Deutsch-Russische UAG Finanzdienstleistungen - Schwerpunktthema: Versicherungen Zusammenarbeit zwischen Banken und Versicherungen Berlin,Beispiel den Oktober 2003 am der Deutschen Bank Hagen Sinodoru Deutsch-Rusische Konferenz Schwerpunktthema: Versicherungen Agenda Betreuung von Versicherungen bei der Deutschen Bank Allgemeine Geschäftsansätze mit Versicherungen Geschäftsansätze mit Russischen Versicherungen Ihr Ansprechpartner bei der Deutschen Bank Anhang A Weitere Unterlagen Deutsch-Rusische Konferenz Schwerpunktthema: Versicherungen Struktur der Deutsche Bank Gruppe DEUTSCHE BANK Gruppe Vorstand: Ackermann (Spokesman), Börsig, Lamberti, Heydebreck DB SERVICES CORPORATE CENTRE CORPORATE AND INVESTMENT BANK Fitschen (Operating Committee)       Privatkunden und ASSET MANAGEMENT Pierre de Weck (Operating Committee) CORPORATE INVESTMENTS GLOBAL MARKETS GLOBAL EQUITIES CORPORATE FINANCE GLOBAL BANKING DIVISION CORPORATE INVESTMENTS PRIVATE WEALTH MANAGEMENT ASSET MANAGEMENT (Jain) (Parker) (Cohrs) (Fitschen) (Wieandt *) (Weck) (Hughes) FX Bonds Derivatives MM Research E-business     Sales & Trading Derivatives Research E-business    Mergers & Acquisitions Equity Capital Markets Global Credit Products      * not member of the Group Executive Committee Relationship Management Global Cash Management Global Trade Finance Trust and Security Services Asset Finance & Leasing   DB Investor DB Capital Partners  DWS Group Finanza & Futuro (Retail)  Deutsche Asset Mgmt (Inst.) PRIVATE & BUSINESS CLIENTS (Neske)     Deutsche Bank 24 Europe e-Brokerage Maxblue Private Banking Deutsch-Rusische Konferenz Schwerpunktthema: Versicherungen Aufgaben des Relationship Manager/Versicherungen in der Deutschen Bank  Aufbau nachhaltiger Kundenbeziehungen durch kontinuierliche Betreuung auf allen Ebenen des Kunden  Führung der Verkaufsaktivitäten für alle Produkte der DB  Fokussierung auf cross-selling (Gruppenweite Profit Maximierung)  Gemeinsamer Betreuungsansatz mit Global Markets, Global Equities, GBD und PCAM (Akquisition, Marketing, Abwicklung)  Unterstützung GCF/FIG bei Advisory, M&A und ECM  Optimale Ausnutzung des strategischen Kreditgeschäftes zur Hebung von Kundenprofiten und gleichzeitig Risiko/RWA-Minimierung  Steuerung des Kreditrisikos durch Portfolioansatz und LEMG WICHTIG: WIR SIND KEIN WETTBEWERBER (mehr) ! Deutsch-Rusische Konferenz Schwerpunktthema: Versicherungen Kundenportfolio des Relationship Management FI der Deutschen Bank  Portfolio umfasst z Zt ca 940 Kunden ( vormals 2.500 )  Reduzierung erfolgte zum Zwecke der optimalen Ressourcennutzung Kunden Portfolio nach Industrien Finance Comp 16 Invest Mgr 68 Kunden Portfolio nach Regionen Broker Other 49 Americas 139 Western Europe 371 Insurance 133 Asia 176 Banks 664 EMEA 253 *Other beinhaltet Körperschaften in Entwicklungsländern Deutsch-Rusische Konferenz Schwerpunktthema: Versicherungen Globales Relationship Management Versicherungen * Amerika New York Charles Kohler John McGill Clinton Johnson Dänemark Deutschland Hagen Sinodoru Norden Gernold Spletter Juergen Meyer Asien Hong Kong Richard Clarke UK & Nordic Benelux Tokyo Garth Harlow Matthias Schwierz Toshiya Kambayashi * ∑ 20 Mitarbeiter Frankreich Schweiz Heinz Reinsch Geoffroy de Bretagne Heinz Reinsch Wolfgang Henrich Sascha Walz Spanien Italien Bert Beyebach Matthias Schwierz West Matthias Schwierz Hagen Sinodoru Alexander Koepp Stefanie Hockenbrink Zentrum Heinz Reinsch Matthias Schwierz Hagen Sinodoru Sascha Walz Andreas Wagenknecht Stefanie Noelp Süden Wolfgang Henrich Guenter Baeuerlein Russland Ost Europa Hagen Sinodoru Österreich Matthias Schwierz Griechenland Hagen Sinodoru Deutsch-Rusische Konferenz Schwerpunktthema: Versicherungen Agenda Betreuung von Versicherungen bei der Deutschen Bank Allgemeine Geschäftsansätze mit