#1Deutsche Bank Investor Relations Q2 2023 Fixed Income Investor Conference Call #Positivelmpact July 28, 2023 /#2Continued positive momentum in H1 2023 In % Continued business momentum driven by interest environment, offset by normalizing markets Cost/income ratio (CIR) and return on tangible equity (RoTE) impacted by restructuring costs and higher litigation provisions Strong CET1 ratio step-off allowing absorption of regulatory headwinds, capital distributions and franchise growth Three positive rating actions in the second quarter validate stakeholders' support of strategic agenda Revenue CAGR¹ H1 2023 LTM vs FY 2021 25.5 CB 3.9 (3.7) IB FY 2021 10.9 ROTE2 development PB 9.4 6.7 ex-DTA FY 2022³ 7.5 (5.7) AM Group 9.3 adjusted 6.8 reported H1 20234 CIR development 85 FY 2021 13.4 75 CET1 ratio development Q4 2022 Notes: 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 Deutsche Bank Q2 2023 Fixed Income Investor Call Investor Relations July 28, 2023 FY 2022 13.6 Q1 2023 / 73 reported 67 adjusted H1 20234 13.8 Q2 2023 1#3Complementary business portfolio driving growth Net revenues, in € bn, unless stated otherwise Half-year Last twelve months¹ 13.5 14.0 H1 2021 H1 2022 15.1 H1 2023 Notes: for footnotes refer to slides 35 and 36 Deutsche Bank Investor Relations Group 24.9 25.4 9.7 5.0 8.2 2.4 Q2 2021 25.9 26.9 10.1 5.6 8.4 2.8 Q2 2022 Investment Bank Corporate Bank 28.3 Q2 2023 Fixed Income Investor Call July 28, 2023 28.4 9.1 7.2 25% 9.6 2.5 Q2 2023 Private Bank Asset Management 32% 34% 9% / Revenue trajectory underpinning confidence in full-year guidance of mid-point of a range between € 28-29bn in 2023, with potential for upside Significantly higher contributions from Corporate Bank and Private Bank in line with Global Hausbank ambition Revenue run rate increased as complementary business mix captures benefits of higher rates, counter-balancing normalizing market-sensitive revenue streams Further investments in capital-light businesses to drive incremental revenue growth opportunities and higher returns Increased Sustainability Financing and Investments across all businesses by € 17bn, reaching € 254bn cumulative Sustainable Finance volumes² 2#4CLP guidance unchanged but expected at upper end In € m, unless stated otherwise Stage 1+2 Stage 3 24 292 178 114 Q1 19 233 52 181 Q2 Notes: for footnotes refer to slides 35 and 36 Deutsche Bank Investor Relations In bps of average loans annualized¹ 2022 28 350 13 337 Q3 28 351 390 (39) Q4 Q2 2023 Fixed Income Investor Call July 28, 2023 30 372 397 (26) Q1 2023 33 401 63 338 Q2 Key highlights / > Q2 provision moderately higher than prior quarter as a result of increases in stage 1+2 provisions based on portfolio and rating movements, especially in the Investment Bank > Lower stage 3 provisions quarter on quarter with IPB returning to normalized levels in Q2 > Provisions balanced across businesses but driven by softening of some German midcap sectors and continued weakness in CRE > FY 2023 expected at the upper end of existing guidance range of 25-30bps reflecting an uncertain macro environment 3#5Stable deposit base In € bn, unless stated otherwise Loan development 493 Investment Bank 99 Corporate Bank 129 Private Bank 264 Q2 2022 613 Investment Bank - 17 Corporate Bank 275 503 Private Bank 319 105 129 269 Deposit development Q3 2022 631 17 291 322 489 103 122 265 Q4 2022 621 16 289 317 Q4 2022 488 103 121 263 Q1 2023 592 11 269 310 482 103 116 263 Q2 2023 593 12 271 307 QoQ (1)% YoY (2)% (0)% 3% (4)% (10)% (0)% (0)% 0% (3)% 1% (1)% (1)% (4)% > Lending reduction of € 5bn (-1%) in the quarter adjusted for FX: Loans in the Corporate Bank reduced by € 5bn primarily in Trade Finance & Lending, driven by reduced client demand and active portfolio management following optimization measures already taken in Q4 2022 > / Private Bank and Investment Bank loans remained flat during the second quarter Deposits stabilized during the quarter with an increase of € 2bn adjusted for FX: Private Bank deposits essentially flat despite continued inflationary pressure, ongoing pricing competition and € 2bn from an accounting classification change > Corporate Bank deposits with modest € 2bn growth driven by a normalization in client balances following decline in previous quarter Q2 2022 Q3 2022 Q1 2023 Q2 2023 Notes: loans gross of allowances at amortized costs (IFRS 9); totals represent Group level balances whereas the graph shows only Private Bank, Corporate Bank and Investment Bank