#1Deutsche Bank Investor Relations Q3 2023 results #Positivelmpact October 25, 2023 /#2Business momentum reflecting strategy execution 9M 2023 > Profit before tax of € 5.0bn after absorbing € 943m in nonoperating expenses Sustained revenue momentum reflecting balanced business growth and benefits from substantial inflows in AuM and deposits, coupled with pricing discipline > Ongoing focus on delivering additional efficiency improvements, with material share of € 2.5bn targeted efficiency measures already executed Significantly improved capital outlook supports business growth, as well as acceleration and expansion of distribution goals €22.2bn +6% Net revenues 9Μ ΔΥΟΥ €39bn AuM inflows across PB and AM 7% RoTE¹ (reported) / €11bn Q3 A QOQ 9% ROTE¹ (adjusted²) Notes: throughout this presentation totals may not sum due to rounding differences and percentages may not precisely reflect the absolute figures; AuM - Assets under Management; for footnotes refer to slides 44 and 45 13.9% CET1 ratio 1#32023 YTD results reflect resilient performance In € bn, unless stated otherwise Pre-provision profit¹ 5.7 20.9 (15.0) (0.2) 9M 2022 +5% Net revenues Adjusted costs X% Deutsche Bank Investor Relations 6.0 22.2 (15.3) (0.9) 9M 2023 Nonoperating costs Delta YoY +6% +2% n.m. Risk and balance sheet Notes: YTD -year-to-date; for footnotes refer to slides 44 and 45 Provision for 28bps credit losses3 611bn Deposits 13.9% CET1 ratio Q3 2023 results October 25, 2023 Operating leverage of 4% in 9M 2023 when adjusted² for nonoperating costs and pro-rated bank levies Continued revenue growth leading to a year-on-year pre-provision profit increase in 9M 2023 / Provision for credit losses in line with full year guidance, reflecting disciplined risk management Deposits up € 18bn vs. Q2, reflecting confidence in franchise, with strong momentum in Corporate Bank Strong CET1 ratio through organic capital generation and optimization, offsetting regulatory impacts and share buybacks 2#4Balanced revenue mix and continued franchise growth In € bn, unless stated otherwise Net revenues Last twelve months¹ Group 37% 21% 31% 10% 26.8 27.7 10.3 5.9 8.7 2.8 Q3 2022 Investment Bank Corporate Bank 28.5 28.7 9.0 7.6 9.7 2.4 Q3 2023 Private Bank Asset Management Notes: for footnotes refer to slides 44 and 45 Deutsche Bank Investor Relations 31% 26% 34% 8% Corporate Bank ~40% increase in incremental deals won with multinational corporate clients > Best Bank for Cash Management as well as Transaction Bank of the Year for Western Europe² Q3 2023 results October 25, 2023 Private Bank Record revenues³ in the first nine months driven by interest income 24% 9M operating leverage4 17% 9M ROTE +8% 9M net revenue YoY > Significant deposit inflows from new money campaigns in €22bn Germany supporting strong AuM flows 9M net inflows Investment Bank > Leading Financing business contributed € 2.2bn of revenues YTD, as a part of diversified business portfolio > Emerging recovery in O&A, led by Debt Origination Net inflows supported by continued strong flows in Passive / Xtrackers / -35% Financing Asset Management 18 new product launches in the third quarter, including first thematic ETFs in the U.S. 9M 2023 revenues as % of FIC S&T +120bps Q3 debt origination market share growth YoY €17bn 9M net inflows 27.4bps 9M management fee margin 3#5Continued accelerated execution with material progress on capital efficiency Revenue growth > > 3.5-4.5% Revenue CAGR 2021-2025 targeted 6.9% revenue CAGR¹ delivered in 9M 2023 LTM vs. FY 2021 Significant progress executing investments in fee-generating businesses, including O&A and WM senior banker hires and the Numis acquisition Future revenue growth further supported by net inflows and momentum in fees and commissions Notes: for footnotes refer to slides 44 and 45 Deutsche Bank Investor Relations Q3 2023 results October 25, 2023 Efficiency measures > € 2.5bn Operational efficiencies targeted Adjusted costs kept essentially flat vs. prior quarter despite absorbing inflationary pressures and investments into growth and controls Key initiatives delivering in line with or ahead