#1Deutsche Bank Investor Relations Q1 2023 results #Positivelmpact April 27, 2023 /#2Strong 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% ROTE pro-rata annualized-bank levies €7.7 bn 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 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 45 and 46 Deutsche Bank Q1 2023 results April 27, 2023 Investor Relations 13.6% CET1 143% LCR €238bn Cumulative Sustainable Finance volumes 1#3Continued progress across all divisions Q1 2023 Corporate Bank > New MNC mandates for working capital and global value chain reviews > Merchant Solutions entry into APAC > Strong Corporate Trust momentum Private Bank Deposit stability despite competitive environment > Further 36 branches closed in Q1 > Penultimate wave of Postbank IT migration successfully executed 33% Operating leverage¹ 18.3% ROTE 10% Revenue growth YoY Notes: MNC - multinational corporates; for footnotes refer to slides 45 and 46 Deutsche Bank Q1 2023 results Investor Relations April 27, 2023 + 6bn Net inflows Investment Bank Strong underlying FIC revenue driven by robust client activity > Continued development of core franchise >Hiring of key O&A personnel across M&A and selected regions/sectors Increased net inflows, including into ESG products > Developing the Xtrackers brand Continue to invest in platform transformation +40bps O&A QoQ share growth 5th Asset Management / Consecutive quarter of YOY Rates growth € 9bn Net inflows ex Cash 27.7bps Management fee margin 2#4Balanced portfolio of businesses driving performance / Pre-provision profit¹, in € bn, unless stated otherwise Q1 2023 LTM Divisional composition² Q1 2023 22% 18% 6% € 2.2bn 36% Q1 2022 10% 15% € 2.0bn Corporate Bank 36% 57% Investment Bank Private Bank Notes: LTM - last twelve months; for footnotes refer to slides 45 and 46 Deutsche Bank Q1 2023 results April 27, 2023 Investor Relations 7.1 2.6 2.9 2.3 0.7 (1.5) Asset Management C&O Resilient pre-provision profit in Q1 2023 with more balanced divisional composition, well-positioned to navigate in volatile times Increased and sustainable contributions from Corporate Bank and Private Bank Reduction in Investment Bank and Asset Management pre- provision profit reflective of market activity and asset prices compared to prior periods Smaller drag from Corporate & Other (C&O)³, which now includes legacy portfolios4 3#5Reinforcing cost agenda across front office and infrastructure Realigned and centralized cost responsibility within the Management Board Productivity increases through dynamic capacity planning and removal of duplications Immediate ~5% reduction in senior management of non-client facing functions > Strict limitations on hiring in non-client facing functions outside critical control areas > Streamlining of mortgage platform Deutsche Bank Investor Relations Q1 2023 results April 27, 2023 / 4#6Well diversified loan and deposit base, supported by strong capital and liquidity Well-diversified loan book By business Private 54% Bank Other Investment Bank 0% 21% € 488bn Q1 2023 25% Corporate Bank By region Other 2% Note: for footnotes refer to slides 45 and 46 Deutsche Bank Investor Relations 7% Germany 48% € 488bn 21% Q1 2023 Asia North 21% America > Loan book well diversified across businesses and regions; ~70% of the loan book either collateralised, supported by financial guarantees or hedged Q1 2023 results April 27, 2023 EMEA ex-Germany > Well-positioned to withstand downside risks due to conservative underwriting standards, a robust risk appetite framework and risk mitigation through hedging Stable deposit base 73% of € 592bn deposit base is within German home market 77% of German retail deposits insured¹; 41% of total deposit base excl. bank deposits insured 74% of Corporate Bank deposits operational and term Strong capital and liquidity CET1 Ratio: Leverage 4.6% ratio: LCR: NSFR: / 13.6% (~250bps MDA buffer) (vs 3.75% requirement) 143% (vs~130% target) 120% (vs 115-120% target) 5#7Global Hausbank positioned to support our clients through every cycle Strategy aligned to trends Macro shifts Sustainability Technology Deutsche Bank Investor Relations > Equipped to navigate changed interest rate environment > > > Deploy risk management expertise to support clients in volatile markets Ambitious book of work, working towards our 2025 business initiatives and sustainability goals Enhanced governance accelerates the transformation across all functions > Investments in front-end and automation drive client experience, controls and efficiency > Innovation supported by strategic partnerships Q1 2023 results April 27, 2023 Clear focus on clients Growth trajectory confirms set-up with four client centric businesses / Targeted growth initiatives across divisions to increase market share Build out of advisory capabilities via selected hiring Continued investments to strengthen product platforms Strengthening cross-selling on the back of One Bank mindset 6#8Accelerated execution of strategic agenda driving returns ✓ Efficiency measures In € bn Incremental efficiencies ambition IDD March 2022 committment > 2.5 0.5 2.0 > Strategic realignment and future proofing our workforce > > Streamlining mortgage platform Optimization of retail distribution