#1Deutsche Bank Investor Relations Q1 2023 Fixed Income Investor Conference Call #Positivelmpact April 28, 2023 /#2Solid performance in volatile markets Q1 2023 Profitability > Improvement in pre-provision profit to € 2.2bn in the quarter > Ongoing disciplined expense management with efficiencies offsetting investments and inflation, reducing CIR to 71% Franchise > Revenues up 5% YoY, with higher contributions from Corporate Bank and Private Bank > Well diversified mix of businesses creates opportunity to perform strongly even in challenging markets 8% RoTE¹ 10% Deutsche Bank Investor Relations ROTE pro-rata annualized-bank levies € 7.7bn Revenues Resilience > Strong balance sheet, positioned to navigate uncertainty; credit loss provisions contained, proving robust risk management > Sound liquidity metrics above targeted level, reflecting prudent steering Sustainability > Hosted 2nd Sustainability Deep Dive to update on business strategies, commitments and policies > Increased sustainable finance volumes by € 22bn in Q1 2023² Note: Throughout this presentation totals may not sum due to rounding differences and percentages may not precisely reflect the absolute figures; for footnotes refer to slides 35 and 36 Q1 2023 Fixed Income Investor Call April 28, 2023 13.6% CET1 143% LCR € 238bn Cumulative Sustainable Finance volumes 1#3Key metrics showing continued improvements In % Continued revenue momentum, with Group revenue CAGR in line with 2025 targets Further improvement in cost/income ratio (CIR); with pro-rata annualized-bank levies CIR is 67% Ongoing positive ROTE trajectory towards 2025 targets Robust CET1 ratio, with strong capital build in the quarter Note: For footnotes refer to slides 35 and 36 Deutsche Bank Investor Relations Revenue CAGR¹ Q1 2023 LTM vs FY 2021 25.6 CB 3.9 FY 2021 Q1 2023 Fixed Income Investor Call April 28, 2023 (2.1) IB ROTE development 10.9 PB 9.4 6.7 ex-DTA FY 2022² (5.7) AM 6.7 Group 8.3 Q1 2023 CIR development 85 FY 2021 13.3 75 CET1 ratio development Q3 2022 FY 2022 13.4 Q4 2022 / 71 Q1 2023 13.6 Q1 2023 2#4Well diversified loan book, CLP guidance unchanged Well-diversified loan book By business Private 54% Bank Other Investment Bank 0% 21% € 488bn Q1 2023 25% Corporate Bank By region Other 2% 7% Note: For footnotes refer to slides 35 and 36 Deutsche Bank Investor Relations Germany 48% € 488bn Asia Q1 2023 North 21% America 21% EMEA ex-Germany Loan book well diversified across businesses and regions; ~70% of the loan book either collateralized, supported by financial guarantees or hedged Well-positioned to withstand downside risks due to conservative underwriting standards, a robust risk appetite framework and risk mitigation through hedging Q1 2023 Fixed Income Investor Call April 28, 2023 Provision for credit losses (in € m) Stage 3 Stage 1+2 24 292 178 114 Q1 2022 19 233 52 181 Q2 2022 In bps of average loans annualized¹ 28 350 13 337 Q3 2022 28 351 390 (39) Q4 2022 / 30 372 397 (26) Q1 2023 Q1 provisions slightly ahead of the previous quarter Stage 3 provisions slightly increased, driven by idiosyncratic events in International Private Bank, while Corporate Bank and Investment Bank saw moderate bookings Stage 1+2 provisions saw minor releases, partially driven by improving macroeconomic outlook since Q4 2022 FY 2023 guidance of 25-30bps of average loans remains unchanged 3#5Balance sheet strength in challenging conditions Capital & leverage 13.6% CET1 ratio 4.6% Leverage ratio From 12.8% in prior year quarter Deutsche Bank Investor Relations Leverage ratio increased YoY on like-for-like basis Liquidity & funding 143% LCR > 50% 2023 issuance plan completion Note: Q1 2022 leverage ratio calibrated in line with CRR2 legislation regarding central bank balance exclusion Q1 2023 Fixed Income Investor Call April 28, 2023 LCR stable QoQ with € 63bn above regulatory requirement YTD issuance of € 8bn, incl. completion of 2023 capital instrument issuance plan Deposits & AuM 41% Insured deposits excl. banks € 12bn PB/AM inflows / Highly diversified portfolio across client segments, products and geographies Strong client demand and deposit migration into higher-yielding products 4#6Loan-to-deposit ratio at 82% In € bn, unless stated otherwise Loan development 481 Investment Bank 94 Corporate Bank 125 Private Bank 258 Investment Bank Corporate Bank Q1 2022 604 13, 271 Deposit development Private Bank 316 493 Q1 2022 99 129 264 Q2 2022 613 17 275 319 503 105 129 269 Q3 2022 631 17 291 322 489 103 122 265 Q4 2022 621 16 289 317 488 103 121 263 Q1 2023 592 11 269 310 Q1 2023 QoQ (0)% (0)% 10% (0)% (3)% (1)% YoY 1% QoQ (5)% 2% YoY (2)% (7)% (1)% (2)% (2)% / Year-on-year growth of 1% (€ 4bn) adjusted for FX effects, driven by Investment Bank FIC and Private Bank Quarter-on-quarter lending essentially flat Year-on-year reduction of 2% (€ 15bn) adjusted for FX Quarter-on-quarter reduction of 4% (€ 27bn) adjusted for FX > € 18bn reduction in Corporate Bank driven by a mix of normalizations from elevated levels, increased price competition, and client reaction to market volatility > € 7bn reduction in Private Bank mostly due to inflationary pressure and migration into investment products Q2 2022 Q3 2022 Q4 2022 Note: Loans gross of allowances at amortized costs (IFRS 9); Totals represent Group level balances whereas the graph shows only PB, CB and IB exposure for materiality reasons Deutsche Bank Q1 2023 Fixed Income Investor Call Investor Relations April 28, 2023 5#7Diversified deposit base In € bn, unless stated otherwise Normalization in non-interest-bearing deposits 604 Institutional Client Services Q1 2022 Q3 2022 Deposit funding mix as of Q1 2023 Corporate Bank Corporate 28% Treasury Services 613 11% Q2 2022 Private Bank Investment Bank & Treasury 3% Business split Business Banking 7% 16% 631 37% Private Bank Germany International Private Bank 621 Q4 2022 Investment Bank & Treasury 