Annual Report 2009 on Form 20-F (PDF) - Deutsche Bank Annual ...

20-F Additional Notes
Other Transactions
As of December 31, <strong>2009</strong> positive and negative market values from derivative financial transactions with
associated companies amounted to € 3.7 billion and € 3.0 billion, respectively. Positive market values from
derivative financial instruments with associated companies were € 390 million as of December 31, 2008. The
increase was attributable to changes in the composition of the Group’s associated companies. Other trans-
actions with related parties also reflected the following:
Business Relationships with Deutsche Postbank AG: In addition to the acquisition of an interest in
Deutsche Postbank AG, Deutsche Bank AG signed a cooperation agreement with Postbank. The cooperation
agreement encompasses financing and investment products, business banking and commercial loans as well
as customer-oriented services. The agreement also covers sourcing and IT-infrastructure.
Xchanging etb GmbH: The Group holds a stake of 44 % in Xchanging etb GmbH and accounts for it under the
equity method. Xchanging etb GmbH is the holding company of Xchanging Transaction Bank GmbH (“XTB”).
Two of the four executive directors of Xchanging etb GmbH and one member of the supervisory board of XTB
are employees of the Group. The Group’s arrangements reached with Xchanging in 2004 include a 12-year
outsourcing agreement with XTB for security settlement services and are aimed at reducing costs without
compromising service quality. In <strong>2009</strong> and 2008, the Group received services from XTB with volume of
€ 104 million and € 94 million, respectively. In <strong>2009</strong> and 2008, the Group provided supply services (e.g., IT and
real estate-related services) with volumes of € 29 million and € 26 million, respectively, to XTB.
Mutual funds: The Group offers clients mutual fund and mutual fund-related products which pay returns linked
to the performance of the assets held in the funds. For all funds the Group determines a projected yield based
on current money market rates. However, no guarantee or assurance is given that these yields will actually be
achieved. Though the Group is not contractually obliged to support these funds, it made a decision, in a number
of cases in which actual yields were lower than originally projected (although still above any guaranteed
thresholds), to support the funds’ target yields by injecting cash of € 16 million in <strong>2009</strong> and € 207 million in 2008.
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