network Deutsche Bank Investor Relations > Improvements in operations and process automation, including leveraging Al/ML Germany optimization Technology architecture Front-to-Back Infrastructure efficiency Further efficiencies to drive incremental operating leverage Note: RM - relationship manager; for footnotes refer to slides 45 and 46 Q1 2023 results April 27, 2023 Capital efficiency ~€ 15-20bn RWA reduction in lower- yielding portfolios and other optimizations over time with limited revenue impact by 2025¹ Streamlining of mortgage business and reduction of sub-hurdle lending portfolios Optimized hedging and enhancement of risk models and processes across businesses Increased use of securitisation to reduce balance sheet intensity Capital optimization to drive return on equity and distributions Revenue growth Corporate Bank Investment Bank Private Bank Asset Management > Enhanced regional and industry coverage > Tech investments in platforms to increase scalability and cross selling > Targeted investments in O&A with focus on strategic advisory > Deepening of FIC product offering across clients > Growth in capital light products with investments in digital and direct sales > Tapping of market opportunities with accelerated hiring in WM (>250² RM) > Expansion of areas of strength with growth in Passive and Alternatives Strategic partnerships and product innovations Revenue outperformance³ driven by platform growth with balanced mix 7#9Summary Q1 performance demonstrates the resilience and strength of our franchise, profitability and balance sheet > Platform positioned for growth, reflecting benefits of a diversified business model, with a strong step-off to accelerate our Global Hausbank ambition Initiated measures to drive incremental operational efficiencies and enhance returns > Sharpening of our resource allocation towards capital light businesses, driving enhanced returns and distribution flexibility / Fully committed to capital distribution path; initiated the dialogue with supervisors for share buybacks in H2 2023 Deutsche Bank Investor Relations Q1 2023 results April 27, 2023 8#10Group financials Deutsche Bank Investor Relations Q1 2023 results April 27, 2023 / 9#11Key performance indicators 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 Q1 2023 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 45 and 46 Deutsche Bank Investor Relations Q1 2023 results April 27, 2023 Revenue CAGR¹ Q1 2023 LTM vs FY 2021 25.6 CB 3.9 (2.1) IB FY 2021 10.9 ROTE development 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 10#12Q1 2023 highlights In € bn, unless stated otherwise Financial results Statement of income Revenues Revenues ex-specific items¹ Provision for credit losses Noninterest expenses Adjusted costs Pre-provision profit Profit (loss) before tax Profit (loss) Balance sheet and resources Average interest earning assets Loans² Deposits Risk-weighted assets Leverage exposure³ Performance measures and ratios ROTE Cost/income ratio Provision for credit losses, bps of avg. loans4 CET1 ratio Leverage ratio³ Per share information Diluted earnings per share TBV per basic share outstanding Note: for footnotes refer to slides 45 and 46 Deutsche Bank Investor Relations Q1 2023 7.7 7.6 0.4 5.5 5.4 2.2 1.9 1.3 972 488 592 360 1,238 8.3% 71% 30 13.6% 4.6% € 0.61 € 27.28 A vs. Q1 2022 5% 4% 27% 1% (0)% 14% 12% 8% 1% 1% (2)% (1)% (1)% (2)ppt 6bps 80bps 36bps 10% 8% A vs. Q4 2022 Q1 2023 results April 27, 2023 22% 26% 0.2ppt (4.8)ppt (11)ppt 6% 5% 10% 98% 139% (33)% (2)% (0)% (5)% (0)% (0)% 2bps 25bps 6bps (33)% 2% Divisional revenues Corporate Bank Investment Bank Private Bank 7.3 1.5 3.3 2.2 Asset Management 0.7 C&O (0.4) Q1 2022 +5% 7.7 2.0 2.7 2.4 0.6 A vs. Q1 2022 Q1 2023 +35% (19)% +10% (14)% (0.0) Key highlights > / Revenue growth demonstrates benefits of a diversified business mix in a turbulent market environment > Provisions increased but remain contained, reflecting strong risk management > Adjusted cost development in line with monthly run-rate guidance > Deposit development reflects expected normalization, increased competition and client investment reallocations, as well as approximately 1% reduction from portfolios impacted by quarter-end volatility 11#13Net interest margin (NIM) Divisional NIM development Net interest margin¹ Corporate Bank 2.40% Private Bank 1.83% 2.49% Q1 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 2.64% 1.93% 1.91% Q2 2022 Q3 2022 3.36% Note: for footnotes refer to slides 45 and 46 Deutsche Bank Investor Relations 4.13% 2.19% 2.30% Q4 2022 Q1 2023 Q1 2023 results April 27, 2023 Group NIM development Average interest earnings assets², in € bn 1.19% 967 Q1 2022 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 an 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 slows 12#14Adjusted costs - Q1 2023 (YoY) In € m, unless stated otherwise Q1 2022 ex- bank levies Compensation and benefits¹ Information technology Professional services Other Q1 2023 ex- bank levies Bank levies Q1 2023 Note: for footnotes refer to slides 45 and 46 Deutsche Bank Investor Relations Q1 2023 results April 27, 2023 FX impact 6 7 4,655 26 (4) 66 6 (1) 25 123 4,895 473 +5% 5,368 Key highlights / > Adjusted costs excluding bank