592 Q1 2023 Term Deposits CB 13% Non- Operational Overnight 12% 14% Term Deposits Other 3% Product split Operational Overnight Business Banking QoQ (5)% 7% 11% YoY (2)% Private Bank 41% Retail Private Bank non-Retail / Normalized deposits compared to elevated levels in late 2022; stable-to-improving balances since quarter-end Clients adapting to higher interest rates yet continued outperformance of deposit beta models > Deposit normalization during the quarter primarily in non- interest-bearing products Two thirds of reductions before late March, about one third impacted by heightened market volatility High-quality and well-diversified deposit portfolio across client segments and products with 73% in German home market 77% of German retail deposits insured via statutory protection schemes (41% of total deposit base excl. deposits from banks) 83% from retail, SME, corporate & sovereign clients; only 2% from unsecured wholesale funding Term Deposit portfolio with healthy 7 months weighted average maturity Note: Totals represent Group level balances whereas the graph shows only business exposures, differences driven by hedge accounting effects in Corporate & Others Deutsche Bank Q1 2023 Fixed Income Investor Call Investor Relations April 28, 2023 6#8Strong liquidity coverage ratio above target In € bn, unless stated otherwise Liquidity coverage ratio (LCR¹) LCR 135% High-quality liquid assets Surplus above requirement NSFR Available stable funding 214 Surplus above requirement 55 121% 607 Q1 2022 Net stable funding ratio (NSFR²) 106 133% Q1 2022 207 51 Q2 2022 116% 598 85 Q2 2022 136% 227 Note: For footnotes refer to slides 35 and 36 Deutsche Bank Investor Relations 60 Q3 2022 116% 606 85 Q3 2022 142% 219 64 Q4 2022 120% 606 99 Q4 2022 143% 208 63 Q1 2023 120% 596 100 Q1 2023 Q1 2023 Fixed Income Investor Call April 28, 2023 ~130% ~50 Target 115- 120% ~80 Target / LCR slightly increased quarter on quarter, reflecting prudent liquidity management including year-to-date € 8bn TLTRO prepayments Strong liquidity position maintained throughout the quarter with daily average LCR at 134% Net stable funding ratio stable at targeted level Well-diversified and stable funding continues benefiting from Strong domestic deposit franchise Longer-dated capital market issuances Little remaining reliance on TLTRO funding 7#9Interest rates continued to support PB and CB NIM Divisional NIM development Corporate Bank 2.40% 2.49% Private Bank 1.83% Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 1.93% 2.64% 1.91% Q1 2022 Q2 2022 Q3 2022 Deutsche Bank Investor Relations Note: For footnotes refer to slides 35 and 36 3.36% 4.13% 2.19% 2.30% Q4 2022 Q1 2023 Group NIM development Average interest earnings assets¹, in € bn Net interest margin² 1.19% 967 Q1 2022 Q1 2023 Fixed Income Investor Call April 28, 2023 1.39% 971 Q2 2022 1.47% 998 Q3 2022 1.51% 989 Q4 2022 1.41% 977 Q1 2023 Key highlights / Corporate Bank and Private Bank NIM show continued favorable development due to rising rates and strong pricing discipline > Group NIM shows a decline due to the accounting treatment of certain hedge positions in C&O which is fully offset by and increase in non-interest income Decrease in average interest earning assets driven principally by TLTRO prepayments Realized deposit betas remain favorable but are expected to continue to normalize as the pace of interest rate rises slow 8#10Increase in CET1 ratio from retained earnings Movements in basis points (bps), period end CET1 ratio 13.4% 360 Q4 2022 Risk-weighted assets (in € bn) Q4 2022 Deutsche Bank Investor Relations FX effect RWA change Capital change (2) Note: For footnotes refer to slides 35 and 36 (6) 3 FX effect Credit risk 30 1 Market risk¹ Operational risk 13.6% Q1 2023 360 Q1 2023 Q1 2023 Fixed Income Investor Call April 28, 2023 / CET1 ratio up by 25bps compared to Q4 2022 Material net capital build of € 1.1 bn, mainly from net income partly offset by equity compensation > RWA change principally in Investment Bank and Corporate Bank RWA remained flat compared to Q4 2022 (including FX impact) mainly due to > € 3bn in credit risk due to seasonal rebound in the Investment Bank and Corporate Bank loan growth € (1) bn across operational risk market risk (including reduction in qualitative market risk multiplier add-on) 9#11Capital ratios well above regulatory requirements In % of RWA, unless stated otherwise, period end T2 AT1 CET1 18.5 2.6 2.3 13.6 Available capital 272bps 251bps Note: For footnotes refer to slides 35 and 36 Deutsche Bank Investor Relations 15.8 2.7 2.0 11.1 T2 requirement4 AT1 requirement³ CET1 requirement² Capital requirement¹ Q1 2023 Fixed Income Investor Call April 28, 2023 > > / Buffer to CET1 requirement of 251bps down 37bps quarter on quarter > 62bps higher requirement as previously communicated > > Higher Pillar 2 requirement (20bps of which 11bps CET1) Introduction of a countercyclical (30bps) and a systemic risk buffer for residential mortgages (20bps) in Germany > 25bps offset from higher CET1 capital ratio > Capital buffer over CET1 requirement of now € 9bn Buffer to total capital requirement at 272bps, down 58bps with 21bps additional movement compared to buffer over CET1 requirement > 13bps from increase in regulatory maturity haircuts/deductions > 9bps from higher Pillar 2 requirement described above > T2 issuance in February fully offset by T2 call in May 10#12Leverage ratio essentially unchanged In € bn, except movements (in bps), period end 4.6% Q4 2022 56.6 1,240 Deutsche Bank Investor Relations 1 FX effect (0.2) (8) (2) Leverage exposure change 6 7 Capital change 0.9 4.6% Q1 2023 57.3 1,238 Q1 2023 Fixed Income Investor Call April 28, 2023 3.75% 3% Tier 1 capital G-SIB 2023 leverage ratio requirement Leverage exposure Pillar 1 requirement / > Leverage ratio of 4.6%, 6bps increase from Q4 2022 > (2) bps from leverage exposure, mainly