tier 2 fixed income roadshow - deutsche bank€¦ · 1q 2q 3q 4q 1q (256) 2012 2013 2012 2013 (599)...

Deutsche Bank

Tier 2 Fixed Income RoadshowLondon / New York / Boston / Chicago

Jonathan Blake, Global Head of Debt IssuanceFriedrich Karl Stroedter, Head of Debt IR & Rating Agency Relations

May 2013y

Deutsche Bank at a glanceFY2012FY2012

Key facts Revenues by business(2)Revenues per region(1)

Revenuesin EUR bn

33.7

Employees ~98,000 Asia/Pacific GTB

Retail customers,in m

28.4Germany

37%Americas25%

11%

CB&S46%

12%

AWM13%

Number ofbranches ~2,800

Invested Assets

EMEA(3)

30%

25% 46%

PBC28%

Invested Assets, in EUR bn

1,237

Note: Figures may not add up due to rounding differences(1) FY2012 f EUR 33 7 b i l d i l f 103% (G EMEA A i A i /P ifi ) d C lid ti & Adj t t f (3)%

Tier 2 Fixed Income RoadshowDeutsche BankTreasury / Investor Relations

financial transparency. 2

(1) FY2012 revenues of EUR 33.7 bn include regional revenues of 103% (Germany, EMEA, Americas, Asia/Pacific) and Consolidations & Adjustments revenues of (3)%(2) FY2012 revenues of EUR 33.7 bn include Consolidations & Adjustments revenues of (3)% and NCOU revenues of 3% that are not shown in this chart(3) Europe ex Germany, plus Middle East and Africa

Agenda

1 Financials1 Financials

2 Positioning and strategy

3 Capital, liquidity and funding

g gy



Results at a glanceIn EUR bn unless otherwise statedIn EUR bn, unless otherwise stated

N t 33 79 4

1Q2013 FY2012

Performance highlights

Net revenues Common Equity Tier 1 ratio, Basel 3 fully loaded%(1)

Post tax return on average active equity in%

33.77.8%

0 5%

9.48.8%

12 3%Common Equity Tier 1 ratio, Basel 2.5 12.1% 11.4%Post-tax return on average active equity, in%

Non-Core Operations Unit Reported Group IBIT

0.5%

(2.9)0.8

12.3%

(0.2)2.4

Impact on profitability Core Bank impairments(2)

Core Bank significant litigation(3)

Core Bank adjusted IBIT

(1.5)(1.4)

6.5

--

2.6



Note: Core Bank includes CB&S, GTB, AWM, PBC, and C&A; numbers may not add up due to rounding (1) Pro-forma (2) Impairment of intangible assets (3) >EUR 100m

Divisional performance: CB&S and GTBIncome before income taxes in EUR m

In EUR m In EUR m

Global Transaction BankingCorporate Banking & Securities

I i t f d ill dI i t f d ill d

Income before income taxes, in EUR m

320 294 324 309

Impairment of goodwill and other intangible assets

1,881

1 083

1,852


(73)

(183)(1)496

1,083(1)575

1,174

(73)

1Q 2Q 3Q 4Q 1Q(256)

2012 20132012 2013

(599)1Q 2Q 3Q 4Q 1Q

2012 2013



(1) IBIT adjusted for impairment for goodwill and other intangible assets

Divisional performance: AWM and PBCIncome before income taxes in EUR m

In EUR m In EUR m

Private & Business ClientsAsset & Wealth Management

I i t f d ill d

Income before income taxes, in EUR m


208

98 114

221

460404

482

(56)98

(202)

(1) 367 404

287

(258)

(202)

1Q 2Q 3Q 4Q 1Q 1Q 2Q 3Q 4Q 1Q2012 2013 2012 2013



(1) IBIT adjusted for impairment of goodwill and other intangible assets

NCOU: Pre-tax profit & roll-off profile

In EUR m

Income before income taxes

I i t f d ill d 120(3)

Adjusted assets(2), in EUR bn

Size of Non-Core Operations Unit

(1,226)(5)

(549)(216)

(505)(196)

Impairment of goodwill and other intangible assets (1)

<8086

120(3)

31

6695

26

52

(28)%

47

21

(1,647)

(421)

(549) (505)