exposure for materiality reasons Deutsche Bank Q2 2023 Fixed Income Investor Call Investor Relations July 28, 2023 4#6Resilient NIM in PB and CB in the second quarter Divisional NIM development Net interest margin¹ Corporate Bank 2.49% Q2 2022 Private Bank 1.93% Q2 2022 2.64% 3.36% Q3 2022 Q4 2022 Q1 2023 1.91% 2.19% 4.13% Notes: for footnotes refer to slides 35 and 36 Deutsche Bank Investor Relations 2.30% 4.20% Q2 2023 2.32% Q3 2022 Q4 2022 Q1 2023 Q2 2023 Group NIM development Average interest earnings assets², in € bn 1.39% 971 1.47% Q2 2023 Fixed Income Investor Call July 28, 2023 998 Q2 2022 Q3 2022 1.51% 989 Q4 2022 1.41% 972 Q1 2023 1.51% 958 Q2 2023 Key highlights / > Strong CB and PB NIM as rate pass-through continues to outperform conservative model assumptions NII essentially flat in both divisions with NIM uptick driven by lower average balances > Rebound in Group NIM due to reversal of technical accounting effects in C&O in Q1 Reduction in average interest earning assets driven primarily by lower average cash balances in Q2 5#7Sound liquidity and funding base In € bn, unless stated otherwise Liquidity coverage ratio (LCR)¹ LCR 133% High-quality liquid assets Surplus above requirement Available stable funding 207 NSFR 116% Surplus above requirement 51 Deutsche Bank Investor Relations Q2 2022 Q3 2022 Q4 2022 Net stable funding ratio (NSFR)² 598 85 136% 227 Q2 2022 60 116% 606 85 Q3 2022 Notes: for footnotes refer to slides 35 and 36 142% 219 64 120% 606 99 Q4 2022 143% 208 63 Q1 2023 120% 595 98 Q1 2023 137% 204 55 Q2 2023 119% 592 97 Q2 2023 Q2 2023 Fixed Income Investor Call July 28, 2023 ~130% ~50 Target 115- 120% ~80 Target / Normalization of liquidity levels in line with guidance Daily average LCR broadly stable at 134% quarter on quarter Vast majority of HQLA held in cash and Level 1 securities About € 23bn TLTRO repayments with manageable upcoming contractual maturities Net stable funding ratio broadly flat and within targeted range Well-diversified and stable funding continues benefiting from: Strong domestic deposit franchise Longer-dated capital market issuances Diversified access to secured funding markets Little remaining reliance on TLTRO funding 6#8CET1 ratio increase driven by earnings Period end CET1 ratio (movements in basis points (bps)) 13.6% 360 Q1 2023 Risk-weighted assets (in € bn) Q1 2023 FX effect RWA change Capital change (1) (1) 2 FX effect Credit risk Notes: for footnotes refer to slides 35 and 36 Deutsche Bank Investor Relations 16 -~ 13.8% Q2 2023 359 Market risk¹ Operational Q2 2023 risk Q2 2023 Fixed Income Investor Call July 28, 2023 > CET1 ratio up by 15bps compared to Q1 2023: > > 16bps from organic capital build of € 0.6bn, reflecting strong Q2 2023 earnings net of deductions for dividends and AT1 coupons (1)bp RWA change principally from reduction in quantitative market risk multiplier add-on / RWA remained flat as compared to Q1 2023 (excluding FX impact) mainly due to: > € 2bn in credit risk due to higher share of equity investments in guaranteed funds > € (2)bn in market risk principally from reduction in quantitative market risk multiplier add-on 7#9Increase in buffer above requirements In % of risk-weighted assets, unless stated otherwise, period end T2 AT1 CET1 18.6 2.5 2.3 13.8 Available capital 278bps 262bps Notes: 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 Q2 2023 Fixed Income Investor Call July 28, 2023 / > Buffer to CET1 requirement of 262bps, up by 11bps quarter on quarter: > 15bps higher CET1 ratio partially offset by (3)bps impact from higher countercyclical capital buffer settings in the Netherlands, Ireland, France and Sweden > Capital buffer over CET1 requirement of € 9bn > Buffer to total capital requirement at 278bps, up by 6bps quarter on quarter: > 11bps movement in buffer over CET1 requirement > (6)bps from increase in regulatory T2 maturity haircuts 1bps from lower RWA reducing the combined AT1 and T2 requirement > 8#10Leverage ratio improved to 4.7% In € bn, unless stated otherwise, movements in bps, period end 4.6% Q1 2023 57.3 1,238 Deutsche Bank Investor Relations 1 FX effect (0.1) (5) Leverage exposure change 3 5 Capital change 0.6 4.7% Q2 2023 57.7 1,236 Q2 2023 Fixed Income Investor Call July 28, 2023 3.75% 3% Tier 1 capital G-SIB 2023 leverage ratio requirement Leverage exposure Pillar 1 requirement > Leverage ratio up by 4bps compared to Q1 2023: / > 5bps Tier 1 capital build in line with CET1 capital movement > (1)bp from leverage