract, unjust enrich ment, and other tort claims to proceed, while dismissing certain CEA claims as time-barred and dismissing all of plain tiffs’ federal and state law antitrust claims, securities claims, and claims asserted under RICO. The court also has issued decisions dismissing certain plaintiffs’ claims for lack of personal jurisdiction and on statute of limitations grounds. Owing to the complexity of the MDL, the court has requested, and the parties have provided, various addi tional submissions to assist the court in determining precisely which claims have been dismissed in accordance with the general principles articulated in the court’s August and November 2015 opinions. A further decision is pending. Certain plaintiffs whose antitrust claims have been dismissed (or who were granted partial final judgment dismissing their antitrust claims) have pursued an appeal of the court’s antitrust rulings to the U.S. Court of Appeals for the Second Circuit. That appeal is fully briefed and argued, and a decision is pending. Certain actions in the U.S. dollar LIBOR MDL have been stayed pending the outcome of the appeal (and other actions have separately been stayed as well). In addition, plaintiffs in a direct action entirely dismissed pursuant to the court's August 2015 opinion have filed a notice of Second Circuit. currently proceeding with respect to three putative class actions in the U.S. dollar LIBOR MDL. brought by plaintiffs who allegedly (1) transacted in exchange-traded Eurodollar futures and options, (2) traded 108 Basis of Preparation ~ 65 Impact of Changes in Accountion Principles ~ 67 Segment Information - 70 D e u ts c h e Bank Interim Report as of March 31, 2016 Information on the Consolidated income Statement ~ ' Information on the Consolidated Balance Sheet - 76 O ther Financial information - 116 over-the-counter U.S. dollar LIBOR-referencing financial instruments, and (3) originated or purchased loans with inter est rates tied to U.S. dollar LIBOR. (The plaintiffs in the third action are currently disputing whether their claims against Deutsche Bank have been dismissed under the court's prior rulings.) A schedule for briefing motions for class certifica tion in these actions has been set, with briefing presently scheduled to conclude in August 2017. The court in an additional action concerning U.S. dollar LIBOR that was independently pending in the SDNY, outside of the U.S. dollar LIBOR MDL, has granted defendants' motions to dismiss. The plaintiff has filed a motion to amend its complaint, which is pending. Deutsche Bank also was named as a defendant in a civil action in the Central District of California concerning U.S. dollar LIBOR. The court granted Deutsche Bank’s motion to dismiss. The plaintiff is currently pursuing an appeal to the U.S. Court of Appeals for the Ninth Circuit. Yen LIBOR and Euroyen TIBOR. There are two separate actions pending in the SDNY concerning the alleged manipu lation of Yen LIBOR and Euroyen TIBOR. In the first the court denied in part and granted in part a motion by the plaintiff to amend his complaint on March 31, 2015. The court denied plaintiffs requests to assert RICO claims against Deutsche Bank and to add two new named plaintiffs. On February 29, 2016. plaintiff filed a third amended complaint, including additional factual allegations and expanding the alleged class period. Discovery is ongoing. The second putative class action ( ) was filed in the SDNY on July 24, 2015, and names Deutsche Bank and DB Group Services (UK) Ltd. as defendants, along with other banks and interdealer brokers. On December 18, 2015, plaintiffs sewed an amended complaint. Defendants filed a motion to dismiss, which is pending, (Laydon), Sonterra EURIBOR. Deutsche Bank and DB Group Services (UK) Ltd. are also named as defendants in a putative class action concerning the alleged manipulation of EURIBOR, pending in the SDNY. A motion to dismiss plaintiffs’ further amend ed complaint is pending. Pound Sterling (GBP) LIBOR. Deutsche Bank was named as a defendant in two separate class actions concerning alleged manipulation of Pound Sterling (GBP) LIBOR. On February 11, 2016, the court consolidated these two actions into a single action, and an amended consolidated complaint was filed by plaintiffs on February 24, 2016. Motions to dismiss the amended consolidated complaint were filed and are in the process of being briefed. Swiss Franc (CHF) LIBOR. On June 19, 2015. Deutsche Bank and DB Group Services (UK) Ltd. were named as de fendants in a putative class action in the SDNY concerning the alleged manipulation of Swiss Franc (CHF) LIBOR. Motions to dismiss were filed and are pending. Kaupthing CLN Claims. In June 2012, Kaupthing hf. an Icelandic stock corporation, acting through its winding-up committee, issued Icelandic law clawback claims for approximately € 509 million (plus costs, as well as interest calcu lated on a damages rate basis and a late payment rate basis) against Deutsche Bank in both Iceland and England. The claims relate to leveraged credit linked notes fC L N s ”), referencing Kaupthing, issued by Deutsche Bank to two British Virgin Island special purpose vehicles (“SPVs”) in 2008. The SPVs were ultimately owned by high net worth individuals. Kaupthing claims to have funded the SPVs and alleges that Deutsche Bank was or should have been aware that Kaupthing itself was economically exposed in the transactions. Kaupthing claims that the transactions are voidable by Kaupthing on a number of alternative grounds, including the ground that the transactions were improper because one of the alleged purposes of the transactions was to allow Kaupthing to influence the market in its own CDS (credit de fault swap) spreads and thereby its listed bonds. Additionally, in November 2012, an English law daim (with allegations similar to those featured in the Icelandic law claims) was commenced by Kaupthing against Deutsche Bank in London. Deutsche Bank filed a defense in the Icelandic proceedings in late February 2013 and continues to defend the claims. In February 2014, proceedings in England were stayed pending final determination of the Icelandic proceedings. Addi tionally, in December 2014, the SPVs and their joint liquidators served Deutsche Bank with substantively similar claims arising out of the CLN transactions against Deutsche Bank and other defendants in England. The SPVs are also claim ing approximately € 509 million (plus costs, as well as interest), although the amount of that interest claim is less than in Iceland. Deutsche Bank has filed a defense in these proceedings and continues to defend them. The SPVs' claims are not expected to increase Deutsche Bank's overall potential liability in respect of the CLN transactions beyond the amount already claimed by Kaupthing. The Group has not disclosed whether it has established a provision or contin D e utsch e B ank 4 - Notes to the Consolidated Financial Statements interim Report as of March 31. 