levies flat compared to prior quarter, in line with run-rate guidance of € 1.60- 1.65bn per month > Cumulative investments in technology, controls and business growth, as well as continued inflationary pressures lead to an increase in adjusted costs ex-bank levies > Compensation and benefits broadly stable; inflation in fixed remuneration and increased hiring offset by lower variable compensation and workforce optimization > IT costs reflects the ongoing implementation of our technology and innovation agenda Movement in other non-compensation cost includes rising expense for banking services and outsourced operations, as well as normalization of travel and marketing costs 13#15Provision for credit losses In € m, unless stated otherwise Stage 1+2 Stage 3 24 292 178 114 Q1 Note: for footnotes refer to slides 45 and 46 Deutsche Bank Investor Relations In bps of average loans annualized¹ 19 233 52 181 Q2 2022 Q1 2023 results April 27, 2023 28 350 13 337 Q3 28 351 390 (39) Q4 30 372 397 (26) Q1 2023 Key highlights / Q1 provisions slightly higher compared to 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 14#16Commercial Real Estate (CRE) Focus portfolio comprised of IB and CB non-recourse CRE lending CRE portfolio: € 33bn Of total loans > € 488bn Q1 2023 US Office: <1% Other CRE: 6% APAC EU Other By region 13% 37% 43% By sector € 33bn 50% US Retail € 33bn 11% 34% Office 12% Q1 2023 Hospitality CRE portfolio accounts for 7% of total loans and remains well diversified across regions and sectors Note: additional details provided on slide 38; for footnotes refer to slides 45 and 46 Deutsche Bank Q1 2023 results Investor Relations April 27, 2023 IB CRE: € 28bn Retail Hotel Other Office US Office Residential Other¹ 28 2 3 3 5 5 10 <1% of total loans Q1 2023 Limited US Office exposure; ~80% in Class A properties Risk management and mitigations > Geographically diverse, well located institutional quality assets > Strong institutional sponsors with significant cash equity invested > Tight loan structures with moderate LTVs and maturity extensions subject to financial covenants > Stress testing to identify loans with elevated refinancing risk; pro-active engagement with borrowers to achieve balanced loan extensions > for Stage 3, in line with prior quarters² 15#17Funding and liquidity In € bn, unless stated otherwise Diversified deposit base By business Investment Bank & Treasury Institutional Client Services Corporate Treasury Services Business Banking > 604 Q1 2022 11% 28% 3% Deutsche Bank Investor Relations € 592bn 7% 16% Q1 2023 37% Corporate Bank 613 Private Bank Germany International Private Bank Term Deposits Other Term Deposits Non-Operational overnight Operational overnight Business Banking Private Bank 631 By product 13% 12% Q1 2023 results April 27, 2023 14% 3% € 592bn /7% 11% 621 Q1 2023 Investment Bank & Treasury 41% Private Bank Retail Private Bank non-retail Q2 2022 Q3 2022 Q4 2022 Q1 2023 Well-diversified portfolio across client segments and products with 73% in German home market, largely backed by protection schemes 592 > Normalized deposits compared to elevated levels in late 2022; stable-to- improving balances since quarter-end Strong liquidity Surplus above requirements Liquidity Coverage Ratio (LCR) > Surplus above requirements Net Stable Funding Ratio (NSFR) 64 142% Q4 2022 99 120% 63 143% Q1 2023 100 120% ~50 ~130% Target ~80 / 115 - 120% Q4 2022 Q1 2023 Target LCR and NSFR stable at or above targeted level, reflecting prudent steering Well-diversified and stable funding continues to benefit from strong domestic deposit franchise, longer-dated capital market issuance and limited TLTRO funding reliance 16#18Capital metrics Movements in basis points (bps), period end, unless stated otherwise CET1 ratio Leverage ratio 13.4% Q4 2022 FX effect 1 > (6) Deutsche Bank Investor Relations 30 CET1 ratio up 25bps compared to Q4 2022: Material net capital build of € 1.1bn, mainly from net income partly offset by equity compensation RWA Capital Q1 2023 change change RWA change principally from seasonal rebound in the Investment Bank and Corporate Bank loan growth Note: for footnotes refer to slides 45 and 46 13.6% Q1 2023 results April 27, 2023 4.6% 1 (2) Q4 2022 FX effect Leverage 7 Capital exposure change change 4.6% Q1 2023 Leverage ratio up 6bps compared to 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 MREL/TLAC, in € bn Surplus above requirements Senior preferred¹1 Senior non- preferred T2 AT1 127 8 50 11 8 CET1 49 19 108 35 84 TLAC Q1 2023 available MREL MREL/TLAC² requirement requirement 17#19Segment results Deutsche Bank Investor Relations Q1 2023 results April 27, 2023 / 18#20Corporate Bank In € m, unless stated otherwise Financial results Statement of income. Revenues Revenues ex-specific items¹ Provision for credit losses Noninterest expenses Adjusted costs Pre-provision profit Profit (loss) before tax Balance sheet and resources Loans, € bn² Deposits, € bn Leverage exposure, € bn Risk-weighted assets, € bn Provision for credit losses, bps of average loans³ Performance measures and ratios Net interest margin Cost/income ratio ROTE4 Q1 2023 Note: for footnotes refer to slides 45 and 46 Deutsche Bank Investor Relations 1,973 1,973 64 