driven by seasonal increase in market making activities in FIC > 7bps Tier 1 capital change driven by retained earnings > Leverage ratio requirement now at 3.75% post G-SIB buffer go-live on January 1, 2023 resulting in Tier 1 capital buffer over MDA of € 11bn 11#13Significant buffer over MREL/TLAC requirements Loss-absorbing capacity, in € bn, period end Senior preferred¹ Senior non-preferred T2 AT1 CET1 127 8 50 11 8 49 Q1 2023 available MREL/TLAC² Note: For footnotes refer to slides 35 and 36 Deutsche Bank Investor Relations 19 108 MREL requirement 28 91 MREL subordination requirement 35 Q1 2023 Fixed Income Investor Call April 28, 2023 84 1 TLAC requirement Surplus above requirements / > Q1 2023 loss-absorbing capacity significantly above all regulatory requirements, with MREL remaining most binding constraint > € 19bn MREL surplus up by € 1bn quarter on quarter > € 2bn higher requirement from introduction of German countercyclical buffer and systemic risk buffer in Q1 2023 > More than offset by higher available MREL/TLAC² principally from ~€ 2bn net new senior non- preferred issuances and ~€ 1bn higher CET1 capital > € 3bn lower surplus ceteris paribus expected in Q2 2023 from a higher MREL requirement and general prior permissions becoming subject to deduction 12#14Issuance plan at lower end of guidance In € bn, unless stated otherwise Covered bonds 20 7 10 4 Issuances 11 1 6 2021 4 2023 26 1 5 1 Redemptions¹ 19 Deutsche Bank Investor Relations Senior structured/preferred or ww5 12 2024 Note: For footnotes refer to slides 35 and 36 24 4 7 9 5 Issuances 2022 15 2 4 17 6 2 Redemptions¹ 1 4 11 3 2025 Contractual maturities¹ Senior non-preferred 13-18 4-5 1-2² 8-9 0-2 16 2 3 Original Updated issuance plan issuance plan 2023 10 2026 12-15 4-5 3-4² Q1 2023 Fixed Income Investor Call April 28, 2023 4-5 1 AT1/T2 1 11 2 3 6 1 8 YTD issuance 2027 4 completed capital req. / > Issuance plan of € 12-15bn range > Year-to-date issuance of € 8bn, more than 50% of full-year target > $1.5bn Tier 2 issued in February, completing 2023 capital instrument issuance plan > Balance sheet flexibility allows us to replace SNP with SP issuance > Senior non-preferred requirements revised down to € 4-5bn, of which € 4bn complete > Senior preferred issuance revised up from € 1-2bn to € 3-4bn > Primary focus on covered bonds for rest of year 13#15Summary and outlook > Q1 performance demonstrates the resilience and strength of our franchise, profitability and balance sheet Group revenues expected to be around the mid-point of a range between € 28-29bn in 2023 Provision for credit loss guidance range of 25-30 basis points of average loans remains Strong balance sheet management with LCR at 143% Funding plan well advanced, focus on covered bond issuances for remainder of 2023 Deutsche Bank Investor Relations Q1 2023 Fixed Income Investor Call April 28, 2023 / 14#16Appendix Deutsche Bank Investor Relations Q1 2023 Fixed Income Investor Call April 28, 2023 / 15#17Current ratings As of April 28, 2023 Counterparty obligations (e.g. deposits/ structured notes/ derivatives/ swaps/ trade finance obligations) Long-term senior unsecured Tier 2 Preferred² Non-preferred Additional Tier 1 Short-term Outlook Note: For footnotes refer to slides 35 and 36 Deutsche Bank Investor Relations Moody's Investors Services A1 A1 Baa1 Baa3 Ba2 P-1 Stable Q1 2023 Fixed Income Investor Call April 28, 2023 S&P Global Ratings A-1 A- BBB- BB+ BB- A-2 Stable Fitch Ratings A- A- BBB+ BBB- BB F2 Positive DBRS A (high) / A (low) BBB (high) R-1 (low) Positive 16#18Conservatively managed balance sheet Net in € bn, as of March 31, 2023 Liquidity reserves¹ Trading and related assets² Loans3 Other assets4 Assets 1,019 Deutsche Bank Investor Relations 241 231 488 59 82% loan- to-deposit ratio Liabilities & equity 1,019 174 44 592 208 Trading and related liabilities² Other liabilities4 Q1 2023 Fixed Income Investor Call April 28, 2023 Deposits Long-term debt & equity > > / Resilient balance sheet Liquidity reserves account around a quarter of net balance sheet > Conservative loan-to-deposit ratio provides room for further growth > Highly diversified and stable funding profile with 58% of net balance sheet funded via deposits Note: Net balance sheet of € 1,019bn is defined as IFRS balance sheet (€ 1,307bn) adjusted to reflect the funding required after recognizing legal netting agreements (€ 187bn), cash collateral received (€ 35bn) and paid (€ 23bn), and offsetting pending settlement balances (€ 43bn); for footnotes refer to slides 35 and 36 > Deposits include € 352bn demand deposits, € 159bn time deposits and € 81bn saving deposits 17#19Derivatives bridge Q1 2023, IFRS derivative trading assets and the impact of netting and collateral, in € bn 246 IFRS (185) Impact of Master Netting Agreements Note: For footnotes refer to slides 35 and 36 Deutsche Bank Investor Relations (35) Cash Collateral (9) Financial Instrument Collateral¹ 17 Net amount Q1 2023 Fixed Income Investor Call April 28, 2023 / Gross notional derivative exposure amounts are not exchanged and relate only to the reference amount of all contracts; it is no reflection of the credit or market risk run by a bank > On DB's IFRS balance sheet, derivative trading assets are reported with their positive market values, representing the maximum exposure to credit risk prior to any credit enhancements > Under IFRS accounting, the conditions to be met allowing for netting on the balance sheet are much stricter compared to US GAAP > DB's reported IFRS derivative trading assets of € 246bn would fall to € 17bn on a net basis, after considering legally enforceable Master Netting Agreements² in place and collateral received > In addition, DB actively hedges its net derivatives trading exposure to further reduce the economic risk 18#20Loan book composition Q1 2023, IFRS loans: € 488bn Leveraged Debt Capital Markets