2018 gent liability with respect to these matters because it has concluded that such disclosure can be expected to prejudice seriously their outcome. Kirch. The public prosecutors office in Munich (Staatsanwaltschaft Munchen I) has conducted and is currently con ducting criminal Investigations in connection with the Kirch case with regard to former Management Board members as well as the current Management Board member Jurgen Fitschen. The Kirch case involved several civil proceedings between Deutsche Bank AG and Dr. Leo Kirch as well as media companies controlled by him. The key issue was whether an interview given by Dr. Rolf Breuer, then Spokesman of Deutsche Bank’s Management Board, in 2002 with Bloomberg television, during which Dr. Breuer commented on Dr. Kirch’s (and his companies') inability to obtain financ ing, caused the insolvency of the Kirch companies. In February 2014, Deutsche Bank and the Kirch heirs reached a comprehensive settlement, which has ended all legal disputes between them. As far as Mr. Fitschen and former Management Board member Dr. Stephan Leithner are concerned, the allegations of the public prosecutor are that Mr. Fitschen and Mr, Leithner failed to correct in a timely manner factual statements made by Deutsche Bank's litigation counsel in submissions filed in one of the civil cases between Kirch and Deutsche Bank AG before the Munich Higher Regional Court and the Federal Court of Justice, after allegedly having become aware that such statements were not correct. The main investigation involving Mr. Fitschen and four former Management Board members has been concluded and an indictment against all accused was filed on August 6, 2014. The court ordered the secondary participation of Deutsche Bank AG, which could have resulted in the imposition of a monetary fine on the Bank. On April 25, 2016 the Munich District Court acquitted Mr. Fitschen and the four former Management Board members. Further, the court acquitted the Bank. The public prosecutor may file an appeal until May 2, 2016. An appeal would be limited to a review of legal errors rather than facts. The investigation involving former Management Board member Dr. Stephan Leithner is ongoing. Deutsche Bank is fully cooperating with the Munich public prosecutor’s office. The Group does not expect these proceedings to have significant economic consequences for it and has not recorded a provision or contingent liability with respect thereto. KOSPI Index Unwind Matters. Following the decline of the Korea Composite Stock Price Index 200 (the “KOSPI 200") in the closing auction on November 11, 2010 by approximately 2,7 %, the Korean Financial Supervisory Service (“FSS”) commenced an investigation and expressed concerns that the fall in the KOSPI 200 was attributable to a sale by Deutsche Bank of a basket of stocks, worth approximately € 1,6 billion, that was held as part of an index arbitrage position on the KOSPI 200. On February 23, 2011. the Korean Financial Services Commission, which oversees the work of the FSS, reviewed the FSS' findings and recommendations and resolved to take the following actions: (i) to file a criminal complaint to the Korean Prosecutor’s Office for alleged market manipulation against five employees of the Deutsche Bank group and Deutsche Bank's subsidiary Deutsche Securities Korea Co. (DSK) for vicarious corporate criminal liability; and (ii) to impose a suspension of six months, commencing April 1,2011 and ending Septem ber 30, 2011, of DSK’s business for proprietary trading of cash equities and listed derivatives and DMA (direct market access) cash equities trading, and the requirement that DSK suspend the employment of one named employee for six months. There was an exemption to the business suspension which permitted DSK to continue acting as liquidity pro vider for existing derivatives linked securities. On August 19, 2011, the Korean Prosecutor’s Office announced its deci sion to indict DSK and four employees of the Deutsche Bank group on charges of spot/futures linked market manipulation. The criminal trial commenced in January 2012. On January 25, 2016, the Seoul Centra! District Court rendered a guilty verdict against a DSK trader and a guilty verdict against DSK. A criminal fine of KRW 1.5 billion (less than € 2.0 million) was imposed on DSK. The Court also ordered forfeiture of the profits generated on the underlying trading activity. The Group disgorged the profits on the underlying trading activity in 2011. The criminal trial verdict has been appealed by both the prosecutor and the defendants. / In addition, a number of civil actions have been filed in Korean courts against Deutsche Bank and DSK by certain j)^'rties who allege they incurred losses as a consequence of the fall in the KOSPI 200 on November 11, 2010. First rt decisions were rendered against the Bank and DSK in some of these cases starting in the fourth quarter 108 109 D e u ts c h e B ank Interim Report as of March 31: 2018 Basis of Preparation - 66 Impact of Changes in Accountion Principles - 67 Segment Information - 70 Information on the Consolidated Income Statement - ' Information on the Consolidated Balance Sheet - 76 Other Financial Information - 116 of 2015. The outstanding known claims have an aggregate claim amount of less than € 80 million (at present exchange rates). The Group has recorded a provision with respect to these outstanding civil matters. The Group has not dis closed the amount of this provision because it has concluded that such disclosure can be expected to prejudice seri ously the outcome of these matters. Regulatory and Governmental Matters. Mortgage-Related and Asset-Backed Securities Matters and Investigation. Deutsche Bank, along with certain affiliates (collectively referred in these paragraphs to as "Deutsche Bank”), have received subpoenas and requests for information from certain regulators and government entities, including members of the Residential Mortgage-Backed Securities Working Group of the U.S. Financial Fraud Enforcement Task Force, concerning its activities regarding the origination, purchase, securitization, sale and/or trading of mortgage loans, resi dential mortgage-backed securities (RMBS), commercial mortgage-backed securities (CMBS), collateralized debt obligations, other asset-backed securities and credit derivatives. Deutsche Bank is cooperating fully in response to those subpoenas and requests for information. The Group has recorded provisions with respect to some of the regula tory investigations but not others. The Group has not disclosed the amount of these provisions because it has conclud ed that such disclosure can be expected to prejudice seriously the outcome of these regulatory investigations. Issuer and Underwriter Civil Litigation. Deutsche Bank has been named as defendant in numerous civil litigations brought by private parties in connection with its various