1,086 1,083 887 822 121 269 310 74 21 4.1% 55% 18.3% A vs. A vs. Q1 2022 Q4 2022 35% 35% (57)% 2% 2% 125% n.m. (3)% (1)% 2% (0)% (7)% (3)% (1)% (27)bps 3bps 12% 12% 16% 11% 10% 13% 13% 4% 1.7ppt 0.8ppt (18)ppt (0)ppt 12.4ppt 1.6ppt Q1 2023 results April 27, 2023 Revenue performance Corporate Treasury Services Client Services Institutional Business Banking Corporate Bank 447 337 1,188 A vs. Q1 2022 XX% Excluding specific items¹ 32% 32% 28% 28% 59% 59% 1,973 35% 35% Key highlights / Highest quarterly revenues since the formation of the Corporate Bank with revenue growth across all regions and business units Revenues significantly higher year on year driven by increased interest rates and continued pricing discipline, with strong momentum in Cash Management businesses across all client segments and in Corporate Trust (ICS) Contained provision for credit losses despite more challenging macroeconomic environment and primarily driven by one larger stage 3 event Noninterest expenses increased year on year driven by higher service costs, partly offset by lower SRF contribution Loans flat sequentially, despite the pressure from higher interest rates 19#21Investment Bank In € m, unless stated otherwise Financial results Statement of income Revenues Revenues ex-specific items¹ Provision for credit losses Noninterest expenses Adjusted costs Pre-provision profit Profit (loss) before tax Balance sheet and resources Loans, € bn² Deposits, € bn Leverage exposure, € bn Risk-weighted assets, € bn Provision for credit losses, bps of average loans³ Performance measures and ratios Cost/income ratio ROTE4 Q1 2023 Note: for footnotes refer to slides 45 and 46 Deutsche Bank Investor Relations 2,691 (19)% 2,644 (21)% 41 1,792 1,759 900 861 103 11 541 142 16 A vs. A vs. Q1 2022 Q4 2022 67% 8.5% 61% 54% 14% (48)% (0)% 12% (2)% 14% (41)% (42)% n.m. n.m. 10% (0)% (20)% (35)% (1)% (2)% 1bps (14)bps 2% 2% 13ppt (29)ppt (8.1)ppt 9.8ppt Q1 2023 results April 27, 2023 Revenue performance FIC Sales & Trading Origination & Advisory Other Investment Bank 327 2,360 A vs. Q1 2022 XX% Excluding specific items¹ (17) % (17) % (31) % (31) % (47)% n.m. 2,691 (19) % (21)% Key highlights / Revenues lower compared to an exceptionally strong prior year quarter FIC revenues lower primarily reflecting reduced episodic events year on year; robust underlying performance Rates higher against a very strong prior year quarter Emerging Markets and Credit Trading lower; however, higher when adjusting for prior year volatility in CEEMEA region and the impact of concentrated distressed credit position, respectively Foreign Exchange negatively impacted by extreme interest rate volatility O&A revenues down YoY, in line with industry fee pool and demonstrating a market share recovery vs. the prior quarter Noninterest expenses and adjusted costs both essentially flat YoY YOY loan increase driven by higher originations, primarily in Financing 20#22Private Bank In € m, unless stated otherwise Financial results Statement of income Revenues Revenues ex-specific items¹ Provision for credit losses Noninterest expenses Adjusted costs Pre-provision profit Profit (loss) before tax Balance sheet and resources Assets under management, in € bn² Loans, in € bn³ Deposits, in € bn Leverage exposure, in € bn. Risk-weighted assets, in € bn Provision for credit losses, in bps of average loans4 Performance measures and ratios. Net interest margin Cost/income ratio. ROTE5 Q1 2023 Note: for footnotes refer to slides 45 and 46 Deutsche Bank Investor Relations 2,438 2,438 267 1,891 1,858 547 280 A vs. A vs. Q1 2022 Q4 2022 2.3% 78% 5.3% 10% (3)% 10% 11% 164% 19% 10% 7% 5% 4% 11% (25)% (29)% (45)% 531 2% 263 (1)% 310 (2)% 340 (1)% 87 (0)% 40 25bps 7bps (3)% 2% (2)% 4% 0% 0.5ppt 0.1ppt (0)ppt 7ppt (3.2)ppt (5.2)ppt Revenue and AuM performance Revenues Q1 2023 results April 27, 2023 PB Germany Int. Private Bank Private Bank PB GY- Deposits XX% Excluding specific items¹ 518 110 73 127 888 AuM, in € bn6 209 Q4 2022 1,550 531 109 72 135 215 Q1 2023 IPB - Deposits 2,438 A vs. Q1 2022 14% 14% 3% 4% 10% 10% Net flows, in € bn6 6.1 3.9 3.6 (0.8) - (0.7) Q1 2023 PB GY - Inv. products Key highlights IPB - Inv. products / Revenues at record levels driven by net interest income in both business units Strong revenue momentum in PB Germany despite headwinds in fee income from contractual changes and lower client activity IPB revenues up driven by Wealth Management & Bank for Entrepreneurs Noninterest expenses up as prior year included releases of restructuring provisions Adjusted costs up on higher investment spend and internal service cost allocations Provision for credit losses up driven by idiosyncratic events in IPB AuM inflows of € 6bn in current environment with strong investment product inflows 21#23Asset Management In € m, unless stated otherwise Financial results Statement of income Revenues Revenues ex-specific items¹ Noninterest expenses Adjusted costs Noncontrolling interests Profit (loss) before tax Balance sheet and resources Assets under management, in € bn² Net flows, in € bn Leverage exposure, in € bn Risk-weighted assets, in € bn Performance measures and ratios. Management fee margin, in bps Cost/income ratio ROTE³ Q1 2023 Note: for