of plan including optimization of retail branch network, streamlining of front-to-back processes and headcount management Additional measures further progressing, > reaffirming € 2.5bn operational efficiency target Capital efficiency € 25-30bn² RWA reductions targeted € 10bn of targeted RWA reductions > already achieved by Q3 through optimization initiatives Continued progress in identifying further > measures, including optimized hedging and reduction of sub-hurdle lending Original target of € 15-20bn RWA > reduction increased by € 10bn given current progress and achievements 4#6Shifting gears to drive long-term value as Global Hausbank € 10bn Increased capital efficiency target RWA forecast improvement €10-15bn Improved Basel III outlook ~€ 3bn Potential additional freed up capital through 2025 Improved capital outlook through effective resource management Deutsche Bank Investor Relations Q3 2023 results October 25, 2023 Franchise growth Strong momentum enabling revenue growth beyond targets Disciplined capital allocation Investments in capital-light businesses, strict application of hurdle rates and move to originate-to-distribute model Distribution potential Materially improving capital position supports increased distribution trajectory Creating opportunities to enhance long-term value creation Bank Private Corporate Bank Bank Investment Asset Management / Positioned to grow Global Hausbank and increase returns 5#7Group financials Deutsche Bank Investor Relations Q3 2023 results October 25, 2023 / 6#8Key performance indicators In % > > > Continued revenue growth momentum with CAGR of 6.9% vs 3.5-4.5% target Cost/income ratio (CIR) and return on tangible equity (RoTE) are impacted by nonoperating costs; CIR and ROTE ratio impacts of nonoperating costs and pro-rated bank levies² are 5ppt and (1.8)ppt, respectively Robust capital despite absorbing regulatory inflation and share buybacks Sound liquidity and funding base, with LCR at 132% and NSFR at 121% in Q3 Notes: for footnotes refer to slides 44 and 45 Deutsche Bank Investor Relations Q3 2023 results October 25, 2023 Revenue CAGR¹ 9M 2023 LTM vs FY 2021 24.5 CB 3.8 (3.8) IB FY 2021 9.7 ROTE development PB 9.4 6.7 ex-DTA FY 20223 (6.4) AM 6.9 Group 7.0 9M 2023 CIR development 85 FY 2021 13.6 75 CET1 ratio development Q1 2023 FY 2022 13.8 Q2 2023 / 73 9M 2023 13.9 Q3 2023 7#9Q3 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 Sustainable Finance volumes (cumulative)³ Risk-weighted assets Leverage exposure Performance measures and ratios ROTE Cost/income ratio Provision for credit losses, bps of avg. loans4 CET1 ratio Leverage ratio Per share information Diluted earnings per share TBV per basic share outstanding Notes: for footnotes refer to slides 44 and 45 Deutsche Bank Investor Relations Q3 2023 7.1 7.1 0.2 5.2 5.0 2.0 1.7 1.2 964 485 611 265 354 1,235 7.3% 72.4% 20 13.9% 4.7% € 0.56 € 27.74 A vs. Q3 2022 3% 6% (30)% 4% 2% 0% 7% (3)% (3)% (4)% (3)% 35% (4)% (6)% (0.9)ppt 0.8 ppt (8)bps 62 bps 36 bps (2)% 5% Q3 2023 results October 25, 2023 A vs. Q2 2023 (4)% (5)% (39)% (8)% 0% 9% 23% 28% 1% 0% 3% 4% (1)% (0)% 1.9 ppt (3.2)ppt (13)bps 19 bps 1 bps 192% 3% Divisional revenues Corporate 1.6 Bank Investment Bank Private Bank Asset Management 6.9 C&O 2.4 2.3 0.7 -0.1 Q3 2022 +3% 7.1 1.9 2.3 2.3 0.6 -0.0- Q3 2023 A vs. Q3 2022 +21% (4)% +3% (10)% Key highlights / Revenues higher compared to last year, driven by strong momentum in Corporate Bank and Private Bank Provision for credit losses lower sequentially, driven by model changes and improved macroeconomic forecasts > Adjusted costs essentially flat sequentially, as continued investments are offset by lower compensation and professional service fees > Deposits increased by € 18bn in Q3, driven by business momentum in Corporate Bank > Continued increase in cumulative Sustainable Finance volumes3 8#10Net interest margin (NIM) Divisional NIM development Net interest margin¹ Corporate Bank 2.64% Private Bank 3.36% 1.91% Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 2.19% 4.13% Q3 2022 Q4 2022 2.30% Q1 2023 4.20% Notes: for footnotes refer