roles, including issuer or underwriter, in offerings of RMBS and other asset-backed securities. These cases, described below, include putative class action suits, actions by individual purchasers of securities and actions by trustees on behalf of RMBS trusts. Although the allegations vary by lawsuit, these cases generally allege that the RMBS offering documents contained material misrepresentations and omissions, including with regard to the underwriting standards pursuant to which the underlying mortgage loans were issued, or assert that various representations or warranties relating to the loans were breached at the time of origination. The Group has recorded provisions with respect to several of these civil cases, but has not recorded provisions with respect to all of these matters. The Group has not disclosed the amount of these provisions because it has concluded that such disclosure can be expected to prejudice seriously the outcome of these matters. Deutsche Bank is a defendant in a putative class action relating to its role, along with other financial institutions, as underwriter of RMBS issued by Novastar Mortgage Corporation. No specific damages are alleged in the complaint. On February 5, 2015, the court issued an order vacating its prior decision that had dismissed five of six RMBS offerings from the case. The court ordered the plaintiffs to amend the operative complaint to include the previously dismissed offerings. On March 9, 2015, the lead plaintiff filed its third amended complaint pursuant to the court’s February 5, 2015 order. Discovery in the action is ongoing. Deutsche Bank currently is a defendant in various non-class action lawsuits by alleged purchasers of, and counterpar ties involved in transactions relating to, RMBS, and their affiliates, including: (1)Aozora Bank, Ltd. (alleging U.S.$ 61 million in damages attributable to Deutsche Bank): (2) the Federal Deposit Insurance Corporation (FDIC) as receiver for: (a) Colonial Bank (in one of two separate actions, alleging no less than U.S.$ 189 million in damages in the aggregate against all defendants), (b) Franklin Bank S.S.B., (c) Guaranty Bank (alleging no less than U.S.$901 million in damages in the aggregate against all defendants), and (d) Citizens National Bank and Strategic Capital Bank (in one of two separate actions, alleging no less than U.S.$ 66 million in damages in the aggregate against all defendants); (3) the Federal Home Loan Bank of San Francisco; (4) Phoenix Light SF Limited (as purported assignee of claims of special purpose vehicles created and/or managed by former WestLB AG); and (5) Royal Park Investments (as purported assignee of claims of a special-purpose vehicle created to acquire certain assets of Fortis Bank). Unless otherwise indicated, the complaints in these matters did not specify the damages sought. On January 14, 2015, the court granted Deutsche Bank's motion to dismiss the action brought against it by Aozora Bank, Ltd., relating to a collateralized debt obligation identified as Blue Edge ABS CDO, Ltd. On March 30. 2016, the Appellate Division affirmed the lower court's dismissal. Deutsche Bank also is a defendant, along with UBS AG and affiliates, in an action brought by Aozora Bank, Ltd. Defendants have appealed the court's order and have moved to stay the action pending the appeal. In 2012, the FDIC, as receiver for Colonial Bank, Franklin Bank S.S.B., Guaranty Bank, Citizens National Bank and Strategic Capital Bank, commenced several actions in different federal courts asserting claims under Sections 11 and D e utsch e B ank 4 - Notes to the Consolidated Financial Statements 110 Interim Report as of March 31, 2016 12(a)(2) of the Securities Act of 1933, as well as Article 581-33 of the Texas Securities Act, against several underwrit ers, including Deutsche Bank, Each of these actions has been dismissed as time-barred. The FDIC has appealed these rulings to the Second, Fifth and Ninth Circuits Courts of Appeal. The appeals in the Second and Ninth Circuits Courts of Appeal are pending. On August 10, 2015, the Court of Appeals for the Fifth Circuit reversed the district court’s dismissal of the FDIC’s claims as time-barred. On August 24, 2015, Deutsche Bank and the other defendants filed a petition for rehearing en banc in that action. On September 11, 2015, the Court of Appeals for the Fifth Circuit denied that petition. On December 10, 2015, Deutsche Bank and other defendants filed a petition for a writ of to the United States Supreme Court challenging the Court of Appeals for the Fifth Circuit's reversal of the district court's dismissal of the case. On March 28, 2016, the United States Supreme Court denied the petition. Discovery is ongoing. certiorari On January 22, 2015, pursuant to a confidential settlement agreement with Deutsche Bank, the Federal Home Loan Bank of San Francisco dismissed with prejudice claims that it had filed against Deutsche Bank relating to seven RMBS offerings. On January 26, 2015, pursuant to a confidential agreement between the Federal Home Loan Bank of San Francisco and Countrywide, the Federal Home Loan Bank of San Francisco entered an order dismissing with prejudice claims brought against Deutsche Bank by the Federal Home Loan Bank of San Francisco relating to 15 offerings is sued by entities affiliated with Countrywide. Deutsche Bank’s understanding is that the dismissal with respect to these 15 offerings was pursuant to a confidential settlement agreement to which Deutsche Bank was not a party. Deutsche Bank remains a defendant in the case with respect to one RMBS offering and two offerings described as resecuritizations of RMBS certificates. No specific damages are alleged in the complaint. The case is in expert discov ery. Deutsche Bank's trial is scheduled for December 6, 2016. Residential Funding Company has brought a repurchase action against Deutsche Bank for breaches of representa tions and warranties on loans sold to Residential Funding Company and for indemnification for losses incurred as a result of RMBS-related claims and actions asserted against Residential Funding Company. The complaint did not specify the amount of damages sought. On June 8, 2015, the court denied Deutsche Bank's motion to dismiss certain of the claims. Also on June 8, 2015, Deutsche Bank moved to dismiss other claims. On September 29, 2015, the court denied Deutsche Bank’s second motion to dismiss. Discovery is ongoing. In March 2012, RMBS Recovery Holdings 4, LLC and VP Structured Products. LLC brought an action in New York state court against Deutsche Bank alleging breaches of representations and warranties made by Deutsche Bank con cerning the mortgage loans in the ACE Securities Corp. 2006-SL2 RMBS offering. The complaint did not specify the amount of damages sought. On May 13, 2013, the court denied Deutsche Bank’s motion to dismiss the action as timebarred. On December 19, 2013, the appellate court reversed