Mar 2013Jun 2012

~2

Dec 2015Dec 2014Dec 2013

21(4)31

Pro-forma Basel 3 RWA equivalent(4), in EUR bn141

Dec 2012

15(4)26 ~2

(35)%

2116(4) ~2

2012 2013

1Q 2Q 3Q 4Q 1Q <8091

141

106

106

81

(35)%

70(1) IBIT adjusted for impairment of goodwill and other intangible assets(2) Total assets according to IFRS adjusted for netting of derivatives

and certain other components(3) Changed due to refinements in netting and consolidation

adjustments to adjusted assets between NCOU and the Core businesses - no overall impact to DB Group

(4) RWA plus equivalent of items currently deducted 50/50 from Tier

4~13 19

Mar 2013Jun 2012 Dec 2015Dec 2014Dec 2013Dec 2012

315 711 3

7

CB&S PBC CI AWM



(4) RWA plus equivalent of items currently deducted 50/50 from Tier 1/Tier 2 capital whereby the Tier 1 deduction amount is scaled at 10%

Agenda




g gy



2012: Our franchise remained resilientRevenues in EUR bn

Corporate Banking & Securities

Asset & Wealth Management

Global Transaction Banking

Revenues, in EUR bn

Private & Business Clients SecuritiesManagement Banking

15.614.1

Clients

9.510.4

4 54 3 4.54.3 4.03.6

FY12FY11 FY12FY11 FY12FY11FY12FY11



Industry consolidation: Validates our strategic view

Changing competitive landscape… …and share gains for global leadersCumulative market share of top-5 players

FICC Equities

Pro-forma B3 RWA-equivalent in investment bank, in EURbn

2011 2014/2015

504644 444341

FICC Equities

<200~240(1)

2011 2014/2015

European bank A(2)

41

~140>210

European bank B(3) <60

>170

European bank C(4)

2013E20122011 2013E20122011

>160 <100



(1)CB&S excluding NCOU in 2011; December 2015 target (2) Investment Bank; 2011 as of September; December 2014 target (3) Investment Bank; 2011 including non-core; December 2015 target excl. non-core (which together with legacy portfolio is expected to decrease by ~EUR 40bn from 2013-2015 to ~EUR 45bn by YE2015) (4) Markets division; December 2014 target Source: DB Research, company information

Operational Excellence Program: Further progress

CtA and targeted savings Program to date progress In EUR bn

Cumulative run-rate savingsCtA per yearIn EUR bn

1Q20132H2012gp y

2014 target

4.5

4.04.5

2013 target

1 7

2.9 2014 target

0 4

1,10.6

1.71.5

0.20.4

1.6

0.20.2

2013 target

0.60.7

0 40 5 0,42012 2013 2014 2015 CtA Cumulative

run-rate savings

0.40.5



Strategy 2015+: Aspiration and key assumptions

Gl b l GDP th f

2015 aspiration Key macroeconomic assumptions

— Global GDP growth of 2-4% p.a.(3)

GDP>12%Post-taxRoE(1)

— EUR/USD of ~1.30FX rate

MSCI World index growthE it

<65%Cost/income ratio

C Ti 1 — MSCI World index growth of ~4%(4) p.a.

Equity markets

Continued low ECB and

>10%Core Tier 1 ratio(2)

— Continued low ECB and Fed fund rate levels

Interest ratesEUR 4.5 bn savings Costs

(1) Based on average active equity and group tax rate guidance between 30% and 35% (2) Basel 3 fully loaded


financial transparency.

(2) Basel 3 fully loaded (3) Average 2012 – 2015e (Source: DB Research)(4) CAGR MSCI World Index 2012 – 2015e (Source: DB Research)

12

Agenda




g gy



Funding Profile

— Funding liabilities materially unchanged at

Funding well diversified Highlights 1Q2013As of 31 Mar 2013

Capital Markets and Equity1 %

Secured Funding and Shorts

Financing Vehicles2%

EUR 1,107 bn

— Most stable funding sources provided approx. 60% of funding

61% from most stable funding sources

17%

Retail

Discretionary Wholesale

9%

Shorts19% — Funding plan 2013 of EUR 18 bn:

50% already achieved

26%

Transaction Banking17%

Other Customers10%

Total: EUR 1,107 bn



Overview of capital markets portfolio

Split by entity Split by issuance type(1)