Versicherungen Geschäftsansätze mit Russischen Versicherungen Ihr Ansprechpartner bei der Deutschen Bank Anhang A Weitere Unterlagen Deutsch-Rusische Konferenz Schwerpunktthema: Versicherungen Produktgruppen und deren Geschäftsansätze Global Banking Division •Zahlungsverkehr •Depotverwaltung •Besicherungsanhang •Kreditversicherung •Kreditlinien •Letter of Credits •CTAS Asset Management •Liquiditätsfonds •Spezialfonds inkl •Corporate Bonds Global Markets / Global Equities •FX- (USD/EUR) inkl Deriv •Anleihen/SSD/High Yield •Hedge Funds •Money Market Geschäfte •Master KAG •Verkäufe aus den KA •Immobilien KA •Aktienderivate auf die KA •Facility Management •Hybrides Kapital / EK •Vermögende PK / PWM •ART / Verbriefungen •IPO / SPO Erst bzw Rückversicherer Personenversicherer Kompositversicherer Spezialversicherer, Konglomerate Deutsch-Rusische Konferenz Schwerpunktthema: Versicherungen Global Banking Division  Zahlungsverkehr / Pooling  e-Banking  Kartenservice  Depotverwaltung  Besicherungsanhang  Zahlstellenfunktion CTAS  Letter of Credits Deutsch-Rusische Konferenz Schwerpunktthema: Versicherungen Asset Management / DeAM / DWS / PWM        Liquiditätsfonds / Spezialfonds Unternehmensanleihen Hedge Funds Master KAG Immobilien KA Facility Management Vermögende PK / PWM Deutsch-Rusische Konferenz Schwerpunktthema: Versicherungen Geschäftsansätze mit Russischen Versicherungen (3)  Konsolidierungs- bzw Wachstumsberatung  Rating Beratung  Vermittlung von Kontakten zu ausl Wettbewerbern  Risikoberatung Kredit / Underwriting Marktrisiken Operativ / intern  Wissenstransfer / Erfahrungsaustausch Deutsch-Rusische Konferenz Schwerpunktthema: Versicherungen Agenda Betreuung von Versicherungen bei der Deutschen Bank Allgemeine Geschäftsansätze mit Versicherungen Geschäftsansätze mit Russischen Versicherungen Ihr Ansprechpartner bei der Deutschen Bank Anhang A Weitere Unterlagen Deutsch-Rusische Konferenz Schwerpunktthema: Versicherungen Ihr Ansprechpartner bei der Deutschen Bank Relationship Management Versicherungen Russland / Osteuropa Hagen Sinodoru Tel: +49 69 910 42463 Mobil: +49 172 6698 635 E-mail: hagen.sinodoru@db.com Fax: +49 69 910 42450 Taunusanlage 12, D-60325 Frankfurt am Main Deutsch-Rusische Konferenz Schwerpunktthema: Versicherungen Vielen Dank für Ihre Aufmerksamkeit spasibo bol'schoe za wnimanie Hagen Sinodoru Deutsche Bank AG Deutsch-Rusische Konferenz Schwerpunktthema: Versicherungen Agenda Betreuung von Versicherungen bei der Deutschen Bank Allgemeine Geschäftsansätze mit Versicherungen Geschäftsansätze mit Russischen Versicherungen Ihr Ansprechpartner bei der Deutschen Bank Anhang A Weitere Unterlagen Deutsch-Rusische Konferenz Schwerpunktthema: Versicherungen Institutional Derivatives - Market Driven Clients •Pension Funds •Fund Managers •Insurance Companies •Hedge Funds Applications •Portfolio Trading •Tactical Asset Allocation and Hedging •Strategic Asset Allocation and Hedging •Leveraged Equity Exposure •Yield Enhancement Combined Sales & Research •Analysts •Relative Value Product •Derivative Value Added •Web Based Tools - ederivatives.db.com •Solution Driven Products •DB Sectors Products / Business Groups •Portfolio Trading •Exchange Traded and OTC Derivatives •Relative Value Group •Securitized Products •Exchange Traded Funds Global Equity Derivatives - Sales Structured and Investment Products Client Driven Clients •Institutionals •Retail Intermediaries •Retail direct Products •Diverse payment formulas •CPPI and other portfolio trading products •Underlyings: equities, funds and hedge funds Packaging •OTC •Deposits •Securitized •Funds (ETFS) •SPVs •Insurance Contacts Branding • Marketing services and brands available for retail intermediaries and retail direct Legal •Optimisation •Regulatory capital optimisation •Listing