the lower court's decision and dismissed the case. On June 11, 2015, the New York Court of Appeals affirmed the appellate court’s dismissal of the case. The court found that plaintiff’s cause of action accrued more than six years before the filing of the complaint and was therefore barred by the statute of limitations. On March 29, 2016, the court dismissed a substantially similar action commenced by HSBC as trustee, which may be appealed. Deutsche Bank was named as a defendant in a civil action brought by the Charles Schwab Corporation seeking rescis sion of its purchase of a single Countrywide-issued RMBS certificate. In the fourth quarter of 2015, Bank of America, which indemnified Deutsche Bank in the case, reached an agreement to settle the action with respect to the single certificate at issue for Deutsche Bank. On January 25, 2016, the Charles Schwab Corporation filed a request for dis missal with prejudice as to Deutsche Bank Securities Inc. On March 16, 2016, the court finalized the dismissal of Deutsche Bank Securities Inc. as a defendant. Deutsche Bank was named as a defendant in a FINRA arbitration brought by the Knights of Columbus ("Knights") alleging fraud, negligence, violation of state securities law, and violations of industry rules and practice in connection with six third-party offerings underwritten by Deutsche Bank. On February 22, 2016, Deutsche Bank and Knights exe cuted an agreement to settle the matter, and on March 26, 2016. the arbitration was dismissed with prejudice. The financial therms of the settlement are not material to Deutsche Bank. DeutOTieiSank and Amherst Advisory & Management LLC (Amherst) reached an agreement on February 12, 2016 to -propose settlement agreements to HSBC Bank USA, National Association (HSBC) to resolve breach of contract ac tions relating to five RMBS trusts. Pursuant to the agreements with Amherst, on February 17, 2016 Amherst requested / V D e utsch e Bank interim Report as of March 31, 2018 Basis of Preparation - 66 Impact of Changes in Accountion Principles ~ 67 Segment Information - 70 Information on the Consolidated Income Statement ~ ' Information on the Consolidated Balance S h eet- 7 6 O ther Financial Information - 116 that HSBC conduct a vote of certificate holders for each of the trusts concerning the approval or rejection of the pro posed settlements. On February 18. 2012, Deutsche Bank and Amherst executed a settlement agreement. During the week of February 22, 2016, HSBC published a notice to certificate holders of its receipt of the settlement agreement and advised the certificate holders that the settlement expires on May 12, 2016, however this deadline may be extend ed. A substantial portion of the settlement funds that would be paid by Deutsche Bank with respect to one of the five trusts, if the proposed settlement is consummated as to that trust, would be reimbursed by a non-party to that litigation. The net economic impact of the settlements was already reflected in prior periods. On February 3, 2016, Lehman Brothers Holding, Inc. instituted an adversary proceeding in United States Bankruptcy Court for the Southern District of New York against, among others, MortgagelT, Inc. (MIT) and Deutsche Bank AG, as alleged successor to MIT, asserting breaches of representations and warranties set forth in certain 2003 and 2004 loan purchase agreements concerning 63 mortgage loans that MIT sold to Lehman, which Lehman in turn sold to the Fed eral National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). The complaint seeks indemnification for losses incurred by Lehman in connection with settlements entered into with Fannie Mae and Freddie Mac as part of the Lehman bankruptcy proceedings to resolve claims concerning those loans. No specific damages are alleged in the complaint The time to respond to the complaint has not yet expired. In the actions against Deutsche Bank solely as an underwriter of other issuers' RMBS offerings, Deutsche Bank has contractual rights to indemnification from the issuers, but those indemnity rights may in whole or in part prove effective ly unenforceable where the issuers are now or may in the future be in bankruptcy or otherwise defunct. Deutsche Bank has entered into agreements with certain entities that have threatened to assert claims against Deutsche Bank in connection with various RMBS offerings and other related products to toll the relevant statutes of limitations. It is possible that these potential claims may have a material impact on Deutsche Bank. In addition, Deutsche Bank has entered into settlement agreements with some of these entities, the financial terms of which are not material to Deutsche Bank. Trustee Civil Litigation. Deutsche Bank National Trust Company (“DBNTC”) and Deutsche Bank Trust Company Amer icas (“DBTCA") have been sued by investors in civil litigation concerning their rote as trustees of certain RMBS trusts. On June 18, 2014, a group of investors, including funds managed by BiackRock Advisors, LLC, PIMCO-Advisors, L.P., and others, filed a derivative action against DBNTC and DBTCA in New York State Supreme Court purportedly on behalf of and for the benefit of 544 private-label RMBS trusts asserting claims for alleged violations of the U.S. Trust Indenture Act of 1939 (TIA), breach of contract, breach of fiduciary duty and negligence based on DBNTC and DBTCA’s alleged failure to perform their duties as trustees for the trusts. Plaintiffs subsequently dismissed their state court complaint and filed a derivative and class action complaint in the U.S. District Court for the Southern District of New York on behalf of and for the benefit of 564 private-label RMBS trusts, which substantially overlapped with the trusts at issue in the state court action. The complaint alleges that the trusts at issue have suffered total realized collat eral losses of U.S.$ 89.4 billion, but the complaint does not include a demand for money damages in a sum certain. DBNTC and DBTCA filed a motion to dismiss, and on January 19, 2016, the court partially granted the motion on pro cedural grounds: as to the 500 trusts that are governed by Pooling and Servicing Agreements, the court declined to exercise jurisdiction. The court did not rule on substantive defenses asserted in the motion to dismiss. On March 22, 2016, plaintiffs filed an amended complaint in federal court. In the amended complaint, plaintiffs assert claims in con nection with 62 trusts governed by Indenture Agreements. The amended complaint alleges that the trusts at issue have suffered total realized collateral losses of U.S. $9.8 billion, but the complaint does not include a demand for money damages in a sum certain. DBNTC and DBTCA will have an opportunity to file new defensive motions with respect to the amended complaint. Discovery is ongoing. On March 25, 2016, the BiackRock plaintiffs filed a state court action in the Superior Court of California, Orange County that involves 513 trusts governed by Pooling and Servicing Agreements, alleging three causes of action: breach of contract; breach of fiduciary duty; and breach of the duty to avoid conflicts of interest. Plaintiffs purport to bring the action on behalf of themselves and all other current owners of certificates in the 513 trusts. The complaint currently names only DBTCA as a defendant, even though DBNTC is the trustee for 512 of the 513 trusts. The complaint alleges that the trusts at issue have suffered total realized collateral losses of U.S,$ 85.1 billion, but the complaint does not D e utsch e B a nk 4 - Notes to the Consolidated Financial Statements Interim Report as of March 31, 2016 include a demand for money damages in a sum certain. DBTCA has not yet been served with the complaint. Discovery has not yet commenced. On June 18. 