exposure resulting from increased trading activity > Tier 1 capital buffer over leverage MDA of € 11bn 9#11Continued high loss-absorbing capacity In € bn, period end Senior preferred¹ Senior non-preferred T2 AT1 CET1 121 7 45 11 8 49 Q2 2023 available MREL/TLAC² Notes: for footnotes refer to slides 35 and 36 Deutsche Bank Investor Relations 12 109 MREL requirement 26 88 1 MREL subordination requirement 31 Q2 2023 Fixed Income Investor Call July 28, 2023 83 Surplus above I requirements TLAC requirement / > Q2 2023 loss-absorbing capacity significantly above all regulatory requirements, with MREL remaining the most binding constraint € 12bn MREL surplus down € 7bn quarter on quarter: > € 4bn lower surplus from higher MREL requirement and general prior permissions becoming subject to deduction > € 2bn lower surplus from eligible liabilities losing MREL recognition with remaining maturity falling below one year > € 1bn lower surplus from senior non-preferred tender offer executed in May 2023 > MREL buffer at comfortable level allowing us the flexibility to pause issuances of eligible instruments for around one year 10#12Issuance plan ~80% complete In € bn, unless stated otherwise, YTD issuance as of July 14, 2023 Covered bonds 20 7 10 4 Issuances 11 1 6 2021 4 2023 26 1 5 19 1 Redemptions¹ Senior preferred² 12 3 4 5 2024 Notes: for footnotes refer to slides 35 and 36 Deutsche Bank Investor Relations 24 4 7 9 5 Issuances 2022 Senior non-preferred 17 15 2 5 1 4 11 2 Redemptions¹ 6 3 2025 Contractual maturities¹ 13-18 4-5 1-2² 8-9 0-2 17 2 UN Original Updated issuance plan issuance plan 2023 3 10 1 2026 AT1/T2 Q2 2023 Fixed Income Investor Call July 28, 2023 12-15 4-5 3-4² 4-5 1 10 UT 1 23 5 1 YTD issuance 2027 11 Issuance plan remains at € 12-15bn > Year-to-date issuance at € 11bn, ~80% of mid- point of full-year target range > Recent issuance highlights: > € 1bn dual tranche Pfandbrief (May) > $1.25bn senior non-preferred bond (July) > € 0.5bn senior preferred bond (July) > For rest of year, primary focus remains on covered bonds and senior preferred notes > Transition of USD LIBOR issuances to risk-free rates has been completed, except for three AT1/ Tier 2 benchmark notes that rely upon fallback provisions, including utilization of last available rate > Bondholders have been informed of potential last available rate, though resets do not occur until 2025 / 2027 11#13Summary and outlook > H1 revenue momentum underpins confidence in full-year guidance of mid-point of a range between € 28-29bn in 2023, with potential for upside Divisional NIM protected at higher levels while deposit base stabilized after volatility in Q1 Provision for credit losses for the full year expected at the upper end of 25-30bps guidance range Positive rating actions by three mandated agencies in the quarter show recognition of strategic path > ~80% of funding plan achieved with remaining focus on covered bond issuances Deutsche Bank Investor Relations / Q2 2023 Fixed Income Investor Call July 28, 2023 12#14Appendix Deutsche Bank Investor Relations Q2 2023 Fixed Income Investor Call July 28, 2023 / 13#15Current ratings As of July 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 Notes: for footnotes refer to slides 35 and 36 Deutsche Bank Investor Relations Moody's Investors Services A1 A1 Baa1 Baa3 Ba2 个 P-1 Stable Q2 2023 Fixed Income Investor Call July 28, 2023 S&P Global Ratings A-¹ A- BBB- BB+ BB- A-2 Positive Fitch Ratings AT ↑ A ↑ A-¹ BBB BB+ F14 ↑ Stable DBRS AA (low) AT A (low) / Stable ↑ R-1 (low) 14#16Conservatively managed balance sheet Net in € bn, as of June 30, 2023 Liquidity reserves¹ Trading and related assets² Loans³ Other assets4 Assets 1,007 Deutsche Bank Investor Relations 244 221 482 59 81% loan- to-deposit ratio Liabilities & equity 1,007 165 46 593 203 Trading and related liabilities² Other liabilities4 Q2 2023 Fixed Income Investor Call July 28, 2023 Deposits Long term debt and equity / > Resilient balance sheet > Liquidity reserves account for 24% of net balance sheet > > Conservative loan-to-deposit ratio Highly diversified and stable funding profile with ~60% of net balance sheet funded via deposits Notes: net balance sheet of € 1,007bn is defined as IFRS balance sheet (€ 1,300bn) adjusted to reflect the funding required after recognizing legal netting agreements (€ 199bn), cash collateral received (€ 35bn) and paid (€ 25bn), and offsetting pending settlement balances (€ 35bn); for footnotes refer to slides 35 and 