footnotes refer to slides 45 and 46 Deutsche Bank Investor Relations 589 (14)% 589 (14)% 436 3% 426 39 115 841 6 9 13. A vs. A vs. Q1 2022 Q4 2022 27.7 1% (28)% (44)% (7)% n.m. (7)% (5)% (3)% (3)% (11)% 9% 33% 28% 2% n.m. (4)% 0% 0.1bps (0.4)bps 74% 12ppt (7)ppt 13.6% (11.9)ppt 4.0ppt Q1 2023 results April 27, 2023 Revenue and AuM performance Revenues fees Perf. & trans. Mgmt. Other fees AM 11 AuM, in € bn² 821 80 118 199 424 Q4 2022 Cash 841 77 113 213 438 Q1 2023 Alternatives 571 589 A vs. Q1 2022 (8)% Passive (58)% (80)% (14)% Net flows, in € bn 6 4 6 Q1 2023 Active ex-Cash Key highlights / Net flows excluding Cash of € 8.8bn driven by Passive including Xtrackers and Multi Asset; € 1.4bn net inflows in ESG products Positive net flows and markets supported an increase in AuM in the quarter Revenues were impacted by lower AuM at the beginning of 2023 from the steady decline in market levels in the prior year, as well as a decline in performance and transaction fees > Adjusted costs are essentially flat, as investment into growth and transformation is compensated by sustained cost discipline Profit before tax reflective of a challenging revenue environment and transformation execution 22#24Corporate & Other In € m, unless stated otherwise Financial results Statement of income Revenues Provision for credit losses Noninterest expenses Adjusted costs Noncontrolling interests Profit (loss) before tax Balance sheet and resources Leverage exposure, in € bn Risk-weighted assets, in € bn Q1 2023 Note: for footnotes refer to slides 45 and 46 Deutsche Bank Investor Relations (10) 1 241 A vs. A vs. Q1 2022 Q4 2022 (97)% (82)% 252 (31)% (26)% 43 (30)% (37) (33)% 37 (35)% (96)% n.m. (10)% (226) (67)% (58)% 35% (2)% 2% (6)% Q1 2023 results April 27, 2023 Profit (loss) before tax Funding & liquidity Valuation & timing differences¹ Legacy portfolios² Shareholder expenses Other Noncontrolling interests³ Profit (loss) before tax (106) (130) (124) (142) (226) 37 Abs. A vs. Q1 2022 21 239 423 166 (4) (136) (19) 451 Key highlights / Loss before tax of € (226)m includes positive impact from valuation and timing differences of € 239m Positive impact from valuation and timing differences driven by interest rates and market volatility Corporate & Other now includes the impact of legacy portfolios2; pre-tax loss of € 130m driven by expenses Segment continues to include the impact of certain centrally retained items including funding and liquidity, and shareholder expenses Risk-weighted assets of € 43bn at quarter- end include € 19bn of operational risk RWA from legacy portfolios 23#25Outlook >Group revenues expected to be around the mid-point of a range between € 28-29bn in 2023 Monthly run-rate for adjusted costs ex-bank levies in line with guidance of € 1.60-1.65bn > Additional cost measures expected to result in restructuring and severance charges of around € 500m in 2023 Provision for credit losses guidance range of 25 to 30 basis points of average loans remains > Distribution plans on track based on proposed € 0.30 dividend and expected H2 share repurchase Deutsche Bank Investor Relations / Q1 2023 results April 27, 2023 24#26Appendix Deutsche Bank Investor Relations Q1 2023 results April 27, 2023 / 25#272025 financial targets and capital objectives >10% Post-tax ROTE in 2025 Confirm 2025 target based on sustained operating leverage over the period Financial targets Deutsche Bank Investor Relations 3.5- 4.5% Revenue CAGR 2021-2025 Increased revenue momentum sup-ported by further balance sheet optimization and greater shift to capital light businesses <62.5% Q1 2023 results April 27, 2023 Cost/income ratio in 2025 Reiterate CIR target, with continued focus on further structural cost reductions, via technology investments, process redesign and efficiencies in infrastructure Capital objectives ~13% CET1 ratio Aim to operate with a buffer of 200bps above MDA, as we build capital and absorb regulatory changes 50% Total payout ratio from 2025 Note: MDA - maximum distributable amount; € 8bn anticipated cumulative payout in respect of FY 2021-25 (including distributions in respect of 2025, payable in 2026) subject to meeting strategic targets and German corporate law requirements, AGM authorization and regulatory approvals Confirm 2025+ payout guidance and € 8bn anticipated cumulative payout in respect of FY 2021-2025; proposed dividend of 30 cents for FY 2022 26#28Definition 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 29 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 slide 29 / 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 Q1 2023 results April 27, 2023 27#29Sustainability Q1 2023 highlights Recent achievements Sustainable Finance Sta 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) > 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 March 2023 > Hosted Deutsche Bank's 3rd dbAccess Global ESG Conference in March 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; so far employees donated ~€ 280k across regions to support the work of Red Cross organisations Note: for footnotes refer to slides 45 and 46 Deutsche Bank Investor Relations Q1 2023 results April 27, 2023 Sustainable Finance¹ volumes € 238bn Cumulative volumes Reported volumes by business