As of 31 Mar 2013Total: EUR 138 bn

As of 31 Mar 2013Total: EUR 138 bn

Deutsche Bank (excl Postbank) Postbank

10%

Senior unsecured Covered Tier 2 Tier 1

21%

18%

8%

79%

64%

Complementary capital markets portfolio; Deutsche Bank more active in senior unsecured market, Postbank more active in covered bond market



(1) Includes Postbank

Issuance strategy

Senior Covered Tier 1 and Tier 2— 2013 Issuance Plan of EUR 18bn

Total issuance YTD EUR 9bn at avg spread of

Historical funding activities 2013 funding activitiesIn EUR bn

2 4

— Total issuance YTD EUR 9bn at avg. spread of L+43 and avg. tenor of 4.2 years

— 66% via retail networks and private placement, complemented by EUR 1.25bn 2 year and EUR 1 75b 10 b h k

45 50

20 21 22 16

1 2 3

2

2 2

1.75bn 10 year benchmarks

— Funding spreads remain largely unchanged since beginning of year despite ongoing Eurozone crisis

LT2 issuance planned for 2013; last LT2 issue was2007 2008 2009 2010 2011 2012

— LT2 issuance planned for 2013; last LT2 issue was EUR 1.15 bn 5% 2020, issued in 2010

— Consistent access to capital markets during challenging market conditions USD Senior and Tier 2 Issuancechallenging market conditions

— Funding demand stable/declining since 2009

— Figures include Postbank issuance for 2010 onwards



onwards

Capital markets maturity profile(1)

As of 31 Mar 2013 in EUR bnAs of 31 Mar 2013, in EUR bn

Senior Covered Tier 1 and Tier 2 — Well laddered maturity profile

N th EUR 20 b t i i

(2)

Observations

14

— No more than EUR 20 bn maturing in any bucket for upcoming years

— Maturities in future years allow management of liquidity requirements in light of NCOU

3

11

23

2

3

1

1

14 derisking

— EUR 14 bn of Tier 1 and Tier 2 inflate 2024+ bucket; call decisions may partially accelerate maturities

14 1311 12

10

1

32

3 1

3

1

0 10 0 1

53 2 2 2 3

3 3 1 0

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024+



(1) Includes Postbank(2) Tier 1 and Tier 2 maturities as per contractual maturity date

Overview of liquidity reserves(1)

% f t t l

Development through the crisisIn EUR bn

5%% of total adjusted assets 12% 17% 19%

3.5x

19%

150

223 232 230

65

31 Dec 2007 31 Dec 2010 31 Dec 2011 31 Dec 2012 31 Mar 2013



(1) The bank's liquidity reserves include (a) available excess cash held primarily at central banks, (b) unencumbered central bank eligible business inventory, as well as (c) the strategic liquidity reserve of highly liquid government securities and other central bank eligible assets. Position before Dec 2012 excludes

Basel 2.5 – Capital ratios and risk-weighted assets

15 1 16.0

12.9 13.4 13.6 14.2 15.1Tier 1 capital ratio, in %

Common Equity Tier 1 ratio in %9.5 10.0 10.2 10.7 11.4 12.1

ratio, in %

381 368 373 366 334 325

RWA, in EUR bn

2011 2012

4Q 1Q 2Q 3Q 4Q 1Q

2013



Note: Tier 1 ratio = Tier 1 capital / RWA; Common Equity Tier 1 ratio = (Tier 1 capital - hybrid Tier 1 capital) / RWA

19

Capital: Accelerated roadmap to 10% Basel 3 ratioBasel 3 Common Equity Tier 1 (CET1) ratio fully loaded, pro-formaBasel 3 Common Equity Tier 1 (CET1) ratio fully loaded, pro forma

Rationale to increase CET1 now— Success of accelerated reduction in

capital demand and strong organic increase in fully loaded Basel 3 Common Equity Tier 1 (CET1) ratio by

Rationale to increase CET1 now

8.8%9.6%

> 10.0%

Equity Tier 1 (CET1) ratio by 31 March 2013 enables us to move beyond 9% Basel 3 ratio now, withmodest dilution

— Move puts 10% target within reach< 6.0%

7.8%

Move puts 10% target within reach

— Repeated investor feedback to move capital topic “off the table”