36 > Deposits includes € 344bn demand deposits, € 167bn time deposits and € 82bn saving deposits 15#17Derivatives bridge Q2 2023, IFRS derivative trading assets and the impact of netting and collateral, in € bn 259 IFRS (195) Impact of master netting agreements Notes: for footnotes refer to slides 35 and 36 Deutsche Bank Investor Relations (35) Cash collateral (10) Financial instrument collateral¹ 18 Net amount Q2 2023 Fixed Income Investor Call July 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 € 259bn would fall to € 18bn 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 16#18Loan book composition Q2 2023, IFRS loans: € 482bn 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 6% 20% Corporate Bank 10% 1% Other PB Other 1 0% 11% 3% German Mortgages 32% 5% 2% International Mortgages Consumer Finance Business Finance Wealth Management Investment Bank Private Bank Other Notes: percentages may not sum due to rounding; loan amounts are gross of allowances for loans; for footnotes refer to slides 35 and 36 Q2 2023 Fixed Income Investor Call July 28, 2023 Key highlights / Well-diversified loan portfolio YTD FX impact on loan book is € (3.1)bn 54% of loan portfolio in Private Bank, mainly consisting of retail mortgages in Private Bank Germany and collateralized lending (Wealth Management) in International Private Bank 24% of loan portfolio in Corporate Bank, predominantly in Corporate Treasury Services (Trade Finance & Lending and Cash Management mainly to corporate clients) followed by 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 17#19Provision for credit losses and stage 3 loans Stage 3 at amortized cost, in € bn PB (ex-POCI) CB (ex-POCI) Provision for credit losses, in € m Private Bank Corporate Bank Provision for credit losses (bps of loans)¹ Group CB IB PB 233 72 56 96 Q2 2022 19 18 30 15 350 132 75 161 Q3 2022 28 24 52 24 Investment Bank 351 78 56 224 Q4 2022 28 18 30 34 372 41 64 267 Q1 2023 30 21 16 40 401 141 117 147 Q2 2023 33 40 54 22 Group stage 3 loans at amortized cost%² Coverage ratio 3,4 Group CB IB PB 2.5% 12.2 1.2 2.2 2.4 6.3 Q2 2022 33% 40% 16% 36% 2.5% 12.5 1.1 2.4 2.4 6.4 Q3 2022 33% 42% 21% 36% IB (ex-POCI) 2.5% 12.4 1.0 2.4 2.9 5.9 Q4 2022 32% 33% 21% 37% Notes: 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 Q2 2023 Fixed Income Investor Call Investor Relations July 28, 2023 POCI 2.7% 13.0 1.0 2.7 3.0 6.0 Q1 2023 32% 33% 16% 39% / 2.7% 13.2 1.0 2.9 3.0 6.1 Q2 2023 32% 33% 16% 39% 18#20Large portion of deposits in German home market In € bn, unless stated otherwise, € 593bn deposit base as of June 30, 2023 Institutional Client Services Corporate 27% Treasury Services Investment Bank & Treasury 4% 11% Deutsche Bank Investor Relations Business split 7% Business Banking 16% 36% Private Bank Germany International Private Bank Corporate Bank Term Deposits CB Non-Operational Private Bank Overnight 11% Operational Overnight 15% Term Deposits Other 4% 13% Product split 7% Business Banking Q2 2023 Fixed Income Investor Call July 28, 2023 Investment Bank & Treasury 11% 41% Private Bank Retail Private Bank non-Retail High-quality and well-diversified deposit portfolio across client segments and products with 73% in German home market 78% of German retail deposits insured via statutory protection schemes (41% of total deposit base excl. deposits from banks insured) 82% from retail, SME, corporate & sovereign clients; only 3% from unsecured wholesale funding Term Deposit portfolio with 6 months weighted average maturity EMEA excl. Germany 13% APAC 9% Americas 5% Regional Split 73% / Germany 19#21Stable 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 65 Securities Cash Other Loans/facilities Derivatives Deposits 136% Deutsche Bank Investor Relations 219 64 154 Q1 2023 161 Q2 2023 12-months average net cash outflows (NCO) 15 13 13 120 136% Q1 2023 217 65 151 160 16 13 15 117 59 Q2 2023 Q1 2023 120 15 22 60 12-months average deposits NCO assumptions 83 Q2 2023 117 15 21 81 Q1 2023 Q2 2023 Q2 2023 Fixed Income Investor Call July 28, 2023 Level 2B Level 2A Level 1 Retail/SME Operational Non-operational / Robust liquidity position with 12-months rolling average LCR unchanged at 136% > Surplus of about € 57bn above the net cash outflow assumptions under the LCR requirement > 97% of average HQLA held in cash and Level 1 securities > Cash mainly placed with ECB and FED > Level 1 securities comprise of highly-rated government bonds, covered bonds and sovereigns, supra-nationals and