services Strategic Equity Transaction Group Clients •Corporates •Financial Institutions Activity •Corporate Finance •Legal, Accounting and Tax Transactions Applications •ESOP •Balance Sheet Management •Regulatory Arbitrage •M&A Derivatives •Hedging and Monetisation •Ultra High Net Worth Deutsch-Rusische Konferenz Schwerpunktthema: Versicherungen Beispiel : PIONEER 2002 Katastrophen Bond Struktur Investment Bank LIBOR Swap Swiss Re Capital Markets Collateral investment North Atlantic Hurricane Europe Windstorm Swiss Re (Sponsor) California Earthquake PIONEER 2002 Ltd Central U.S Earthquake (SPV) Japan Earthquake Specific Notes (Tranches A - F) $255 million (initial takedown out of $2 billion) LIBOR + Spread Combined perils Alternativer Risiko Transfer Hedge Funds & Mutual Funds (Investor) Deutsch-Rusische Konferenz Schwerpunktthema: Versicherungen Recent completed transactions Munich Re Finance BV Allianz Finance II BV Munich Re Finance BV     EUR billion 6.75% 20 NC 10 6.5% 22NC12 Joint Bookrunner April 2003 Joint Bookrunner December 2002 Extensive marketing material included detailed company presentation, a red herring and credit research distributed to sales before roadshow EUR billion 6.125% 20NC10 Joint Lead Manager May 2002  Orderbook totalled approximately 1.8bn in  days time - oversubscription of 80%  Due to strong demand, final pricing was set at mid-swaps +177 bps as against initial talk of mid-swaps +180 bps area Issue tightened by 3bps after bonds were free to trade Due to strong demand and favourable conditions, the deal priced at 245 bps over mid-swaps as against expectations of 250 260 bps Strong order book performance despite preceding downgrading of Munich Re’s Insurer Financial Strength Rating by two notches Allianz Finance II BV Allianz Finance II BV EUR billion Book built up to € 6.3bn, leading to Munich Re increasing initial size from € 2bn to € 3bn Allianz Finance II BV   Transaction achieved broad geographical distribution in Europe 355 separate orders placed into book prior to launch With submitting 39% of the total order volume Deutsche Bank once again proved its strong distribution capabilities No roadshow undertaken, nor was a preliminary prospectus published  Mandate announced as minimum €1bn deal Order book totalled in excess of €3bn in three days  At the time largest Hybrid Capital offering for an insurance company ever, and largest single tranche hybrid capital offering ever in Euros  2002 deal of the year in Financial Institutions segment: EuroWeek Deutsch-Rusische Konferenz Schwerpunktthema: Versicherungen Recent completed transactions (continued) Allianz Finance II BV Munich Re Finance BV Munich Re Finance BV Allianz Finance II BV GBP 300 million 7.625% 25 NC 15 Joint Bookrunner April 2003     EUR billion 7.25% PerpNC5 4.625% 8yr Senior Benchmark Joint Bookrunner December 2002 Joint Bookrunner April 2003 The issue was part of a dual currency funding exercise that also comprised a € bn 22NC12 subordinated hybrid capital issue   The transaction successfully targeted retail investors, in particular the Asian retail base Due to increase of EUR denominated tranche from € bn to € bn, the envisioned size of GBP 300 - 500 m was reduced to GBP 250 mm  Marketing took place with roadshows in Hong Kong and Singapore; initial price talk was 7.50% area Bookbuilding officially started on Friday, April 4th Books were already closed after hour when total book volume of GBP 429 mm was reached Aegon NV US$ 500 million The tranche was announced during the road show for the Euro denominated subordinated issue, and intended to diversify Munich Re’s investor base and to create price tension for the EUR investors Premarketing spread started with a range of 285 -300 bps over the Gilt 8% December 2015 Due to strong demand the spread