31 Dec 2011 31 Dec 2012 31 Mar 2013 31 Mar 2013 post capital

31 Mar 2015 target



post capital measure

target(1)

(1) Net impact of ex-rights issue was EUR 2.9 bn

Successful delivery on capital demand targets

Material RWA reduction since30 June 2012 …

… with largest contribution from asset sale/hedgingPro-forma Basel 3 RWA equivalent(1) relief 2H2012 –

Pro-forma Basel 3 RWA equivalent(1)

relief

100%103

43 Cor

e

Pro forma Basel 3 RWA equivalent relief 2H2012 1Q2013, in EUR bn

(in EUR)

Investor day target(2) ~90 bn

18

43

Asset sale / Hedging

Non

-Cor

e

59%

Revised target(3) >100 bn

11 11

13

18

Roll out ofadvanced models

Co

11%VaR multiplierreduction

13%

Note: Figures may not add up due to rounding differences(1) RWA plus equivalent of items currently deducted 50/50 from Tier 1/Tier 2 capital whereby the Tier 1 deduction amount is scaled at 10%(2) I t D (11/12 S t b 2012)

1Q2013 actual 103 bn 18Improved process &

data discipline (4)17%



(2) Investor Day (11/12 September 2012)(3) As per Annual Press Conference (31 January 2013)(4) Previously referred to as ‘Operating model improvement’

Comprehensively strengthening total capital structure

Deutsche Bank capital structure Generic future capital structure Basel 3 minimum requirementsBasel

2.5Basel 3 (fully loaded)(1)

pro-forma

Total capital ratio: 17.7%

Tier 1 ratio: 16.0%3.8%

hybrid T1

2.0%T2(5)

3.9%hybrid T1

1.7% T2

T2/

C %11.4%CET1

~0.8%

2.0%

≤ 2.5%

1.5%

12.1%

Issuance of EUR 2.0 bn AT1and T2 CRR compliant capital over the next 12 months

G-SIB additional buffer requirement(2),(3)

Capital conservation

Additional Tier 1

Tier 2

Ex-rightsissue

T2/AT1

CET 1 ratio: 12.1% ≥10% CET1

CET1 (6,7)

4.5%

2.5%CET 1 8.8%CET 1

Capital conservation buffer(2),(4)

Minimum CET1 requirement

~9.6% CET 1 ratio

Note: Countercyclical buffer not considered(1) Hybrid Tier 1 and Tier 2 as per applicable phase-in rules(2) Pro-rata phased-in between 1 January 2016 and year-end 2018, becoming fully effective on 1 January 2019(3) Gl b l t i ll i t t b k b ff A t l t t t fi d t l l l d d l t ’ j d t f l b l t i i t t th ti

1Q2013 1Q2013pro-forma

Jan 2019



(3) Global systemically important banks buffer: Actual amount not yet fixed, actual level depends on regulators’ judgment of global systemic importance at the time; based on preliminary judgment buffer varies between 1% and 2.5%, further bucket with 3.5% buffer currently not populated

(4) Should be held outside periods of stress; can be drawn down in periods of stress if discretionary distributions of earnings are reduced

Credit ratings overview

Moody´s rating scale Aa3 A1 A2 A3 Baa1 Baa2Notches downgraded since July 2007

(long-term rating only)Fitch and S&P rating scale AA- A+ A A- BBB+ BBB Moody´s Fitch S&P

HSBC(1)(2) (2)

(P-1) (F1+) (A-1+)

(3)

2 1 1

Deutsche Bank AG(3)

(F1+) (A-1) (P-1)

Credit Suisse(1)(P-1) (A-1) (F1)

BNP Paribas(F1+) (A-1) (P-1)

3 2 1

4 2 3

4 1 2

(2)

(2)

(2)

JPMorgan Chase (1)(F1)

Société Générale(F1+)

Barclays(1)(2)

(A-1)

3 1 2

4 2 3

4 4 2

5 4 4

(A-1)(P-1)

(A-1)(P-1)

(2)

(2)

(F-1)(P-1)

(2)

(2)

UBS AG

Goldman Sachs(1)(F1)

Morgan Stanley(1)(F1) (A-2) (P-2)

B k f A i (1)

5 4 4(F-1) (A-1) (P-1)

3 2 3

4 2 3

(2)(2)