and product type, in € bn Financing XX QoQ delta +14 142 42 100 Investment Bank Issuance € 500bn Target by 2025 +3 43 43 AuM Corporate Bank +5 53 11 42 Private Bank 28#30Specific revenue items and adjusted costs In € m Revenues Specific revenue items DVA - IB Other / Legacy portfolios¹ Sal. Oppenheim workout - IPB Gain on sale Financial Advisors business Italy - 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 Note: for footnotes refer to slides 45 and 46 Deutsche Bank Investor Relations CB 1,973 2,691 2,438 CB 1,086 (1) IB 4 1,083 1,973 2,644 2,438 589 Q1 2023 results April 27, 2023 Q1 2023 PB AM C&O Group 47 589 Q1 2023 IB PB AM 1,792 1,891 436 26 28 I 3 (10) 2 (12) 7,631 10 49 C&O Group 252 5,457 7 5 7 1 1,759 1,858 426 241 7,680 1,462 3,323 2,220 682 (8) 66 CB IB 23 5,368 473 4,895 18 Q1 2022 PB AM 7 1,462 3,331 2,213 2 Q1 2022 CB IB PB AM 1,067 1,796 1,725 682 3 422 C&O Group (359) 7,328 (2) (10) 7 (357) 7,330 (0) (0) 22 3 3 (42) 1 2 343 1,064 1,791 1,765 421 C&O Group 367 5,377 26 (33) 5,385 730 4,655 CB I 1,760 1,675 2,506 IB 11 Q4 2022 PB AM (47) (17) 983 5 1,760 1,722 2,195 305 CB IB 977 1,606 1,773 609 Q4 2022 PB AM 56 (9) 12 (13) 1,538 1,794 609 491 68 9 23 391 / C&O Group (236) 6,315 (3) (49) (234) 6,053 159 3 5 C&O Group 342 5,189 68 305 180 227 8 4,886 15 4,871 29#31Pre-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 Group FY 2021 Deutsche Bank Investor Relations 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 45 and 46 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 Q1 2023 results April 27, 2023 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 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% 30#32Indicative divisional currency mix Q1 2023 Net revenues 19% 0% 10% 70% CB 20% 32% 0% 49% IB 8% 0% 5% 86% PB 6% 16% 15% 64% AM 16% 24% 1% 59% Group EUR GBP Noninterest expenses USD 18% 19% 6% 58% CB Other¹ 16% 38% 46% 0% IB 10% 1% 6% 83% PB 4% 28% 17% 50% AM / 13% 20% 15% 51% Group Note: Classification is based primarily on the currency of DB Group's office, in which the revenues and noninterest expenses are recorded and therefore only provide an indicative approximation; for footnotes refer to slides 45 and 46 Deutsche Bank 31 Q1 2023 results Investor Relations April 27, 2023#33Net interest income sensitivity Hypothetical +/-25bps shift in yield curve, in € m Net interest income (NII) sensitivity¹ +25bps shift in yield curve ~80 ~(80) ~65 2023 Deutsche Bank Investor Relations 2023 2024 Breakdown of sensitivity by currency for +25bps shift in yield curve EUR ~100 2025 Note: for footnotes refer to slides 45 and 46 -25bps shift in yield curve ~(5) 2023 ~80 ~(90) Q1 2023 results April 27, 2023 USD ~30 2025 ~20 2023 ~160 Other ~(170) 2025 ~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 32#34Evolution 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 results April 27, 2023 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 07/25 04/23 07/23 10/23 01/24 04/24 April 17, 2023 market implied 07/24 10/24 01/25 04/25 07/25 33#35Provision 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 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 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 45 and 46 Deutsche Bank Q1 2023 results April 27, 2023 Investor Relations 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% 34#36Loan and deposit development In € bn, unless stated otherwise, loan-to-deposit ratio 82% Loan development 481 Investment Bank 94 Corporate Bank 125 Private Bank 258 Q1 2022 Deposit development 604 Investment Bank Corporate Bank 13, 271 Private Bank 316 493 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 YoY QoQ (0)% 1% (0)% (0)% (3) 10% (1)% 2% (5)% (2)% (7)% (1)% (2)% (2)% Key highlights / 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 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 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 Investor Relations Q1 2023 results April 27, 2023 35#37Loan 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 Other IB² Other 1 0% 9% 6% 20% Corporate Bank 1% Other PB 3% Investment Bank 32% 2% German Mortgages 5% International Mortgages Consumer Finance. 11% Business Finance Wealth Management Private Bank Other Note: percentages may not sum due to rounding; loan amounts are gross of allowances for loans; for footnotes refer to slides 45 and 46 Deutsche Bank Q1 2023 results April 27, 2023 Investor Relations Key highlights / 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 36#38Derivatives bridge Q1 2023, IFRS derivative trading assets and the impact of netting and collateral, in € bn Key highlights 246 I IFRS (185) Impact of Master Netting Agreements Note: for footnotes refer to slides 45 and 46 Deutsche Bank Investor Relations (35) Cash Collateral Q1 2023 results April 27, 2023 (9) Financial Instrument Collateral¹ 17 Net amount / 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 37#39Commercial 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 ØLTV~62% > 59% US, focused on gateway cities; 25% in 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 > 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 € 2 bn Residential € 5bn Other € 10bn Q1 2023 results April 27, 2023 > 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 