agencies > Prudent management of HQLA securities via daily monitoring and stress testing > 100% LCR requirement implies to hold a stock of HQLA at least in the amount of NCO assumed over 30-day period 20#22TLTRO development and forecast In € bn TLTRO outstanding, period end 45 Q2 2022 Deutsche Bank Investor Relations 45 Q3 2022 TLTRO contractual maturity in period 34 Q4 2022 26 Q1 2023 22 Q2 2023 Q2 2023 Fixed Income Investor Call July 28, 2023 4 19 Q3 2023 15 Q4 2023 3 12 Q1 2024 1 10 Q2 2024 / 10 Q3 2024 21#23Net interest income sensitivity Hypothetical +/-25bps shift in yield curve, in € m Net interest income (NII) sensitivity¹ +25bps shift in yield curve ~55 ~90 ~(90) 2024 ~70 2025 2024 2025 Breakdown of sensitivity by currency for +25bps shift in yield curve EUR ~135 202 -25bps shift in yield curve Notes: for footnotes refer to slides 35 and 36 Deutsche Bank Investor Relations ~5 ~125 2024 ~(135) ~30 2025 USD ~35 2026 Q2 2023 Fixed Income Investor Call July 28, 2023 ~30 ~200 202 ~(200) 2026 ~25 2025 Other ~30 2026 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 currently improves NII and also increases NII sensitivity; following first re-pricings and ongoing risk management NII sensitivity is expected to normalize > 2025 and beyond, the positive impact from NII sensitivity is dominated by higher EUR long-term rates (rollover of hedges, overlay hedges maturing, etc.) 22#24Additional funding disclosure As of June 30, 2023, capital markets issuance outstanding, in € bn By product By currency Capital Instruments (AT1/T2) Covered bonds 17 Senior structured¹ 21 14 Notes: for footnotes refer to slides 35 and 36 Deutsche Bank Investor Relations 114 11 Senior preferred Senior 51 non-preferred Q2 2023 Fixed Income Investor Call July 28, 2023 USD 43 GBP 5 Other 6 114 61 EUR / 23#25Level 3 assets and liabilities As of June 30, 2023, in € bn Assets: € 26bn Equity securities Mortgage backed securities Other 2 Debt securities 4 27 10 Loans 9 Derivative assets Movements in balances 4 (3) (1) Notes: for footnotes refer to slides 35 and 36 Deutsche Bank Investor Relations 26 Dec 31, Purchases/ Sales/ Others² Jun 30, 2022 Issuances¹Settlements 2023 Liabilities: € 10bn Debt securities 11 3 Other 0 Q2 2023 Fixed Income Investor Call July 28, 2023 7 Derivative liabilities Movements in balances 1 (1) Dec 31, Issuances¹ Settlements Others² 2022 10 Jun 30, 2023 Key highlights > / 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 24#26Leverage 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 1,238 110 126 493 123 103 166 116 Q1 2023 Notes: for footnotes refer to slides 35 and 36 Deutsche Bank Investor Relations 1,236 108 128 487 125 102 171 116 Q2 2023 Q2 2023 Fixed Income Investor Call July 28, 2023 Risk-weighted assets 359 4 58 31 25 144 42 49 Q2 2023 Operational risk RWA Market risk RWA Credit valuation/7 adjustments Credit risk RWA 359 58 271 22 Q2 2023 / 25#27Value-at-Risk / stressed Value-at-Risk (VaR / SVaR) In € m, unless stated otherwise VaR, DB Group Trading book, 99%, 1 day Quarterly average Ø 47 Ø 52 80 60 40 20 Quarterly average 400 300 200 100 0 IN Deutsche Bank Investor Relations Q2 2022 Stressed VaR, DB Group Regulatory scope, 99%, 10 days Ø256 ات السلمان Q2 2022 Q3 2022 0173 Q3 2022 портамимитрольны M Ø 47 Q2 2023 Fixed Income Investor Call July 28, 2023 Q4 2022 Ø205 Ø 51 Q4 2022 Q1 2023 Ø 170 Ø44 Ainthe Q2 2023 0124 / pertama y fantast Q1 2023 Q2 2023 1 26#28Simplified legal entity structure of Deutsche Bank AG / IIII 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 IIII 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 Q2 2023 Fixed Income Investor Call July 28, 2023 IIIII 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 27#29Sustainability Q2 2023 highlights Recent achievements Sustainable Finance 513 Policies & Commitments A People & Own Operations > Increased Sustainable Finance volumes by € 17bn to € 254bn¹ (cumulative since 2020) > Received awards in May 2023 as "Best bank for ESG 2023" for its ESG-related trade and supply chain finance programs at "Global Trade Review Leaders in Trade awards" (Corporate Bank) > Acted as joint ESG coordinator on the State of Hesse's € 1bn 10-year green benchmark issuance; this transaction marks the largest green bond issuance by a German State up to this point (Investment Bank O&A) > Acted as Coordinating Lead Arranger and Joint Bookrunner in the closure of an up to $ 800m new revolving credit facility to support the expansion of Intersect Power LLC clean