2014, Royal Park Investments SA/NV filed a class and derivative action complaint on behalf of investors in ten RMBS trusts against DBNTC in the U.S. District Court for the Southern District of New York asserting claims for alleged violations of the TIA, breach of contract and breach of trust based on DBNTC's alleged failure to perform its duties as trustee for the trusts. Royal Park’s complaint alleges that the total realized losses of the ten trusts amount to over U.S.$3.1 billion, but does not allege damages in a sum certain. On February 3, 2016, the court granted in part and dismissed in part plaintiffs’ claims: the court dismissed plaintiffs TIA claim and its derivative theory and denied DBNTC's motion to dismiss the breach of contract and breach of trust claims. Discovery is ongoing. On November 7, 2014, the National Credit Union Administration Board (“NCUA''), as an investor in 121 RMBS trusts, filed a complaint in the U.S. District Court for the Southern District of New York against DBNTC as trustee of those trusts, alleging violations of the TIA and the New York Streit Act for DBNTC's alleged failure to perform certain purport ed statutory and contractual duties. On March 5, 2015, NCUA amended its complaint to assert claims as an investor in 97 of the 121 RMBS trusts that were the subject of its first complaint. The amended complaint alleges violations of the TIA and Streit Act, as well as breach of contract, breach of fiduciary duty, negligence, gross negligence, negligent misrepresentation, and breach of the covenant of good faith. NCUA’s complaint alleges that the trusts at issue have suffered total realized collateral losses of U.S.$ 17.2 billion, but the complaint does not include a demand for money damages in a sum certain. DBNTC filed a motion to dismiss that is fully briefed but not yet decided. Discovery is stayed. On December 23, 2014, certain CDOs (collectively, "Phoenix Light SF Limited”) that hold RMBS certificates issued by 21 RMBS trusts filed a complaint in the U.S. District Court for the Southern District of New York against DBNTC as trustee of the trusts, asserting claims for violation of the TIA and the Streit Act, breach of contract, breach of fiduciary duty, negligence, gross negligence, and negligent misrepresentation, based on DBNTC's alleged failure to perform its duties as trustee for the trusts. On April 10, 2015, the CDOs filed an amended complaint relating to an additional 34 trusts (for a total of 55 trusts), and they amended their complaint for a second time on July 15, 2015 to include addi tional allegations. The CDOs allege that DBNTC is liable for over U.S. $ 527 million of damages. Discovery is stayed. On February 2, 2016, the court entered a stipulation signed by the parties to dismiss with prejudice claims relating to four of the 55 trusts. DBNTC filed a motion to dismiss. On March 29, 2016, the court granted in part and denied in part DBNTC’s motion to dismiss. The court allowed the majority of plaintiffs’ breach of contract claims to proceed. The court denied DBNTC’s motion to dismiss breach of fiduciary duty claims. The court granted the motion to dismiss to the extent that negligence claims were duplicative of breach of contract claims but denied the motion to dismiss to the extent plaintiffs alleged DBNTC violated extra-contractual duties. In addition, the court dismissed breach of the implied covenant of good faith and fair dealing claims. The court also denied the motion to dismiss claims for alleged violations of Sections 315(b) and 315(c) of the TIA, but dismissed claims under Section 316(b). Finally, the court dismissed the plaintiffs’ Streit Act claim. DBNTC's answer to the amended complaint is currently due on May 13, 2016. Discovery is ongoing. On March 24. 2015, the Western and Southern Life Insurance Company and five related entities (collectively “West ern & Southern’’), as investors in 18 RMBS trusts, filed a complaint in the Court of Common Pleas, Hamilton County, Ohio, against DBNTC as trustee for 12 of those trusts, asserting claims for violation of the TIA and the Streit Act, breach of contract, breach of fiduciary duty, negligence, gross negligence, negligent misrepresentation, and breach of the covenant of good faith and fair dealing, based on DBNTC’s alleged failure to perform its duties as trustee for the trusts. Western & Southern alleges that it purchased certificates of the trusts with a face value of more than U.S.$ 220 million and that the trusts at issue have suffered total realized collateral losses of U.S.$ 1 billion, but the complaint does not include a demand for money damages in a sum certain. DBNTC filed a motion to dismiss based upon lack of personal jurisdiction and forum non conveniens; a motion to stay the case pending the resolution of similar actions in New York against DBNTC: and a motion to sever the claims against DBNTC from those against its co defendant. On November 5, 2015, the court denied DBNTC’s motion to dismiss and motion to stay the case but grant ed DBNTC's motion to sever. After DBNTC's first motion to dismiss was decided, DBNTC filed another motion to dis miss, thfe ,time for failure to state a claim. That motion to dismiss is fully briefed but not yet decided. Discovery is D e u ts c h e B ank Interim Report as of March 31. 2016 Basis of Preparation - 65 Impact of Changes in Accountion Principles ~ 67 Segment Information - 70 Information on the Consolidated income Statement - 7 3 Information on the Consolidated Balance Sheet - 76 Other Financial Information - 116 On December 23. 