(2)(A-2) (P-2)

(2)

7 3 4(2) (2)Bank of America(1)

Citigroup(1)

(1) Ratings shown are for HSBC Bank PLC, Credit Suisse AG, JPMorgan Chase & Co, Barclays Bank PLC, Goldman Sachs Group Inc., Morgan Stanley, Bank of America Corporation and Citigroup Inc

Moody‘s Fitch S&P

7 3 4

7 4 4(A-2)(F-1)

(A-2)(F-1)

(2) (2)

(P-2)

(P-2)



America Corporation, and Citigroup Inc.(2) Long-term rating on negative outlook (3) Long-term rating under review for downgradeNote: Shown are secured long-term ratings and short term ratings (below each symbol) as of 2 April 2013

Deutsche Bank

Additional InformationAdditional Information

May 2013y

Deutsche Bank’s credit ratings profileas of 30 April 2013as of 30 April 2013

Senior unsecured debt A+ A+A2

Pfandbrief AAA -Aaa

Senior unsecured debt A AA2

Tier 2 Baa3 BBB+ A-

Tier 1 Ba2 BBB BBB-

Credit WatchOutlook Stable Credit Watch Negative(1) Stable

Short term debt P-1 A-1 F1+



1) S&P’s Pfandbrief rating has a stable outlook

Reconciliation to Basel 3 pro-forma (fully loaded)(1)

In EUR bn as per 31 Mar 2013In EUR bn, as per 31 Mar 2013

RWA Common Equity Tier 1 capital12.1% 13.6% 8.8%

5321138038661

325 (6) 8 5%

B 3 fully loadedB 3 phase-in B 3 fully loadedB 3 phase-in

3339

(19)

8.5%

T1 B 2.5 TotalTotalTotalTotalB 2.5

Note: Figures may not add up due to rounding differences

xxTarget, as per Annual Press xxCommon Equity Tier 1 Ratio

deductions put against

AT1 capital first

(2)



Note: Figures may not add up due to rounding differences(1) Subject to final Basel rules and European / German implementation of the revised framework(2) Additional Tier 1 capital

26

g , pConference (31 January 2013)

NCOU: Total adjusted assets(1)

31 Dec 2012 31 Mar 2013In EUR bnIn EUR bn

IAS 39 re-classifiedassetsCI

AWM

17.015.41.8

IAS 39 re-classifiedassetsCI

AWM

15.315.6

1.5

Other loans

Monolines

PBC: Other7.3

8 0

4.2 Other loans

Monolines

PBC: Other 6.1

7.4

4.0

Other trading

Monolines

Credit Trading –Correlation Book

PBC: Postbanknon-core

Other

8.0

1.5

12.35.4

22.1

Other trading

Monolines

Credit Trading –Correlation Book

PBC: Postbanknon-core

Other

1.0

10.96.6

17.4

positionsOther

EUR 95 bnpositionsOther

EUR 86 bn



(1) Total assets according to IFRS adjusted for netting of derivatives and certain other components

Balance sheet and risk weighted assets

272

RWA(1) vs. balance sheet (adj. assets)In EUR bn, as of 31 Mar 2013

XX RWA density incl. operational riskXX RWA density excl. operational risk

1,225272 ~22%

~27%

Avg RWA density

161

2516258Market Risk RWA Non-derivativetrading assets

,

~25%

23%

Avg. RWA density

~27%

395

72

161

31

37

Derivatives(2)

Other

~43%

~23%

~35%

195

395

138

215Credit Risk RWA

Lending(3)

Reverse repo /securities

~35%

~1%

1502 2

Note: Figures may not add up due to rounding differences(1) RWA excludes Operational Risk RWA of EUR 53 bn

RWA Balance SheetRWA

borrowedCash and deposits

with banks ~1%

~1%~1%



(1) RWA excludes Operational Risk RWA of EUR 53 bn(2) Excludes any related Market Risk RWA which has been fully allocated to non-derivatives trading assets(3) RWA includes EUR 32 bn RWA for lending commitments and contingent liabilities

