European Market Infrastructure Regulation

Classification	Clearing and Account Segregation	Intra-Group Exemptions (Margining)	Portfolio Reconciliation and Disputes Resolution	Transaction Reporting

EMIR Classification

Client Classification

The European Market Infrastructure Regulation 648/2012 (“EMIR”), as amended, requires Deutsche Bank and its clients to be classified for the implementation of EMIR regulatory standards.

Market participants subject to EMIR and their clients are classified into these categories:

Financial Counterparties trading derivatives above the relevant clearing thresholds (“FCs”)
Financial Counterparties trading derivatives below the relevant clearing thresholds (“Small FC” or “FC-”)
Non-Financial Counterparties trading derivatives above the relevant clearing thresholds (“NFC+”)
Non-Financial Counterparties trading derivatives below the relevant clearing thresholds (“NFC-”)

Deutsche Bank AG EMIR Classification

Deutsche Bank AG’s classification under EMIR is FC. The EMIR classification for any Deutsche Bank AG affiliates conducting client-facing derivative activities can be provided upon request.