2015, Commerzbank AG (“Commerzbank"), as an investor in 50 RMBS trusts, filed a complaint in the U.S. District Court for the Southern District of New York against DBNTC as trustee of the trusts, asserting claims for violations of the TIA and New York’s Streit Act, breach of contract, breach of fiduciary duty, negligence, and breach of the covenant of good faith, based on DBNTC’s alleged failure to perform its duties as trustee for the trusts. Commerzbank alleges that DBNTC caused it to suffer "hundreds o f millions of dollars in losses,” but the com plaint does not include a demand for money damages in a sum certain. This case and the Phoenix Light case were assigned to the same judge. The judge stayed this case until after he adjudicates DBNTC's motion to dismiss in the Phoenix Light action, at which time Commerzbank will be given an opportunity to amend its complaint. On March 29, 2016, the judge issued a decision on DBNTC's motion to dismiss in the Phoenix Light action, but the judge has not lifted the stay in the Commerzbank case. Discovery has not yet commenced. On December 30, 2015, IKB International, S.A. in Liquidation and IKB Deutsche Industriebank A.G, (collectively, “IKB”), as an investor in 37 RMBS trusts, filed a summons with notice in the Supreme Court of the State of New York, New York County, against DBNTC and DBTCA as trustees of the trusts. It appears that IKB may assert claims for violation of the TIA, violation of New York’s Streit Act, breach of contract, fraud, fraudulent and negligent misrepresentation, breach of fiduciary duty, negligence, and unjust enrichment. IKB appears to allege that DBNTC and DBTCA are liable for over U.S.$ 274 million of damages. DBNTC and DBTCA have not yet been served with the summons with notice. Discovery has not yet commenced. The Group believes a contingent liability exists with respect to these eight cases, but at present the amount of the contingent liability is not reliably estimable. Precious Metals Investigations and Litigations. Deutsche Bank has received inquiries from certain regulatory and law enforcement authorities, including requests for information and documents, pertaining to investigations of precious metals trading and related conduct. Deutsche Bank is cooperating with these investigations, and engaging with rele vant authorities, as appropriate. Relatedly, Deutsche Bank has been conducting its own internal review of Deutsche Bank's historic participation in the precious metals benchmarks and other aspects of its precious metals trading and precious metals business. Deutsche Bank is also named as a defendant in several putative class action complaints, which have been consolidat ed in two lawsuits pending in the U.S. District Court for the Southern District of New York. The U.S. suits allege viola tions of U.S. antitrust law, the U.S. Commodity Exchange Act, and related state law arising out of the alleged manipulation of gold and silver prices through participation in the Gold and Silver Fixes, but do not specify the damages sought. Oral arguments on motions to dismiss the U.S. complaints were heard on April 18, 2016 in the silver case, and April 20, 2016 in the gold case. Deutsche Bank has reached agreements in principle to settle both actions, the financial terms of which are not material to Deutsche Bank. The terms of the agreements are confidential, and the agreements remain subject to court approval. In addition, Deutsche Bank has been named as a defendant in a Canadian class action proceeding in the Ontario Superior Court of Justice concerning gold. The Ontario statement of claim was issued on January 15, 2016, and plain tiffs seek damages for alleged violations of the Canadian Competition Act as well as other causes of action. Deutsche Bank has also been named as a defendant in Canadian class action proceedings commenced in the provinces of Ontario and Quebec concerning silver. Each of the Ontario and Quebec silver proceedings seeks damages for alleged violations of the Canadian Competition Act and other causes of action. The Group has recorded provisions with respect to certain of these matters, including provisions sufficient to satisfy Deutsche Bank's obligations under the agreements in principle to settle both of the U.S. class actions. The Group has not disclosed the amount of these provisions, nor has it disclosed whether it has established provisions with respect to other matters referred above or any contingent liability with respect to any of those matters, because it has concluded that such disclosure can be expected to prejudice seriously their outcome. Referral Hiring Practices Investigations. Certain regulators are investigating, among other things, Deutsche Bank's compliance with the U.S. Foreign Corrupt Practices Act and other laws with respect to the Bank’s hiring practices relat ed to candidates referred by clients, potential clients and government officials, and its engagement of consultants in the D e utsch e B ank 4 - Notes to the Consolidated Financial Statements Interim Report as of March 31, 2016 Asia/Pacific region. Deutsche Bank is responding to and continuing to cooperate with these investigations. The Group has recorded a provision with respect to certain of these regulatory investigations. The Group has not disclosed the amount of this provision because it has concluded that such disclosure can be expected to prejudice seriously the outcome of these regulatory investigations. Russia/UK Equities Trading Investigation. Deutsche Bank is investigating the circumstances around equity trades entered into by certain clients with Deutsche Bank in Moscow and London that offset one another. The total volume of the transactions under review is significant. Deutsche Bank's internal investigation of potential violations of law, regula tion and policy and into the related internal control environment remains ongoing; to date it has identified certain viola tions of Deutsche Bank’s policies and deficiencies in Deutsche Bank's control environment. Deutsche Bank has advised regulators and law enforcement authorities in several jurisdictions (including Germany, Russia, the U.K. and U.S.) of this investigation. Deutsche Bank has taken disciplinary measures with regards to certain individuals in this matter and will continue to do so with respect to others as warranted. The Group has recorded a provision with respect to this matter. The Group has not disclosed the amount of this provision because it has concluded that such disclosure can be expected to prejudice seriously the outcome of this matter. Sovereign, Supranational and Agency Bonds (SSA) Investigation. Deutsche Bank has received inquiries from cer tain regulatory and law enforcement authorities, including requests for information and documents, pertaining to SSA bond trading. Deutsche Bank is cooperating with these investigations. The Group has not disclosed whether it has established a provision or contingent liability with respect to these matters because it has concluded that such disclo sure can be expected to prejudice seriously their outcome. U.S. Embargoes-Related Matters. Deutsche Bank has received requests for information from certain U.S. regulatory and law enforcement agencies concerning its historical processing of U.S. dollar payment orders through U.S. financial institutions for parties from countries subject to U.S. embargo laws. These agencies are investigating whether such processing complied with U.S. federal and state laws. In 2006, Deutsche Bank voluntarily decided that it would not engage in new U.S. dollar business with counterparties in Iran, Sudan, North Korea and Cuba and with certain Syrian banks, and to exit existing U.S. dollar business with such counterparties to the extent legally possible. In 2007, Deutsche Bank decided that it would not engage in any new business, in any currency, with counterparties in Iran, Syria, Sudan and North Korea and to exit existing business, in any currency, with such counterparties to the extent legally possible; it also decided to limit its non-U.S. dollar business with counterparties in Cuba. On November 3, 2015, Deutsche Bank entered into agreements with the New York State Department of Financial Services and the Federal Reserve Bank of New York to resolve their investigations of Deutsche Bank. Deutsche Bank paid the two agencies U.S.