Asset Backed Securities 1% IB - Commercial Real Estate 4% Business Banking 4% Corporate Treasury Services³ Deutsche Bank Investor Relations Other IB² Other¹ 0% 9% 6% 20% Corporate Bank 1% Other PB 3% Investment Bank German Mortgages 32% 5% 2% International Mortgages Consumer Finance 11% Wealth Management Business Finance Private Bank Other Note: Percentages may not sum due to rounding; loan amounts are gross of allowances for loans; for footnotes refer to slides 35 and 36 Q1 2023 Fixed Income Investor Call April 28, 2023 / Well-diversified loan portfolio YTD FX impact on loan book is € (2.4)bn 54% of loan portfolio in Private Bank, mainly consisting of retail mortgages in Private Bank Germany and collateralized lending in International Private Bank (Wealth Management) 25% of loan portfolio in Corporate Bank, predominantly in Corporate Treasury Services (Trade Finance & Lending and Cash Management mainly to corporate clients) and Business Banking (various loan products primarily to SME clients in Germany) > 21% of loan portfolio in Investment Bank, comprising well-secured, mainly asset backed loans, commercial real estate loans and collateralized financing; well- positioned to withstand downside risks due to conservative underwriting standards and risk appetite frameworks limiting concentration risk 19#21Commercial Real Estate (CRE) Focus portfolio comprised of IB and CB non-recourse CRE lending Focus Portfolio: € 33bn IB CRE: € 28bn > CRE loans € 33bn - 7% of total loans > 50% US, 37% Europe and 13% APAC > 34% office, 12% Hospitality, 11% Retail, 43% Other › IB € 28bn - weighted Ø LTV -62% > 59% US, focuse on gateway Europe, 16% APAC >Top 10 names are 10% of the portfolio, € 64m average exposure > CB € 5bn - weighted Ø LTV 53% > 93% Europe, 7% US > € 28m average exposure per name > Risk management/mitigations ties; 25% in > Geographically diverse, well located institutional quality assets > Strong institutional sponsors with significant cash equity invested > Short/medium-term loan maturities largely with extension options subject to financial covenants > Stress testing to identify loans with elevated refinancing risk; pro-active engagement with borrowers to achieve balanced loan extensions > Contained CLP €26m in Q1 2023 in line with prior quarters - 32bps Note: LTV - loan-to-value Deutsche Bank Investor Relations Office € 8bn Hotels € 3bn Retail € 2bn Residential € 5bn Other € 10bn > Weighted average LTV 62% > High-quality portfolio with institutional sponsorship in major markets > € 4.5bn located in the US › Weighted average LTV 59% > 63% located in the US where hotel sector has largely. recovered post-pandemic › Weighted average LTV of 60% > 48% located in the US with strong sponsors > Relatively limited sector exposure; significant recovery post COVID > Weighted average LTV 64% > High-quality diversified portfolio, largely stable to positive leasing trends > Includes mixed-use, industrial/logistics, studios, data centers, other assets with weighted average LTV of 57% Q1 2023 Fixed Income Investor Call April 28, 2023 IB US office loans: € 4.5bn US office portfolio remains in focus given significantly lower US occupancy rates and elevated valuation pressure Office types Life Science Suburban 9% 8% 82% Urban Office locations Other 21% Atlanta 4% Miami 4%, 5% Philadelphia 8% Boston 13% San Fran / 26% 19% > € 0.6bn exposure with final maturities in remainder of 2023 > Q1 CLP for US office €16m (4% of total Stage 3 provisions) LA NY > US office portfolio <1% of total loans and 14% of total focus portfolio > Average LTVs ~ 64% based on latest external appraisal subject to interim internal adjustments, reflecting prudent approach > ~80% of office exposure in Class A properties › Weighted average remaining lease term of 6.7 years > High-quality portfolio with institutional sponsorship in major markets > Sponsors mostly supportive and facilitated loan extensions with additional equity contribution 20#22Provision for credit losses and stage 3 loans Provision for credit losses, in € m Private Bank Corporate Bank Provision for credit losses (bps of loans)¹ Group CB IB PB 292 36 148 101 Q1 2022 24 48 15 16 233 72 56 96 Q2 19 18 30 15 Investment Bank 350 132 75 161 Q3 28 24 52 24 351 78 56 224 Q4 28 18 30 34 372 41 64 267 Q1 2023 30 21 16 40 Stage 3 at amortized cost, in € bn PB (ex-POCI) CB (ex-POCI) Group stage 3 loans at amortized cost%² Coverage ratio 3,4 Group CB IB PB 2.6% 12.5 1.3 2.1 2.4 6.6 Q1 2022 33% 42% 16% 36% 2.5% 12.2 1.2 2.2 2.4 6.3 Q2 33% 40% 16% 36% IB (ex-POCI) 2.5% 12.5 1.1 2.4 2.4 6.4 Q3 33% 42% 21% 36% Note: Provision for credit losses in the Corporate & Other and Asset Management segments are not shown on this chart but are included in Group totals; for footnotes refer to slides 35 and 36 Deutsche Bank Q1 2023 Fixed Income Investor Call Investor Relations April 28, 2023 POCI 2.5% 12.4 1.0 2.4 2.9 5.9 Q4 32% 33% 21% 37% / 2.7% 13.0 1.0 2.7 3.0 6.0 Q1 2023 32% 33% 16% 39% 21#23Stable 12-months rolling average LCR of 136% In € bn 12-months average high-quality liquid assets (HQLA) 12-months average 12-M rolling avg. LCR HQLA securities 64 61 Securities Cash Other Loans/Facilities Derivatives Deposits 135% Deutsche Bank Investor Relations 218 61 157 161 Q4 2022 Q1 2023 12-months average net cash outflows (NCO) 13 14 12 121 136% Q4 2022 219 64 154 161 13 15 13 120 57 Q1 2023 Q4 2022 121 15 22 59 12-months average deposits NCO assumptions 84 Q1 2023 120 15 22 83 Q4 2022 Q1 2023 Q1 2023 Fixed Income Investor Call April 28, 2023 Level 2B Level 2A Level 1 Retail/SME Operational Non-operational / Robust liquidity position with 12-months rolling average LCR at 136% > Average LCR broadly stable with surplus of € 57bn above the net cash outflow assumptions under the LCR requirement > Overwhelming majority of average HQLA held in cash and securities with high liquidity value > Cash mainly placed with