to slides 44 and 45 Deutsche Bank Investor Relations 3.94% 2.32% 2.28% Q2 2023 Q3 2023 Q3 2023 results October 25, 2023 Group NIM development Average interest earnings assets², in € bn 1.47% 998 Q3 2022 1.51% 989 Q4 2022 1.41% 972 Q1 2023 1.51% 958 Q2 2023 1.39% 964 Q3 2023 Key highlights / Increase in average interest earning assets driven by deposit growth in Q3 > Corporate Bank NIM driven by reductions in lending income and higher cost of liquidity reserves with underlying deposit margins remaining strong > Private Bank NIM is stable due to active management including deposit campaigns that maintained solid margins ~5bps of Group NIM decline due to accounting volatility held in C&O which is offset by higher noninterest revenues and has no impact on group performance > Impact of ECB change to deposit remuneration will decrease NIM by ~2bps from Q4 2023 9#11Adjusted costs - Q3 2023 (YoY) In € m, unless stated otherwise Q3 2022 ex- bank levies Compensation and benefits¹ Information technology Professional services Other Q3 2023 ex- bank levies Bank levies Q3 2023 Notes: for footnotes refer to slides 44 and 45 Deutsche Bank Investor Relations FX impact (80) (120) Q3 2023 results October 25, 2023 (15) (5) (21) 10 4,867 87 4,961 4,965 +2% Key highlights / > Adjusted costs ex-bank levies increased year on year by 2%, or 5% ex-FX impact > Compensation and benefits flat to last year, as higher fixed remuneration and higher variable compensation are offset by lower cost for defined benefit plans and the non- recurrence of one-offs > IT and professional service costs remain broadly stable > Variance in other non-compensation costs is influenced by movements in operational taxes, non-recurrence of last year's benefit related to deposit protection cost, and reflects higher spend for marketing, staff training and recruitment costs 10#12Provision for credit losses In € m, unless stated otherwise Stage 1+2 24 292 178 114 Q1 Stage 3 19 233 52 181 Q2 2022 Notes: for footnotes refer to slides 44 and 45 Deutsche Bank Investor Relations In bps of average loans annualized¹ 28 350 13 337 Q3 28 351 390 (39) Q4 Q3 2023 results October 25, 2023 30 372 397 (26) Q1 33 401 63 338 Q2 2023 20 245 346 (101) Q3 Key highlights / > Q3 provisions lower than prior quarter as a result of reduced stage 1+2 provisions driven by model changes and improved macroeconomic forecasts, mainly affecting the Investment Bank and the Corporate Bank > Stage 3 provisions broadly in line with previous quarter > Provisions driven by Private Bank and Investment Bank, with Corporate Bank benefiting from lower level of impairments FY 2023 guidance unchanged at the upper end of 25-30bps range 11#13Capital metrics Movements in basis points (bps), unless stated otherwise, period end CET1 ratio 13.8% Q2 2023 FX effect (1) > > 28 RWA change (8) CET1 ratio up by 19bps compared to Q2 2023: > Capital change 13.9% Q3 2023 Notes: for footnotes refer to slides 44 and 45 Deutsche Bank Investor Relations (38)bps regulatory changes predominantly from initial recognition of newly approved wholesale and retail models of which (19)bps through CET1 capital and (18)bps through RWA 46bps including data and process improvement from optimization initiatives and diligent risk management across businesses 11bps principally from earnings net of deductions for share buybacks, dividends and AT1 coupons Q3 2023 results October 25, 2023 Leverage ratio 4.7% (3) 6 (2) Q2 2023 FX effect Leverage Capital exposure change change > 4.7% Q3 2023 > Leverage ratio up by 1bp compared to Q2 2023: 6bps from leverage exposure mainly driven by updated regulatory treatment of specific cash pooling structures > (2)bps Tier 1 capital change in line with CET1 capital movement > Tier 1 capital buffer over leverage MDA of € 11bn MREL/TLAC, in € bn Surplus above requirements Senior preferred¹ Senior non- preferred 125 8 47 11 T2 AT1 8 CET1 49 17 108 33 83 TLAC Q3 2023 available MREL MREL/TLAC² requirement requirement 12#14Effective capital management Absorbing regulatory inflation (38)bps CET1 ratio reduction principally from model reviews > Q3 2023 