energy platform (Investment Bank FIC) > Published a white paper on carbon footprint linked to the EU residential real estate sector (incl. scenario pathways towards net zero) > Tightened thermal coal policy effective May 2023 > Updated Environmental & Social Policy Framework > Announced the usage of payment cards made from recycled plastic in Germany starting from mid-2023 (ambition is that by the end of 2024, 99% of all new cards issued will be using so-called recycled PVC) › Contributed to conserve marine biodiversity with our CSR environmental program "How We Live" and funded community conservation projects in several APAC countries by partnering with The Nature Conservancy > Achieved externally communicated targets on its own operations (e.g., energy reduction (Q2 2023 reported 27% vs. 2023 target of 25%, baseline 2019) > Established Real Estate Sustainability Council to oversee targets and achievements for Own Operations Thought Leadership & Stakeholder Engagement Notes: for footnotes refer to slides 35 and 36 Deutsche Bank Investor Relations › Announced to fund a new study into the economic benefits of Nature-based solutions for the ocean > Group CEO assumed role in the Glasgow Financial Alliance for Net Zero (GFANZ) Principals Group Q2 2023 Fixed Income Investor Call July 28, 2023 Sustainable Finance¹ volumes 254bn € Cumulative volumes Reported volumes by business and product type, in € bn Financing XX QoQ delta +10 152 46 105 Investment Bank Issuance € 500bn Target by 2025 +4 47 AuM Corporate Bank +3 56 12 44 Private Bank 28#30Definition 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 slides 30 and 31 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 noninterest expenses under IFRS as shown on slides 30 and 31 / 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 noninterest expenses Q2 2023 Fixed Income Investor Call July 28, 2023 29#31Specific revenue items and adjusted costs – Q2 2023 - In € m Revenues Specific revenue S items DVA - IB Other / Legacy portfolios¹ Sal. Oppenheim workout - IPB Revenues ex-specific items Noninterest expenses Nonoperating costs Impairment of goodwill and other intangible assets Litigation charges, net Restructuring & severance Adjusted costs Bank levies Adjusted costs ex-bank levies Notes: for footnotes refer to slides 35 and 36 Deutsche Bank Investor Relations Q2 2023 PB AM 1,943 2,361 2,400 620 85 (71) CB IB 1,943 2,432 2,400 620 Q2 2023 CB IB PB AM 1,156 1,636 2,082 474 I 91 65 71 15 8 36 183 1,050 1,534 1,828 446 20 Q2 2023 Fixed Income Investor Call July 28, 2023 C&O Group 7,409 (71) 0 85 7,480 C&O Group 255 5,602 147 19 89 395 260 4,947 2 4,945 Q2 2022 PB AM 1,551 2,646 2,160 656 CB IB 11 2 1,551 2,634 2,158 656 Q2 2022 CB IB PB AM 1,054 1,533 1,652 453 5 115 (68) 12 1 7 (28) 8 1,048 1,411 1,748 433 C&O Group (363) 6,650 (3) 9 2 (360) 6,639 C&O Group 178 4,870 52 (2) 127 116 (14) 4,768 6 4,762 CB IB 1,973 2,691 2,438 589 47 Q1 2023 PB AM C&O Group (10) 7,680 2 49 1,973 2,644 2,438 589 Q1 2023 CB IB PB AM 1,086 1,792 1,891 436 3 (1) 26 28 4 7 5 7 1,083 1,759 1,858 426 / (12) 7,631 C&O Group 252 5,457 10 66 1 23 241 5,368 473 4,895 30#32Specific revenue items and adjusted costs - H1 2023 In € m Revenues Specific revenue items DVA - IB Other / Legacy portfolios¹ Sal. Oppenheim workout - IPB Revenues ex-specific items Nonoperating costs Noninterest expenses Impairment of goodwill and other intangible assets Litigation charges, net Restructuring & severance Adjusted costs Bank levies Adjusted costs ex-bank levies Notes: for footnotes refer to slides 35 and 36 Deutsche Bank Investor Relations CB 3,916 3,916 CB 2,242 90 19 2,133 Q2 2023 Fixed Income Investor Call July 28, 2023 IB 5,052 (24) 5,077 IB 3,427 91 43 3,294 H1 2023 PB 4,838 4,838 H1 2023 PB 3,973 99 187 3,686 AM 1,209 1,209 75 15,089 AM C&O 910 2 73 C&O Group 507 (22) 15,111 Group 11,059 23 157 461 283 15 19 871 331 10,315 475 9,840 CB 3,013 1 3,013 CB 2,122 5 4 2,113 IB 5,969 4 5,965 IB 3,330 H1 2022 PB 4,380 10 4,370 H1 2022 PB 3,377 AM 1,338 1,338 AM 875 117 (65) 12 11 (71) 9 3,202 3,513 854 C&O Group (722) 13,977 (5) (1) (718) C&O / 544 74 0 470 10 13,969 Group 10,247 142 (47) 10,152 736 9,416 31#33Pre-provision profit, CAGR and operating leverage In € m, unless stated otherwise Net revenues Corporate Bank Investment Bank Private Bank Asset Management Corporate & Other Group Noninterest 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 FY 2021 Deutsche Bank Investor Relations 5,153 9,631 8,233 