ECB and FED > Level 1 securities comprise of highly-rated government bonds, covered bonds and SSAs > Prudent management of HQLA securities via daily monitoring and stress testing > 100% requirement implies to hold a stock of HQLA at least in the amount of net cash outflows assumed over 30-day period 22#24TLTRO development and forecast In € bn TLTRO prepayment 0 45 Q2 2022 Deutsche Bank Investor Relations 45 Q3 2022 TLTRO outstanding, period end 11 34 Q4 2022 8 26 Q1 2023 TLTRO contractual maturity in period 3 Q1 2023 Fixed Income Investor Call April 28, 2023 22 Q2 2023 4 19 Q3 2023 15 Q4 2023 3 12 Q1 2024 1 10 Q2 2024 / 10 Q3 2024 23#25Net interest income sensitivity Hypothetical +/-25bps shift in yield curve, in € m Net interest income (NII) sensitivity¹ +25bps shift in yield curve -25bps shift in yield curve ~65 ~80 ~(80) 2023 2023 EUR 2025 Note: For footnotes refer to slides 35 and 36 Deutsche Bank Investor Relations ~80 Breakdown of sensitivity by currency for +25bps shift in yield curve ~100 ~(5) 2023 ~(90) 2024 USD ~30 2025 ~160 Q1 2023 Fixed Income Investor Call April 28, 2023 ~(170) 2025 ~20 2023 Other ~30 2025 Key highlights / > Current observations on client pricing show a slower pass through of interest rate hikes to clients amplifying the impact of incremental rate moves > This improves NII for 2023 and also increases NII sensitivity; note that 2023 has only 9 months of sensitivity compared to 2024 > 2025 and beyond, the positive impact from NII sensitivity is dominated by higher EUR long- term rates 24#26Evolution of market-implied interest rates In % ECB deposit facility rate 5.5 5.0 4.5 4.0 3.5 3.0 2.5 2.0 04/23 07/23 10/23 01/24 04/24 07/24 10/24 01/25 04/25 EUR 10-year swap rate 5.5 5.0 4.5 4.0 3.5 3.0 2.5 2.0 04/23 07/23 10/23 01/24 04/24 07/24 10/24 01/25 04/25 October 31, 2022 market-implied Deutsche Bank Investor Relations January 20, 2023 market-implied Q1 2023 Fixed Income Investor Call April 28, 2023 07/25 07/25 Federal Reserve interest on reserve balances 5.5 5.0 4.5 4.0 3.5 3.0 2.5 2.0 04/23 07/23 10/23 01/24 04/24 07/24 10/24 01/25 04/25 07/25 USD 10-year swap rate 5.5 5.0 4.5 4.0 3.5 3.0 2.5 2.0 @ 08 04/23 07/23 10/23 01/24 April 17, 2023 market-implied 04/24 07/24 10/24 01/25 04/25 07/25 5 25#27Additional funding disclosure Q1 2023, capital markets issuance outstanding, in € bn By product Capital Instruments (AT1/T2) Covered bonds 17 Senior structured¹ 22 16 Note: For footnotes refer to slides 35 and 36 Deutsche Bank Investor Relations 118 10 Senior preferred Senior 52 non-preferred Q1 2023 Fixed Income Investor Call April 28, 2023 By currency USD 46 GBP Other 6 118 61 EUR / 26#28Level 3 assets and liabilities As of March 31, 2023, in € bn Assets: € 26bn Equity securities Mortgage backed securities Other 3 0 Debt securities 27 5 9 Loans Derivative 9 Assets Movements in balances 2 Note: For footnotes refer to slides 35 and 36 Deutsche Bank Investor Relations 1 26 31 Dec Purchases/ Sales/ Others² 31 Mar 2022 Issuances¹ Settlements 2023 Liabilities: € 11bn Debt Securities 11 3 Other 0 8 Q1 2023 Fixed Income Investor Call April 28, 2023 Derivative Liability Movements in balances 0 (0) 0 31 Dec Issuances¹ Settlements Others² 2022 11 31 Mar 2023 Level 3 is an indicator of valuation uncertainty and not of asset quality / > The Group classifies financial instruments as Level 3 if an unobservable element impacts the fair value by 5% or more > The movements in Level 3 assets reflect that the portfolios are not static with significant turnover during the period > Variety of mitigants to valuation uncertainty > Uncertain inputs often hedged, e.g. in Level 3 liabilities > Exchange of collateral with derivative counterparties > Prudent Valuation capital deductions³ specific to Level 3 balances of ~€ 0.8bn 27#29Leverage exposure and risk-weighted assets CRD4, in € bn, period end Leverage exposure Trading assets Derivatives¹ Lending Lending commitments² Reverse repo/ securities borrowed Cash and deposits with banks Other 1,240 92 130 494 128 96 186 114 Q4 2022 Note: For footnotes refer to slides 35 and 36 Deutsche Bank Investor Relations 1,238 110 126 493 123 103 166 116 Q1 2023 Q1 2023 Fixed Income Investor Call April 28, 2023 Risk-weighted assets 360 59 33 24 146 41 3 7, 47 Q1 2023 Operational risk RWA Market risk RWA Credit valuation/ adjustments Credit risk RWA 6 360 59 270 24 Q1 2023 / 28#30Value-at-Risk/stressed Value-at-Risk (VaR/sVaR) In € m, unless stated otherwise VaR, DB Group Trading book, 99%, 1 day Quarterly average 80 60 40 20 0 400 300 200 100 0 Ø 30 Deutsche Bank Investor Relations Q1 2022 Stressed VaR, DB Group Regulatory scope, 99%, 10 days Quarterly average Ø 223 Ø47 Q1 2022 Q2 2022 Ø256 Q2 2022 Q1 2023 Fixed Income Investor Call April 28, 2023 Ø 52 Q3 2022 Асторимали номини presse M Ø 173 Q3 2022 Ø 47 wh Q4 2022 Ø205 Ø 51 Q4 2022 Q1 2023 Ø 170 مجمعتي Q1 2023 29#31Simplified legal entity structure of Deutsche Bank AG / III America DB AG New York Branch DB USA Corporation Deutsche Bank Trust Company Americas Deutsche Bank Securities Inc. Deutsche Bank National Trust Company Subsidiary/branch with direct issuing activities Deutsche Bank Investor Relations Tii EMEA DB AG London Branch Deutsche Bank, Sociedad Anónima Española Deutsche Bank Società per Azioni Deutsche Bank Polska Spólka Akcyjna Deutsche Bank (Suisse) SA Deutsche Bank Luxembourg S.A. BHW Bausparkasse AG Q1 2023 Fixed Income Investor Call April 28, 2023 III APAC DB AG Singapore Branch DB AG Hong Kong Branch DB AG Sydney Branch DWS DWS Group GmbH & Co. KGaA > > > Notes This chart shows a selection of DB's material operating entities that, together with DB's global branch network, account for 90% of the Group's consolidated revenues Deutsche Bank AG has established branch presences across Germany and in international locations such as inter alia New York, London, Singapore and Hong Kong As the Group's