28

Total assets (adjusted)In EUR bn

70 721,209 1,225Derivatives post-

netting

In EUR bn

Positive market valuesfrom derivatives

Derivatives post-netting

127 129 27 25

228 226Trading assets254Trading assets251

Trading securities

Reverse repos / securities borrowed

Financial assets at FV through P&L

Other trading assets

397 395

15 1918 18127

Reverse repos / securities188

Net loans

securities borrowed

Other des. at FVLoans des. at FV

Reverse repos / securities195

149 150

397borrowed

Cash and deposits with banks

borrowed

102 10316 2161 66 Securities borrowed / reverse repos

Other(1)Brokerage & securities rel. receivables

31 Dec 2012 31 Mar 2013



Note: Figures may not add up due to rounding differences(1) Incl. financial assets AfS, equity method investments, property and equipment, goodwill and other intangible assets, income tax assets and other

29

Balance sheet leverage ratio (adjusted)In EUR bn except ratios

2013

31 Mar 30 Jun 30 Sep 31 Dec 31 Mar

2,111 2,249 2,194 2,022 2,033

2012

Total assets (IFRS)

In EUR bn, except ratios

(688) (782) (741) (705) (642)

(146) (153) (141) (82) (138)

(14) (10) (23) (26) (28)

Adjustment for additional derivatives netting

Adjustment for additional pending settlements netting and netting of pledged derivatives cash collateral

Adjustment for additional reverse repos netting

(1)

(2)

(14) (10) (23) (26) (28)

1,263 1,304 1,289 1,209 1,225

55.4 56.0 57.1 54.2 56.1

Adjustment for additional reverse repos netting

Total assets (adjusted)

Total equity (IFRS)

3.1 3.8 3.0 1.7 2.4

58.6 59.9 60.1 55.9 58.5

Adjustment for pro-forma fair value gains (losses) on the Group's own debt (post-tax)

Total equity (adjusted)

(3)

38 40 38 37 36

22 22 21 22 21

Leverage ratio (IFRS)

Leverage ratio (adjusted)

Note: Figures may not add up due to rounding differences(1) I l d tti f h ll t l i d i l ti t d i ti i i



(1) Includes netting of cash collateral received in relation to derivative margining(2) Includes netting of cash collateral pledged in relation to derivative margining(3) Estimate assuming that substantially all own debt was designated at fair value

30

Litigation

Litigation reserves Contingent liabilities(1)Mortgage repurchase demands/reserves

DemandsR

In USD bnIn EUR bnIn EUR bn

~2.4 ~2.4~4.6

~5.3

Reserves

~1.5

~1.3

31 Dec 2012 31 Mar 201331 Dec 2012 31 Mar 2013

~0.5 ~0.5

31 Dec 2012 31 Mar 2013



(1) Contingent liabilities, also referred to as reasonably possible losses above provisions, are recognized pursuant to accounting standards when an outflow of funds is determined to be more than remote (>10%) but less than probable (<50%) and an estimate of such outflow reliably can be made

Cautionary statements

This presentation contains forward-looking statements. Forward-looking statements are statements that are not historicalfacts; they include statements about our beliefs and expectations and the assumptions underlying them. These; y p p y gstatements are based on plans, estimates and projections as they are currently available to the management of DeutscheBank. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation toupdate publicly any of them in light of new information or future events.

By their very nature forward-looking statements involve risks and uncertainties A number of important factors couldBy their very nature, forward looking statements involve risks and uncertainties. A number of important factors couldtherefore cause actual results to differ materially from those contained in any forward-looking statement. Such factorsinclude the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which wederive a substantial portion of our revenues and in which we hold a substantial portion of our assets, the development ofasset prices and market volatility, potential defaults of borrowers or trading counterparties, the implementation of ourstrategic initiatives, the reliability of our risk management policies, procedures and methods, and other risks referenced inour filings with the U.S. Securities and Exchange Commission. Such factors are described in detail in our SEC Form20-F of 15 April 2013 under the heading “Risk Factors.” Copies of this document are readily available upon request orcan be downloaded from www.db.com/ir.

This presentation also contains non-IFRS financial measures. For a reconciliation to directly comparable figures reportedunder IFRS, to the extent such reconciliation is not provided in this presentation, refer to the 1Q2013 Financial DataSupplement, which is accompanying this presentation and available at www.db.com/ir.



tier 2 fixed income roadshow - deutsche bank€¦ · 1q 2q 3q 4q 1q (256) 2012 2013 2012 2013 (599)...

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