2,708 (314) 25,410 606 3,544 313 1,038 (1,595) Group 3,905 Notes: for footnotes refer to slides 35 and 36 (4,547) (6,087) (7,919) (1,670) (1,281) (21,505) 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 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 Q2 2023 Fixed Income Investor Call July 28, 2023 Q2 2023 1,943 2,361 2,400 620 85 7,409 (1,156) (1,636) (2,082) (474) (255) (5,602) 787 725 318 146 (170) 1,806 LTM Q2 2023 7,240 9,099 9,611 2,478 (107) 28,322 (4,311) (6,548) (7,461) (1,885) (996) (21,202) 2,929 2,551 2,150 593 (1,103) 7,120 CAGR2 FY 2021- LTM Q2 2023 25.5% (3.7)% 10.9% (5.7)% 7.5% H1 2022 3,013 5,969 4,380 1,338 (722) 13,977 (2,122) (3,330) (3,377) (875) (544) (10,247) 891 2,639 1,003 463 (1,267) 3,730 H1 2023 3,916 5,052 4,838 1,209 75 15,089 (2,242) (3,427) (3,973) (910) (507) (11,059) 1,674 1,625 865 299 (432) 4,030 H1 2023 H1 2022 30% (15%) 10% (10%) (110%) 8% 6% 3% 18% 4% (7%) 8% 88% (38%) (14%) (35%) (66%) 8% / Operating leverage YoY³ 24% (18)% (7)% (14)% 0% 32#34Adjusted post-tax ROTE, CIR and operating leverage Profit (loss) before tax (-) Restructuring & severance (-) Litigation Nonoperating costs adjustment (-) Bank levies reported (+) Bank levies pro rata Bank levies adjustment Adjusted profit (loss) before tax¹ Profit (loss) attributable to noncontrolling interests Profit (loss) attributable to additional equity components Income tax expense (benefit) Adjusted profit (loss) attributable to DB shareholders Average tangible shareholders' equity Adjusted post-tax ROTE (in %) Net revenues Adjustments Noninterest expenses Adjusted CIR (in %) Revenue change (in %) Expense change (in %) Adjusted operating leverage (in %) Notes: for footnotes refer to slides 35 and 36 Deutsche Bank Investor Relations Q2 2023 Fixed Income Investor Call July 28, 2023 Q2 2022 1,547 14 (116) 102 (6) (191) (185) 1,465 (33) (133) (313) 987 52,914 7.5 6,650 (4,952) 74 Q2 2023 1,405 (260) (395) 655 (2) (125) (124) 1,937 (39) (138) (615) 1,145 56,477 8.1 7,409 (5,071) 68 11.4 2.4 9.0 H1 2022 3,205 47 (142) 95 (736) (381) 355 3,655 (73) (259) (893) 2,430 52,673 9.2 13,977 (9,797) 70 / H1 2023 3,258 (283) (461) 744 (475) (251) 224 4,225 (64) (276) (1,267) 2,617 56,234 9.3 15,089 (10,091) 67 8.0 3.0 5.0 33#35Last 12 months (LTM) revenues reconciliation In € m, unless stated otherwise Revenues Corporate Bank Investment Bank Private Bank Asset Management Total: Operating businesses Group Q3 2020¹ Q4 2020¹ Q1 2021¹ Q2 2021¹ Q3 2021¹ 1,255 2,364 2,036 563 6,217 5,938 1,226 1,892 1,963 599 5,680 5,453 Notes: for footnotes refer to slides 35 and 36 Deutsche Bank Investor Relations 1,314 3,097 2,178 637 7,226 7,233 1,230 2,394 2,018 626 6,268 6,238 1,255 2,227 1,999 656 6,137 6,040 Q4 2021¹ Q1 2022 Q2 2022 Q3 2022 1,352 1,913 2,040 789 6,094 5,900 Q2 2023 Fixed Income Investor Call July 28, 2023 1,462 3,323 2,220 682 7,687 7,328 1,551 2,646 2,160 656 7,013 6,650 1,564 2,372 2,267 661 6,864 6,918 Q4 2022 1,760 1,675 2,506 609 6,551 6,315 Q1 2023 1,973 2,691 2,438 589 7,691 7,680 Q2 2023 1,943 2,361 2,400 620 7,323 7,409 Q2 2021 LTM² 5,024 9,747 8,195 2,424 Q2 2022 LTM³ 5,620 10,110 8,418 2,783 Q2 2023 LTM4 24,862 25,917 7,240 9,099 9,611 2,478 25,390 26,930 28,429 28,322 / Q2 2023 LTM %-share5 25% 32% 34% 9% 100% 34#36Footnotes 1/2 Slide 1 Continued positive momentum in H1 2023 1. Compound annual growth rates (CAGRS); detailed on slide 32 2. 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: Q2 2023: € 56.5bn, Q2 2022: € 52.9bn, H1 2023: € 56.2bn, H1 2022: € 52.7bn, Q1 2023: € 56.1bn and Q1 2022: €52.4bn; Group post-tax return on average shareholders' equity (RoE) Q2 2023: 4.9% and H1 2023: 6.1% 3. Includes € 1.4bn tax benefit from a deferred tax asset valuation adjustment driven by strong US performance 4. Detailed on slide 33. Slide 2 Complementary business portfolio driving growth 1. Totals on the chart represent the sum of operating businesses; detailed on slide 34 2. Detailed on slide 28 Slide 3 CLP guidance unchanged but expected at upper end 1. Quarterly provision for credit losses annualized as basis points of average loans gross of allowance at amortized cost Slide 5- Sound liquidity and funding base 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 Q2 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 6 Resilient NIM in PB and CB in the second quarter 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 7 - CET1 ratio increase driven by earnings 1. Including credit valuation adjustment (CVA) risk-weighted