parent entity, Deutsche Bank AG is the direct or indirect holding company for the Group's subsidiaries 30#32Sustainability Q1 2023 highlights Recent achievements Sustainable Finance 513 Policies & Commitments - People & Own Operations Thought Leadership & Stakeholder Engagement > Increased Sustainable Finance volumes by € 22bn QoQ to € 238bn¹ (cumulative since 2020) > Signed agreement between DB Private Bank and WWF Germany for advisory service to advance sustainable finance offering > Invested into Berlin start-up Plan A which offers carbon measurement solutions/services > Acted as Sole Mandated Lead Arranger and Sustainability Coordinator in a 5-year, € 120m Senior Secured Sustainability-Linked Term Loan to Beontag Ltd. (Investment Bank FIC) Deutsche Bank Investor Relations > Tightened thermal policy effective May 2023 > New ambition that at least 90% of high emitting clients in most carbon intensive sectors that engage in new lending transactions shall have a net zero commitment from 2026 onwards > Published updated Human Rights Statement > Offered comprehensive training for client facing staff² > Initiated vendor engagement program to address scope 3 carbon emissions focusing on Purchased Goods and Services (Scope 3 category 1) > Implemented digital delivery program for financial magazines resulting in ~3m sheets of paper saved > Completed relocation project in Tokyo, re-using 90% of furniture > Signed green contract for electricity consumption in Australia > Hosted 2nd Sustainability Deep Dive in Mar 2023 > Hosted Deutsche Bank's 3rd dbAccess Global ESG Conference in Mar 2023, facilitating interviews and panel discussions as part of a dedicated Climate and Security Day › Donated ~€ 500k for earthquake victims in Turkey and Syria in Q1; and so far employees donated ~€ 280k across regions to support the work of Red Cross organisations Note: For footnotes refer to slides 35 and 36 Q1 2023 Fixed Income Investor Call April 28, 2023 Sustainable Finance¹ volumes € 238bn Cumulative volumes Reported volumes by business and product type, € bn AuM xx QoQ delta Financing +14 142 42 100 Investment Bank Issuance +3 43 43 € 500bn Target by 2025 Corporate Bank +5 53 11 42 Private Bank 31#33Definition of certain financial measures Revenues excluding specific items Adjusted costs Operating leverage Deutsche Bank Investor Relations / Revenues excluding specific items are calculated by adjusting net revenues under IFRS for specific revenue items which generally fall outside the usual nature or scope of the business and are likely to distort an accurate assessment of the divisional operating performance. Excluded items are Debt Valuation Adjustment (DVA) and material transactions or events that are either one-off in nature or belong to a portfolio of connected transactions or events where the P&L impact is limited to a specific period of time as shown on slide 33 Adjusted costs are calculated by deducting (i) impairment of goodwill and other intangible assets, (ii) net litigation charges and (iii) restructuring and severance (in total referred to as nonoperating costs) from non-interest expenses under IFRS as shown on slide 33 Operating leverage is calculated as the difference between year-on-year change in percentages of reported net revenues and year-on-year change in percentages of reported non-interest expenses Q1 2023 Fixed Income Investor Call April 28, 2023 32#34Specific revenue items and adjusted costs In € m Revenues Specific revenue items DVA - IB Other/CRU Sal. Oppenheim workout - IPB Gain on sale Financial Advisors business Italy - IPB Revenues ex-specific items Nonopera ting costs Non-interest expenses Impairment of goodwill and other intangible assets Litigation charges, net Restructuring & severance Adjusted costs Bank levies Adjusted costs ex-bank levies Deutsche Bank Investor Relations CB IB CB 1,973 2,691 2,438 47 I Q1 2023 PB AM C&O Group 1,973 2,644 2,438 IB 589 (10) I 1,086 1,792 1,891 Q1 2023 589 (12) PB AM 436 (1) 26 28 3 4 7 7 5 1,083 1,759 1,858 426 2 Q1 2023 Fixed Income Investor Call April 28, 2023 7,680 49 10 1 241 7,631 C&O Group 252 5,457 CB IB Q1 2022 PB AM 1,462 3,323 2,220 (8) CB IB ' 7 682 1 Q1 2022 1,067 1,796 1,725 1,462 3,331 2,213 682 (357) 7,330 PB AM 66 (0) 2 3 23 3 3 (42) 5,368 1,064 1,791 1,765 473 4,895 C&O Group 422 (359) 7,328 (2) (10) 7 C&O Group 367 (0) 22 1 2 421 343 5,377 26 (33) 5,385 730 4,655 CB 1 I 1,760 1,675 2,506 (47) IB CB Q4 2022 977 PB AM IB 5 305 1,760 1,722 2,195 609 609 PB 1 Q4 2022 1,606 1,773 491 68 9 23 983 1,538 1,794 391 11 56 (9) (17) 12 (13) AM / C&O Group (236) 6,315 (3) (49) 5 (234) 6,053 342 305 C&O Group 159 3 180 5,189 68 227 8 4,886 15 4,871 33#35Pre-provision profit, CAGR and operating leverage In € m, unless stated otherwise Net revenues Corporate Bank Investment Bank Private Bank Asset Management Corporate & Other Group Non-interest expenses Corporate Bank Investment Bank Private Bank Asset Management Corporate & Other Group Pre-provision profit¹ Corporate Bank Investment Bank Private Bank Asset Management Corporate & Other Group FY 2021 5,153 9,631 8,233 2,708 (314) 25,410 (4,547) (6,087) (7,919) (1,670) (1,281) (21,505) 606 3,544 313 1,038 (1,595) 3,905 Note: For footnotes refer to slides 35 and 36 Deutsche Bank Investor Relations Q2 2022 1,551 2,646 2,160 656 (363) 6,650 (1,054) (1,533) (1,652) (453) (178) (4,870) 497 1,112 508 203 (541) 1,780 Q3 2022 1,564 2,372 2,267 661 55 6,918 (1,092) (1,516) (1,716) (484) (147) (4,954) 472 856 552 176 (92) 1,965 Q4 2022 1,760 1,675 2,506 609 (236) 6,315 (977) (1,606) (1,773) (491) (342) (5,189) 783 70 734 118 (579) 1,126 Q1 2023 Fixed Income Investor Call April 28, 2023 Q1 2023 1,973 2,691 2,438 589 (10) 7,680 (1,086) (1,792) (1,891) (436) (252) (5,457) 887 900 547 153 (262) 2,224 LTM Q1 2023 6,848 9,384 9,371 2,515 (555) 27,563 (4,209) (6,446) (7,031) (1,864) (918) (20,469) 2,639 2,938 2,341 650 (1,473) 7,094 CAGR² FY 2021-LTM Q1 2023 25.6% (2.1)% 10.9% (5.7)% 6.7% Q1 2022 1,462 3,323 2,220 682 (359) 7,328 (1,067) (1,796) (1,725) (422) (367) (5,377) 394 1,527 495 260 (726) 1,950 Q1 2023 1,973 2,691 2,438 589 (10) 7,680 (1,086) (1,792) (1,891) (436) (252) (5,457) 887 900 547 153 (262) 2,224 Q1 2023 vs Q1 2022 35% (19)% 10% (14)% (97)% 5% 2% (0)% 10% 3% (31)% 1% 125% (41)% 11% (41)% (64)% 14% / Operating leverage YoY³ 33% (19)% 0% (17)% 3% 34#36Footnotes 1/2 Slide 1-Solid performance in volatile markets 1. Throughout this presentation post-tax return on average tangible shareholders' equity (RoTE) is calculated on net income after AT1 coupons; Group average tangible shareholders' equity: Q1 2023: € 56.1bn, Q1 2022: € 52.4bn and Q4 2022: €55.2bn; Group post-tax return on average shareholders' equity (RoE) Q1 2023: 7.4% 2. Detailed on slide 32 Slide 2 - Key metrics showing continued improvements 1. Compound annual growth rates (CAGRS); detailed on slide 30 2. Includes € 1.4bn tax benefit from a deferred tax asset valuation adjustment driven by strong US performance Slide 3 - Well diversified loan book, CLP guidance unchanged 1. Quarterly provision for credit losses annualized as basis points of average loans gross of allowance at amortized cost Slide 7 Strong liquidity coverage ratio above target 1. Liquidity coverage ratio and high-quality liquid assets based on weighted EUR amounts in line with Commission Delegated Regulation 2015/61 as amended by Regulation 2018/162 2. Preliminary Q1 2023 Net stable funding ratio and Available stable funding based on weighted EUR amounts in line with Regulation 575/2013 as amended by Regulation 2019/876 Slide 8 - Interest rates continued to support PB and CB NIM 1. Reported net interest income expressed as a percentage of average interest earning assets 2. Average balances of interest earning assets for each quarter are calculated based on month-end balances Slide 9 - Increase in CET1 ratio from retained earnings 1. Including credit valuation adjustment (CVA) RWA Slide 10- Capital ratios well above regulatory requirements 1. Maximum distributable amount (MDA) 2. CET1 requirement includes Pillar 1 requirement (4.50%), Pillar 2 requirement (1.52%), capital conservation buffer (2.50%), G/D-SIB buffer (2.00%), countercyclical capital buffer (0.38%) 3. AT1 requirement includes higher Pillar 1 requirement (6.00%) and Pillar 2 requirement (2.03%) compared to footnote 2 on this page 4. Total capital requirement includes higher Pillar 1 requirement (8.00%) and Pillar 2 requirement (2.70%) compared to footnotes 2 and 3 on this page Deutsche Bank Investor Relations Q1 2023 Fixed Income Investor Call April 28, 2023 Slide 12 Significant buffer over MREL/TLAC requirements 1. Plain vanilla instruments and structured notes eligible for MREL 2. Includes adjustments to regulatory Tier 2 capital; available TLAC/subordinated MREL does not include senior preferred debt; values reflect amounts determined in line with applicable regulatory measurement rules Slide 13 - Issuance plan at lower end of guidance 1. Historical redemptions include non-contractual outflows (e.g. calls, knock-outs, buybacks) whereas (future) contractual maturities do not; contractual maturities for 2021 and 2022 were € 20bn and € 12bn, respectively 2. For 2023 this includes only senior preferred issuances Slide 16- Current ratings 1. The Issuer Credit Rating (ICR) is S&P's view on an obligor's overall creditworthiness; it does not apply to any specific financial obligation, as it does not take into account the nature of and provisions of the obligation, its standing in bankruptcy or liquidation, statutory preferences, or the legality and enforceability of the obligation 2. Defined as senior unsecured debt rating at Moody's and S&P, as preferred senior debt rating at Fitch and as senior debt at DBRS Slide 17 - Conservatively managed balance sheet 1. Liquidity reserves comprise of total stock of high-quality liquid assets (HQLA), including assets subject to transfer restrictions and other central bank eligible securities 2. Trading and related assets along with similar liabilities, includes debt and equity securities (excluding highly liquid securities), derivatives, repos, securities borrowed and lent, brokerage receivables and payables, and loans measured at fair value 3. Loans at amortized cost, gross of allowances 4. Other assets include goodwill and other intangible, property and equipment, tax assets, cash and equivalents which are not part of liquidity reserve and other receivables. Other liabilities include accrued expenses, investment contract liabilities, financial liabilities designated at fair value through P&L excluding those included in trading and related asset 35#37Footnotes 2/2 Slide 18 Derivatives bridge 1. Excludes real estate and other non-financial instrument collateral 2. Master Netting Agreements allow counterparties with multiple derivative contracts to settle through a single payment Slide 19 Loan book composition 1. Mainly includes Corporate & Other and Institutional Client Services in the Corporate Bank 2. Other businesses with exposure less than 2% each, including APAC Commercial Real Estate 3. Includes Strategic Corporate Lending and recourse & non-recourse Commercial Real Estate business Slide 21 Provision for credit losses and stage 3 loans 1. Quarterly provision for credit losses annualized as basis points of average loans gross of allowance at amortized cost 2. IFRS 9 Stage 3 assets at amortized cost including POCI as % of loans at amortized cost (€ 488bn as of March 31, 2023) 3. IFRS 9 Stage 3 allowance for credit losses for assets at amortized cost excluding POCI divided by Stage 3 assets at amortized cost excluding POCI 4. IFRS 9 stage 1 coverage ratio for assets at amortized cost (excluding country risk allowance) is 0.1% and IFRS 9 stage 2 coverage ratio for assets at