$ 200 million and U.S.$ 58 million, respectively, and agreed to terminate certain employees, not rehire certain former employees and install an independent monitor for one year. In addition, the Federal Reserve Bank of New York ordered certain remedial measures, specifically, the requirement to ensure an effective OFAC compliance program and an annual review of such program by an independent party until the Federal Reserve Bank of New York is satisfied as to its effectiveness. The investigations of the U.S. law enforcement agencies remain ongoing. The Group has not disclosed whether it has established a provision or contingent liability with respect to this matter because it has concluded that such disclosure can be expected to prejudice seriously its outcome. U.S. Treasury Securities Investigations and Litigations. Deutsche Bank has received inquiries from certain regulato ry and law enforcement authorities, including requests for information and documents, pertaining to U.S. Treasuries auctions, trading, and related market activity. Deutsche Bank is cooperating with these investigations. 114 115 D e utsch e Bank Interim Report as of March 31, 2016 Basis of Preparation - 66 Impact of Changes in Accountion Principles - 67 Segment Information - 70 Information on the Consolidated income Statement ~ 73 Information on the Consolidated Balance Sheet - 76 O ther Financial Information - 1 1 6 Deutsche Bank Securities Inc. has been named as a defendant in several putative class action complaints filed in the U.S. District Courts for the Southern District of New York, the Northern District of Illinois, the Southern District of Alabama, and the District of the Virgin Islands alleging violations of U.S. antitrust law, the U.S. Commodity Exchange Act and common law related to the alleged manipulation of the U.S. Treasury securities market. These cases are in their early stages. The Judicial Panel on Multidistrict Litigation has centralized these cases in the Southern District of New York. The Group has not disclosed whether it has established a provision or contingent liability with respect to these matters because it has concluded that such disclosure can be expected to prejudice seriously their outcome. Long-Term Debt in £ m. __________ ____ Mar 31,2016 Dec 31.2015 81,620 34,825 8 6 ,2 5 5 4,558 1,926 28,431 151,361 4 .6 0 2 Senior debt: B o n d s a n d notes Fixed ra te F lo a tin g rate 3 8 .9 6 3 Subordinated debt: B o n d s a n d notes F ix e d ra te F lo a tin g rate Other Total long-term debt 1.811 28,385 160,016 Shares Issued and Outstanding in_miHion ^ S h a re s issued S h a re s in tre a s u ry Mar 31.2016 1,379.3 12.3 Dec 3 1 2015 12.1 0.2 1,367.0 0.3 1.379.3 0.4 Th e re o f: B uyback O th e r S h a re s outstanding 0.1 1,378.9 D e utsch e B ank 116 4 - Notes to the Consolidated Financial Statements Interim Report as of March 31, 2016 Other Financial Information (unaudited) Credit related Commitments and Contingent Liabilities Irrevocable lending com mitments and lending related contingent liabilities In the normal course of business the Group regularly enters into irrevocable lending commitments, including fronting commitments as well as contingent liabilities consisting of financial and performance guarantees, standby letters of credit and indemnity agreements on behalf of its customers. Under these contracts the Group is required to perform under an obligation agreement or to make payments to the beneficiary based on third party's failure to meet its obliga tions. For these instruments it is not known to the Group in detail if. when and to what extent claims will be made. In the event that the Group has to pay out cash in respect of its fronting commitments, the Group would immediately seek reimbursement from the other syndicate lenders. The Group considers all the above instruments in monitoring the credit exposure and may require collateral to mitigate inherent credit risk. If the credit risk monitoring provides sufficient perception about a loss from an expected claim, a provision is established and recorded on the balance sheet. The following table shows the Group's irrevocable lending commitments and lending related contingent liabilities with out considering collateral or provisions. It shows the maximum potential utilization of the Group in case all these liabili ties entered into must be fulfilled. The table therefore does not show the expected future cash flows from these liabilities as many of them will expire without being drawn and arising claims will be honored by the customers or can be recovered from proceeds of arranged collateral. in € m. Irre vo ca b le lend ing co m m itm e n ts C o n tin g e n t liab ilitie s Total Mar 31, 2016 Dec 31, 2015 163,501 1 74 ,549 53 ,247 5 7,325 216,748 231,874 Irrevocable payment commitments with regard to levies Irrevocable payment commitments related to bank levy according to Bank Recovery and Resolution Directive (BRRD) amounted to € 155.5 million as of March 2016 and as of December 2015. Related Party Transactions Parties are considered to be related if one party has the ability to directly or indirectly control the other party or exercise significant influence over the other party in making financial or operational decisions. The Group's related parties include: - - key management personnel, close family members of key management personnel and entities which are controlled, significantly influenced by, or for which significant voting power is held by key management personnel or their close family members, subsidiaries, joint ventures and associates and their respective subsidiaries, and post-employment benefit plans for the benefit of Deutsche Bank employees. 