65% > 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% IB US office loans: € 4.5bn US office portfolio in focus given significantly lower occupancy rates and elevated valuation pressure vs. Europe 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% 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 - 6.7 years > High-quality portfolio with institutional sponsorship in major markets > Sponsors mostly supportive and facilitated loan extensions with additional equity contribution > €0.6bn exposure with final maturities in remainder of 2023 > Q1 CLP for US office €16m (4% of total Stage 3 provisions) 38#40Level 3 assets and liabilities As of March 31, 2023, in € bn Assets: € 26bn Equity securities Mortgage backed securities Other 3 Debt securities 27 0 Loans Deutsche Bank Investor Relations Derivative Movements in balances 2 1 Note: for footnotes refer to slides 45 and 46 9 Assets Dec 31, Purchases/ Sales/ Others² Mar 31, 2022 Issuances¹Settlements 2023 26 Q1 2023 results April 27, 2023 Liabilities: € 11bn Debt Securities 11 3 Other 0 8 Derivative Liability Movements in balances 0 (0) 0 Dec 31, Issuances¹ Settlements Others² 2022 11 Mar 31, 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 39#41Leverage 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 45 and 46 Deutsche Bank Investor Relations Q1 2023 results April 27, 2023 1,238 110 126 493 123 103 166 116 Q1 2023 Risk-weighted assets 360 3 59 33 24 146 41 47 7 Q1 2023 Operational risk RWA Market risk RWA Credit valuation / adjustments Credit risk RWA 360 59 270 24 Q1 2023 40#42Litigation update In € bn, period end Litigation provisions 1.1 Q1 2022 Contingent liabilities 1.8 Q1 2022 Deutsche Bank Investor Relations 1.2 Q2 2022 1.9 Q2 2022 1.3 Q3 2022 1.9 Q3 2022 1.2 Q1 2023 results April 27, 2023 Q4 2022 1.9 Q4 2022 1.2 Q1 2023 1.9 Q1 2023 Key highlights / Note: Figures reflect current status of individual matters and provisions; litigation provisions and contingent liabilities are subject to potential further developments; litigation provisions & contingent liabilities include civil litigation and regulatory enforcement matters Provisions remained stable quarter on quarter Contingent liabilities remained stable quarter on quarter; contingent liabilities include possible obligations where an estimate can be made and outflow is more than remote, but less than probable 41#43Value-at-Risk / stressed Value-at-Risk (VaR /sVaR) In € m, unless stated otherwise VaR, DB Group Trading book, 99%, 1 day Quarterly average Ø 30 80 60 40 20 0 Quarterly average 400 300 200 100 Q1 2022 Stressed VaR, DB Group Regulatory scope, 99%, 10 days Ø 223 Deutsche Bank Investor Relations لیم یہ امر Q1 2022 I 1 I Ø47 Q1 2023 results April 27, 2023 Q2 2022 Ø256 Q2 2022 Ø 52 Q3 2022 Ø173 Q3 2022 Ø47 pressure Q4 2022 Ø205 M Q4 2022 Ø 51 www Q1 2023 Ø 170 annetments مجمعة Q1 2023 / 42#44Assets under management - Private Bank In € bn, unless stated otherwise AuM¹,2 - by business unit and product group 549 69 Inv. Prod. 134 112 235 Q1 2022 AuM - net flows3 10.0 3.0 0.5 5.9 Deutsche Bank Investor Relations 0.5 Q1 2022 Note: for footnotes refer to slides 45 and 46 368 529 112 72 122 223 Q2 2022 IPB Investment Products 6.9 1.8 3.4 1.6 0.1 Q2 2022 (2)% Q1 2023 results April 27, 2023 345 529 111 76 121 221 Q3 2022 PB GY - Investment Products 7.6 1.5 4.3 2.9 (1.0) Q3 2022 342 Including € (15)bn disposal effect 518 110 73 127 209 Q4 2022 IPB - Deposits 5.5 2.1 3.5 1.0 (1.1) Q4 2022 +3% 336 PB GY- Deposits 531 72 109 135 215 Q1 2023 6.1 3.6 3.9 (0.8)2.7) Q1 2023 / 350 43#45Assets under management- Asset Management In € bn, unless stated otherwise AuM development 27.7 902 Q1 2022 Net flows AuM AuM by asset class¹ 13% 25% 9% (13) 902 8% Q1 2022 Deutsche Bank Investor Relations 24% 8% 12% FX Note: for footnotes refer to slides 45 and 46 Year on year (56) Q1 2022 Average AuM: 910 Market perf. Other Fixed Income Q1 2023 results April 27, 2023 27.7 841 Q1 2023 AuM Multi Asset Quarterly mgmt. fee margin, in bps 14% 10% 24% 821 8% Q4 2022 Equity 24% 8% 12% SQI 28.1 821 Q4 2022 AuM Q4 2022 Average AuM: 837 Passive 6 Net flows Quarter on quarter (7) FX Alternatives 19 Market perf. 13% 25% Cash 9% 841 8% Q1 2023 Other 23% 9% 12% / 27.7 841 Q1 2023 AuM Q1 2023 Average AuM: 834 44#46Footnotes 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 28 Slide 2 Continued progress across all divisions 1. Defined on Slide 27 Slide 3 - Balanced portfolio of businesses driving performance 1. Pre-provision profit defined as net revenues less noninterest expenses; detailed on slide 30 2. Percentage split in pie chart excluding C&O 3. Pre-provision profit for C&O Q1 2023: € (262)m, Q1 2022 € (726)m; Q1 2023 year-on-year reduction of 64% 4. Legacy portfolios previously reported as the Capital Release Unit until Q4 2022 Slide 5- Well diversified loan and deposit base, supported by strong capital and liquidity 1. Insured via statutory protection scheme Slide 7 - Accelerated execution of strategic agenda driving returns 1. Before increase in OR RWA and allocation to higher returning growth opportunities 2. In 2023 and 2024 3. Outperformance until 2025 vs. March 2022 IDD Slide 10- Key performance indicators 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 