amortized cost (excluding country risk allowance) is 1.3% as of March 31, 2023 Slide 24 - Net interest income sensitivity 1. Based on a static balance sheet per February 2023 vs. current market-implied forward rates as of March 31, 2023 Slide 26 - Additional funding disclosure 1. Senior structured excludes new structured issuance off the FIC platform Deutsche Bank Investor Relations Q1 2023 Fixed Income Investor Call April 28, 2023 Slide 27 - Level 3 assets and liabilities 1. Issuances include cash amounts paid on the primary issuance of a loan to a borrower 2. Includes other transfers into / out of Level 3, including methodology refinements on opening balance and mark-to-market adjustments 3. Additional value adjustments deducted from CET1 capital pursuant to Article 34 of Regulation (EU) No. 2019/876 (CRR) Slide 28 - Leverage exposure and risk-weighted assets 1. Excludes any derivatives-related market risk RWA, which have been fully allocated to non-derivatives trading assets 2. Includes contingent liabilities Slide 31 Sustainability 1. Cumulative figures include sustainable financing and investment activities as defined in DB's Sustainable Finance Framework and related documents, which are published on our website 2. Affected divisions under the Sustainable Finance Framework are: Investment Bank, Corporate Bank and International Private Bank lending (part of the Private Bank organization) Slide 34 - Pre-provision profit, CAGR and operating leverage 1. Pre-provision profit defined as net revenues less non-interest expenses 2. Compound annual growth rates of the total of net revenues of the last twelve months over the 15 months between FY 2021 and Q1 2023 3. Operating leverage defined as the difference between the year-on-year growth rates of revenues and non- interest expenses 36#38Cautionary statements Forward-looking statements This presentation contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations and the assumptions underlying them. These statements are based on plans, estimates and projections as they are currently available to the management of Deutsche Bank. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update 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 could therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors include the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which we derive a substantial portion of our revenues and in which we hold a substantial portion of our assets, the development of asset prices and market volatility, potential defaults of borrowers or trading counterparties, the implementation of our strategic initiatives, the reliability of our risk management policies, procedures and methods, and other risks referenced in our filings with the U.S. Securities and Exchange Commission. Such factors are described in detail in our SEC Form 20-F of 17 March 2023 under the heading "Risk Factors." Copies of this document are readily available upon request or can be downloaded from investor-relations.db.com Non-IFRS financial measures This presentation also contains non-IFRS financial measures. For a reconciliation to directly comparable figures reported under IFRS, to the extent such reconciliation is not provided in this presentation, refer to the Q1 2023 Financial Data Supplement, which is accompanying this presentation and available at investor-relations.db.com EU carve out Results are 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"), including application of portfolio fair value hedge accounting for non-maturing deposits and fixed rate mortgages with pre-payment options (the "EU carve-out"). Fair value hedge accounting under the EU carve-out is employed to minimize the accounting exposure to both positive and negative moves in interest rates in each tenor bucket thereby reducing the volatility of reported revenue from Treasury activities. For the three-month period ended March 31, 2023, application of the EU carve-out had a negative impact of € 97 million on profit before taxes and of € 70 million on profit. For the same time period in 2022, the application of the EU carve-out had a positive impact of € 139 million on profit before taxes and of € 106 million on profit. The Group's regulatory capital and ratios thereof are also reported on the basis of the EU carve-out version of IAS 39. For the three-month period ended March 31, 2023, application of the EU carve-out had a negative impact on the CET1 capital ratio of about 2 basis points and a positive impact of about 3 basis points for the same time period in 2022. In any given period, the net effect of the EU carve-out can be positive or negative, depending on the fair market value changes in the positions being hedged and the hedging instruments ESG Classification We defined our sustainable financing and investment activities in the "Sustainable Financing Framework - Deutsche Bank Group" which is available at investor-relations.db.com. Given the cumulative definition of our target, in cases where validation against the Framework cannot be completed before the end of the reporting quarter, volumes are disclosed upon completion of the validation in subsequent quarters. In Asset Management DWS introduced its ESG Product Classification Framework ("ESG Framework") in 2021 taking into account relevant legislation (including Regulation (EU) 2019/2088 SFDR), market standards and internal developments. The ESG Framework is further described in the Annual report 2021 of DWS under the heading "Our Product Suite - Key Highlights / ESG Product Classification Framework" which is available at group.dws.com/ir/reports-and-events/annual-report/. There is no change in the ESG Framework in Q1 2023. DWS will continue to develop and refine its ESG Framework in accordance with evolving regulation and market practice Deutsche Bank Investor Relations Q1 2023 Fixed Income Investor Call April 28, 2023 37