could be tightened to 295 and the issue amount increased to GBP 300 mm Aegon  The strong demand resulted in 50% oversubscription, with an orderbook approaching US$ 750 mm  Due to the extremely strong order book the final pricing was revised downwards and set at 7.25%  The transaction achieved broad geographical distribution, led by Asia Pacific, Germany/Austria and Switzerland  The offering is structured to boost the issuer’s capital base and satisfy rating agency hybrid capital criteria The issue structure is perpetual fixed rate The issuer has the option to defer coupon payments subject to no dividend being declared on common stock of Allianz AG  This transaction represents Aegon’s first senior benchmark transaction in the capital markets  Given the difficult market environment generally for insurance companies, Aegon undertook a European roadshow encompassing the UK, Germany, France and the Netherlands as well as numerous investor conference calls to address investor concerns  After completion of the roadshow, the lead managers approached the market with price guidance of mid swaps + 120-125 bps for a benchmark transaction (EUR 500mm or larger) Strong order inflow resulted in the books being closed by early afternoon on the second day  At close, the book totalled EUR 1.1bn of high quality orders, allowing high allocations The lead managers priced a EUR 900 mm transaction at the tight end of the price guidance  The order book was largely driven by German and to a lesser extent UK institutional buyers, however German retail also participated in the deal  The issue exhibited a strong secondary market performance, despite a one notch downgrade from S&P, and was tapped for EUR 100mm at mid swaps + 103 bps one week later Deutsch-Rusische Konferenz Schwerpunktthema: Versicherungen Munich Re Finance B.V EUR billion 6.75% 2013/2023 Guaranteed Subordinated Bond (A2/A) 20 NC 10 Step-Up Issuer: Guarantor: Launch / Pricing Date: Maturity Date: Launch Spread: Joint Books: Joint Lead: Munich Re Finance B.V., The Netherlands Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft, Munich, Germany 09 April 2003 for 16 April 2003 settle 21 June 2023 with a step-up of 100 bps to float and call on 21 June 2013 Mid 10yr Swap +245 bps (DBR 4,5% Jan 2013 +262 bps) Deutsche Bank, UBS Warburg HVB Issue Highlights  On March 20th Munich Re and the Joint Bookrunners announced the mandate of Munich Re’s first subordinated bond issue With this issue, Munich Re will strengthen its capital base for rating agency and regulatory purposes  After the release of the preliminary 2002 figures, Munich Re and the Joint Bookrunners undertook an intensive roadshow in London, Paris, Amsterdam, The Hague and Frankfurt, as well as investor conference calls in the first week of April Extensive marketing material included a detailed company presentation and a red herring, as well as credit research distributed to sales before the roadshow started  Bookbuilding started on Monday morning 07 April Books increased rapidly to EUR 6.8 bn before closing Therefore, Munich Re increased the initial issue size of EUR bn to EUR bn on the day immediately preceding launch and pricing  Order book and deal performance was very good despite the preceding downgrading of Munich Re’s Insurer Financial Strength Rating by two notches to AA-(neg.)