11 Q1 2023 highlights 1. Detailed on slide 29 2. Loans gross of allowance at amortized cost 3. Q1 2022 pro-forma leverage exposure includes certain central bank balances, here included for like for like comparison purposes; Q1 2022 reported leverage exposure excluding these balances amounts to € 1,164bn and Q1 2022 reported leverage ratio to 4.6%, respectively 4. Provision for credit losses as basis points of average loans gross of allowances for loan losses Slide 12 Net interest margin (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 13-Adjusted costs 1. Excludes severance of € 10m in Q1 2022, € 23m in Q1 2023 as this is excluded from adjusted costs Deutsche Bank Investor Relations Q1 2023 results April 27, 2023 Slide 14 Provision for credit losses 1. Quarterly provision for credit losses annualized as basis points of average loans gross of allowance at amortized cost Slide 15 Commercial Real Estate (CRE) 1. Other includes Industrial/Logistics, Mixed Use, Data Centers, Studios, Condos, and other property types 2. Driven by IB CRE; net CLP of € 26m across Focus Portfolio Slide 17 Capital metrics 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 19 Corporate Bank 1. Detailed on slide 29 2. Loans gross of allowance at amortized cost 3. Provision for credit losses as basis points of average loans gross of allowances for loan losses 4. Post-tax return on average tangible shareholders' equity applying a 28% tax rate; allocated average tangible shareholders' equity Q1 2023: € 12.3bn, Q1 2022: € 10.3bn; RoE: Q1 2023: 16.9% Slide 20 Investment Bank 1. Detailed on slide 29 2. Loans gross of allowance at amortized cost 3. Provision for credit losses as basis points of average loans gross of allowances for loan losses 4. Post-tax return on average tangible shareholders' equity applying a 28% tax rate; allocated average tangible shareholders' equity Q1 2023: € 26.1bn, Q1 2022: € 24.4bn; RoE: Q1 2023: 8.2% Slide 21 - Private Bank 1. Detailed on slide 29 2. Includes deposits if they serve investment purposes; detailed on slide 43 3. Loans gross of allowance at amortized cost 4. Provision for credit losses as basis points of average loans gross of allowances for loan losses 5. Post-tax return on average tangible shareholders' equity applying a 28% tax rate; allocated average tangible shareholders' equity Q1 2023: € 12.9bn, Q1 2022: € 12.1bn; RoE: Q1 2023: 4.9% 6. Detailed on slide 43 Slide 22 - Asset Management 1. Detailed on slide 29 2. Detailed on slide 44 3. Post-tax return on average tangible shareholders' equity applying a 28% tax rate; allocated average tangible shareholders' equity Q1 2023: € 2.3bn, Q1 2022: € 2.2bn; RoE: Q1 2023: 5.8% 45#47Footnotes 2/2 Slide 23- Corporate & Other 1. Valuation & timing reflects the mismatch in revenue from instruments accounted for on an accrual basis under IFRS that are economically hedged with derivatives that are accounted for on a mark-to-market basis 2. Legacy portfolios previously reported as the Capital Release Unit until Q4 2022 3. Reversal of noncontrolling interests reported in operating business segments (mainly Asset Management) 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 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 29 - Specific revenue items and adjusted costs 1. Legacy portfolios previously reported as the Capital Release Unit until Q4 2022 Slide 30 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 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 noninterest expenses Slide 31 Indicative divisional currency mix 1. For net revenues primarily includes Singapore Dollar (SGD), Indian Rupee (INR) and Japanese Yen (JPY); for noninterest expenses primarily includes INR, SGD and Hong Kong Dollar (HKD) Slide 32 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 34 - 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 Deutsche Bank Investor Relations Q1 2023 results April 27, 2023 Slide 36 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 37 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 39 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 40- 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 43 - Assets under management - Private Bank 1. Investment Products also include insurances as well as cash positions under discretionary and wealth advisory mandate in IPB Wealth Management 2. Deposits are considered assets under management if they serve investment purposes; in the Private Bank Germany (PB GY) and in International Private Bank (IPB) Premium Banking, this includes term- and savings deposits; in IPB Wealth Management & Bank for Entrepreneurs it is assumed that all customer deposits are held primarily for investment purposes 3. Net flows also include shifts between deposits and investment products 4. Q4 2022 AuM impacted by a € 15 billion disposal effect after the sale of the Financial Advisors business in Italy Slide 44 - Assets under management- Asset Management 1. Average AuM are generally calculated using AuM at the beginning of the period and the end of each calendar month (e.g. 13 reference points for a full year, 4 reference points for a quarter) 46#48Cautionary 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 results April 27, 2023 47