117 D e u ts c h e B ank Interim Report as of March 31, 2018 Basis of Preparation - 66 Impact of Changes in Accountion Principles - 67 Segment Information - 70 Information on the Consolidated Income Statement - 73 Information on the Consolidated Balance Sheet - 76 Other Financial Information - 116 Transactions with Key Management Personnel Key management personnel are those persons having authority and responsibility for planning, directing and control ling the activities of Deutsche Bank Group, directly or indirectly. The Group considers the members of the Management Board as currently mandated and the Supervisory Board of the parent company to constitute key management per sonnel for purposes of IAS 24. Among the Group’s transactions with key management personnel as of March 31, 2016, were loans and commitments of € 11 million and deposits of € 8 million. As of December 31, 2015, there were loans and commitments of € 11 million and deposits of € 8 million among the Group's transactions with key management personnel. In addition, the Group provides banking sen/ices, such as payment and account services as well as invest ment advice, to key management personnel and their close family members. Transactions with Subsidiaries, Associates and Joint Ventures Transactions between Deutsche Bank AG and its subsidiaries meet the definition of related party transactions. If these transactions are eliminated on consolidation, they are not disclosed as related party transactions. Transactions be tween the Group and its associated companies and joint ventures and their respective subsidiaries also qualify as related party transactions. Loans issued and guarantees granted Associated companies and other related parties in £ m. Mar 31,2016 Loans outstanding, beginning of period L o a n s iss u e d d u rin g th e pe rio d Loa n re p a y m e n ts d u rin g th e perio d C h a n g e s in th e g ro u p o f co n s o lid a te d c o m p a n ie s E x c h a n g e ra te c h a n g e s /o th e r Loans outstanding, end of period1 396 92 64 0 0 Dec 31. 2015 321 464 376 (31) ia 425 396 1 1 0 263 O ther credit risk related transactions: A llo w a n c e fo r lo a n lo s s e s P ro v is io n fo r loan lo s s e s G u a ra n te e s arid c o m m itm e n ts 0 263 1 Loans past due were € 8 million as of March 31. 2016 and€ 4 million as of December 31. 2015. For the above loans, the Group held collateral of € 78 million and fe" 69 million as of March 31, 2016 and Decem&er31, 2015, respectively. D e p o s its re c e iv e d Associated companies and other related parties in € m. Mar 31, 2016 Dec 31. 2015 Deposits, beginning of period 162 128 D e p o s its re c e iv e d d u rin g th e perio d 75 119 326 295 D e p o s its re p a id d u rin g th e period C h a n g e s in th e g ro u p o f c o n s o lid a te d c o m p a n ie s E x c h a n g e ra te c h a n g e s /o th e r Deposits, end of period 0 (1) 115 (0) 2 162 Other Transactions Trading assets and positive market values from derivative financial transactions with associated companies amounted to € 39 million as of March 31, 2016, and € 32 million as of December 31, 2015, Trading iiabiiities and negative market values from derivative financial transactions with associated companies were € 0 million as of March 31,2016, and € 0 million as of December 31, 2015. tv - ' D e utsch e B a nk 4 - Notes to the Consolidated Financial Statements Interim Report as of March 31. 2016 Transactions with Pension Plans The Group has business relationships with a number of its pension plans pursuant to which it provides financial ser vices to these plans, including investment management. Pension funds may hold or trade Deutsche Bank AG shares or securities. As of March 31, 2016, transactions with these plans were not material for the Group. Non-Current Assets and Disposal Groups Held for Sale Within the balance sheet, non-current assets and disposal groups held for sale are reported in Other assets and Other liabilities. This note provides further explanation on the nature and the financial impact of the non-current assets and disposal groups held for sale as of March 31, 2016, Non-Current Assets and Disposal Groups Held for Sale at the Reporting Date Total assets held for sale amounted to € 3.0 billion as of March 31, 2016 (December 31, 2015: € 3,5 billion) and the disposal groups included liabilities of € 39 million as of March 31, 2016 (December 31, 2015: € 37 million). In line with the Bank’s strategic intent and by further progressing on the execution of Strategy 2020, Deutsche Bank has agreed to sell its entire 19.99 % stake in Hua Xia Bank Company Limited (“Hua Xia") to PICC Property and Casu alty Company Limited. Accordingly, Deutsche Bank had reclassified its equity method investment of € 3.3 billion held in the PW&CC corporate division to the held-for-sale category as of year-end 2015. Due to the revaluation of the held-forsale investment in the first quarter 2016, the Group recorded an impairment loss of € 5 1 8 million on the nori-current asset, marking it down to € 2.8 billion as of March 31, 2016. The impairment loss recorded in other income is largely a result of the decline in the share price of Hua Xia and an adverse exchange rate development. Due to the expected consideration for Hua Xia, other transaction-related effects partly compensate the decline in the share price and thus the overall net loss in the first quarter 2016 amounts to € 124 million. Along with the held-for-sale classification, accu mulated other comprehensive income of € 662 million related to the investment had been reclassified within equity to unrealized net gains (losses) on assets classified as held for sale. The completion of the transaction, which is anticipat ed in the mid-year 2016, is subject to customary closing conditions and regulatory approvals, including that of the Chi na Banking Regulatory Commission. As of March 31, 2016 and December 31, 2015, there were unrealized net gains of € 662 million relating to non-current assets and disposal groups classified as held for sale recognized directly in accumulated other comprehensive income (loss). Events after the Reporting Period On April 15, 2016 the Group announced an agreement reached with Macquarie Infrastructure Partners 111 (“MIP 111"), a fund managed by Macquarie Infrastructure and Real Assets, to sell Maher Terminals USA, LLC, a multi-user con tainer terminal in Port Elizabeth, New Jersey. Under the transaction, MIP III has agreed to acquire 100 % of Maher Terminals USA, LLC. This is subject to Port Authority and other regulatory approvals. The transaction is not expected to have a material impact on Deutsche Bank’s financials. On April 26, 2016 Red Rock Resorts Inc. announced the pricing of its initial public offering that is expected to close on May 2, 2016. Red Rock Resorts is a Las Vegas-based gaming, development and management company which after the consummation of the initial public offering will include the operations of Station Casinos LLC, The Group has had an economic interest in Red Rock/Station Casinos since 2011 and will participate in the initial public offering by selling a ppffiory’of its holdings. Deutsche Bank is acting as one of the lead underwriters for the transaction. The transaction is e> ' ve a positive effect on second quarter results. 118