/Aa3 (Fitch confirmed the AA+ (neg.) IFSR rating) and volatile stock markets with Munich Re’s share breaking the EUR 70 mark during book building after a low of EUR 52.50 (closing price) on 31 March  Due to huge investor demand and favourable market conditions, the initially announced spread range of 250 - 260 bps over midswaps could be tightened to 245 - 250 bps The deal then priced at the lower end of this range Deutsch-Rusische Konferenz Schwerpunktthema: Versicherungen Munich Re Finance B.V EUR billion 6.75% 2013/2023 Guaranteed Subordinated Bond (A2/A) 20 NC 10 Step-Up Regional Distribution Investor Type Distribution Other Europe Other 5% Asia 3% Austria 5% 3% Sw itzerland 4% ORDER BOOK Retail /HNWI 6% Germ any 32% Others 5% Insurances 11% Spain 5% Funds 48% USA 5% Italy 10% France 11% ALLOCATION Banks 30% UK 17% Other Europe 4% Other Asia Austria 3% 4% 3% Sw itzerland 3% Spain 4% USA 5% Italy 10% Retail /HNWI 7% Germany 38% Insurances 12% Funds 53% Banks 24% France 11% UK 15% Others 4% Deutsch-Rusische Konferenz Schwerpunktthema: Versicherungen Group Executive Committee Clemens Börsig CFO / CRO Hermann-Josef Lamberti COO Tessen von Heydebreck CAO Rainer Neske Private & Business Clients Anshu Jain Global Markets Kevin Parker Global Equities Josef Ackermann Tom Hughes Asset Management Spokesman of the Board of Managing Directors Chairman of Group Executive Committee Member of the Board of Managing Directors Pierre de Weck Private Wealth Management Michael Cohrs Corporate Finance Corporate and Investment Bank (CIB) Corporate Investments (CI) Jürgen Fitschen Global Banking Division Private Clients & Asset Management (PCAM) * not member of the Group Executive Committee Axel Wieandt * Corporate Investments Deutsch-Rusische Konferenz Schwerpunktthema: Versicherungen Struktur des Bereichs Corporate & Investment Bank Global Markets Corporate Finance  Fixed Income Sales & Trading  Corporate Finance Coverage  Bond Origination  Global Credit Products  Bond Syndication  High Yield  Derivatives  Mortgage-Backed  Money Markets/Repo  Loans Syndication  Leveraged Finance  Project Finance  Securitisation  Foreign Exchange  Metals and Commodities  Exchange Traded Derivatives    Research e-Business Global Equities   Mergers and Acquisitions   Global Banking Division Advisory Relationship Management (RM)  Financial Institutions  German Midcaps  Global Corporates Global Cash Management (GCM)  Electronic Banking Services  Payment Services  Liquidity Management  Information Services  Card Services  e-Business ECM  Equity Origination  Equity-Linked  Syndication  Global Trade Finance (GTF)  Structured Trade and Export Finance (STEF)  Trade & Risk Services (TRS)  Portfolio and Risk Management (PRM)  Asset Finance & Leasing (AFL)  Trust & Securities Services (TSS)  Equities Sales and Trading  Equity Derivatives  Domestic Custody Services (DCS)  Research  Corporate Trust and Agency  e-Business Deutsch-Rusische Konferenz Schwerpunktthema: Versicherungen Organigramm Global Banking Division CEO Global Banking Division Juergen Fitschen (London, Frankfurt) Chief Operating Officer Werner Steinmueller (Frankfurt) Relationship Management Financial Institutions Peter Tils (Frankfurt) Project Mariner / FastTrack Programme Ingo Gefeke (New York) Product Units Global Cash Management Norbert Wanninger (Frankfurt) Business Support Business Area Controlling Juergen Dobritzsch (New York) Global Trade Finance Reinhard Uhl (Frankfurt) Global Corporates Ashok Aram (London) German Midcaps Juergen Fitschen (Frankfurt) Trust & Securities Services Dinkar Jetley (London) Asset Finance & Leasing Georg Bachmaier (Frankfurt) Human Resources Andy Walker (London) IT / Operations Wolfgang Gaertner (Frankfurt) Deutsch-Rusische Konferenz Schwerpunktthema: Versicherungen GBD / FI Management Struktur Financial Institutions Relationship Management (FIRM) Peter Tils Wolfgang Wagner Business Manager Insurance Europe Heinz Reinsch UK & Ireland Banks Mike South Asia Clark De-Waal Latin America Alberto Seeger Central Europe Banks HP Ludescher Western Europe Banks Franca V Peters Near & Middle East / Africa Hake/Cellarius Eastern Europe Joerg Bongartz North America Banks, Broker / Dealer & Insurance Charles Kohler Asset Manager Kathleen Bowers Alan Krouk