assets Slide 8 Increase in buffer above 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 (0.42%) and systemic risk buffer (0.20%) 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 Q2 2023 Fixed Income Investor Call July 28, 2023 Slide 9 Continued high loss-absorbing capacity 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 Slide 11- Issuance plan ~80% complete 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 14-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 3. The arrow shows a rating upgrade received over the last twelve months 4. Short-term preferred senior unsecured debt/deposits rating Slide 15 - 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 assets Slide 16-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 35#37Footnotes 2/2 Slide 17 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 3. Includes Strategic Corporate Lending Slide 18-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 (€ 482bn as of June 30, 2023) 3. IFRS 9 Stage 3 allowance for credit losses for assets at amortized cost excluding POCI divided by Stage 3 amortized cost excludi POCI assets 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 June 30, 2023 Slide 22-Net interest income sensitivity 1. Based on a static balance sheet per May 2023 vs. current market-implied forward rates as of June 30, 2023 Slide 23 - Additional funding disclosure 1. Senior structured excludes new structured issuance off the FIC platform Slide 24 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 25 -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 28 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 Slide 30- Specific revenue items and adjusted costs - Q2 2023 1. Legacy portfolios previously reported as the Capital Release Unit until Q4 2022 Slide 31 Specific revenue items and adjusted costs - H1 2023 1. Legacy portfolios previously reported as the Capital Release Unit until Q4 2022 Deutsche Bank Investor Relations Q2 2023 Fixed Income Investor Call July 28, 2023 Slide 32 - Pre-provision profit, CAGR and operating leverage 1. Pre-provision profit defined as net revenues less noninterest expenses 2. Compound annual growth rates of the total of net revenues of the last twelve months over the 18 months between FY 2021 and Q2 2023 3. Operating leverage defined as the difference between the year-on-year growth rates of revenues and noninterest expenses Slide 33- Adjusted post-tax RoTE, CIR and operating leverage 1. Adjusted profit (loss) before tax estimated as the reported profit (loss) before tax excluding the impact of nonoperating costs and pro rating the impact of bank levies Slide 34 - Last 12 months (LTM) revenue reconciliation 1. 2020 figures based on reporting structure as disclosed in Annual Re : 2021; 2021 figures based on reporting structure as disclosed in Annual Report 2022 2. Q2 2021 LTM figures refer to the sum of Q3 2020, Q4 2020, Q1 2021 and Q2 2021 3. Q2 2022 LTM figures refer to the sum of Q3 2021, Q4 2021, Q1 2022 and Q2 2022 4. Q2 2023 LTM figures refer to the sum of Q3 2022, Q4 2022, Q1 2023 and Q2 2023 5. Estimated as percentage share of individual operating business revenues to the total of operating businesses 6. Group revenues include C&O revenues, and prior to 2022 the then CRU revenues 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 Q2 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 June 30, 2023, application of the EU carve-out had a positive impact of € 346 million on profit before taxes and of € 247 million on profit. For the same time period in 2022, the application of the EU carve-out had a negative impact of € 1.0 billion on profit before taxes and of € 823 million on profit. For the six-month period ended June 30, 2023, application of the EU carve-out had a positive impact of € 250 million on profit before taxes and of € 177 million on profit. For the same time period in 2022, the application of the EU carve-out had a negative impact of € 910 million on profit before taxes and of € 717 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 six-month period ended June 30, 2023, application of the EU carve-out had a negative impact on the CET1 capital ratio of about 5 basis points and a negative impact of about 19 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 Q2 2023. DWS will continue to develop and refine its ESG Framework in accordance with evolving regulation and market practice Deutsche Bank Investor Relations Q2 2023 Fixed Income Investor Call July 28, 2023 37