go-live impact of new wholesale and retail models and other regulatory changes within expectations ~85% of RWA now calculated using models approved as compliant with EBA Guidelines > Remaining portfolios are expected to go live in the next quarters with very limited ratio impact Largely completed model reviews to achieve EBA Guideline compliance Notes: for footnotes refer to slides 44 and 45 Deutsche Bank Investor Relations Q3 2023 results October 25, 2023 Capital efficiency € 25-30bn¹ RWA reductions targeted € 3bn RWA relief achieved in Q2 ~€ 6.5bn RWA reduction in Q3 from accelerated data and process enhancement initiatives ~€ 0.5bn RWA relief in Q3 from consumer finance securitization Current progress makes us confident to increase the original target by € 10bn, including optimized hedging and reduction of sub-hurdle lending ~€ 10bn of promised reduction achieved by Q3; target increased by € 10bn Basel III update / ~€15bn Latest estimate of Basel III impact on RWA Revised Basel III estimates as compared to € 25- 30bn guidance previously, mainly driven by: > MR and CVA FRTB estimates matured over last quarter > OR RWA impact proved conservative > CR RWA dependent on final CRR3 text Note: estimates subject to current state of draft law interpretations Latest estimate of Basel III impact € 10-15bn lower 13#15Segment results Deutsche Bank Investor Relations Q3 2023 results October 25, 2023 / 14#16Corporate 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 Q3 2023 Deutsche Bank Investor Relations 1,889 1,889 11 1,073 1,045 816 805 Notes: for footnotes refer to slides 44 and 45 117 286 299 69 4 A vs. A vs. Q3 2022 Q2 2023 21% (3)% 21% (3)% (86)% (91)% (2)% (7)% (3)% (1)% 73% 4% 104% 20% (9)% 1% (2)% 6% (9)% (2)% (10)% (3)% (20)bps (36)bps 3.9% 1.3ppt (0.3)ppt 56.8% (13.1) ppt (2.7)ppt 18.3% 9.Oppt 3.5ppt Q3 2023 results October 25, 2023 Revenue performance Corporate Treasury Services Client Services Institutional Business Banking Corporate Bank 472 369 1,049 A vs. Q3 2022 XX% Excluding specific items¹ 11% 11% 18% 18% 71% 71% 1,889 21% 21% Key highlights / Revenues higher year on year driven by increased interest rates and pricing discipline with growth across all client segments > Sequentially, revenues slightly lower due to lower net interest income, while pricing discipline remained strong and business volumes increased Provision for credit losses reflecting a lower number of impairments in the quarter, recoveries and benefits from model changes Noninterest expenses decreased year on year driven by FX movements; sequentially lower due to non-repetition of litigation charges Loan volumes stable quarter on quarter despite the pressure from higher interest rates Higher deposits with growth across currencies in both overnight and term balances 15#17Investment 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 Q3 2023 Deutsche Bank Investor Relations 2,271 2,266 63 1,546 1,517 725 667 Notes: for footnotes refer to slides 44 and 45 103 15 551 142 25 68.1% 6.2% A vs. A vs. Q3 2022 Q2 2023 (4)% (1)% (52)% 2% 1% (15)% (7)% (4)% (7)% (55)% (6)% (1)% 1% 17% (2)% 1% (12)% 22% (6)% 1% (2)% (1)% (27)bps (30)bps 4.1ppt (1.4)ppt (1.4)ppt 1ppt Q3 2023 results October 25, 2023 Revenue performance FIC Sales & Trading Origination & Advisory Other Investment Bank 16 323 1,932 A vs. Q3 2022 XX% Excluding specific items¹ (12)% (12)% n.m. n.m. (81)%. n.m. 2,271 (4)% (1)% Key highlights / Revenue essentially flat ex-specific items, with lower FIC revenues against a strong prior year, partially offset by O&A Underlying FIC performance impacted by lower volatility environment Rates, Foreign Exchange, Emerging Markets and Financing revenues all lower vs. a strong prior year period Credit Trading revenues significantly higher year on year reflecting ongoing improvements in flow performance and strength in Distressed O&A underlying revenues significantly higher year on year, excluding prior year leverage lending markdowns in Debt Origination Year-on-year leverage decrease primarily driven by impact of FX movements Provision for credit losses lower year on year reflecting model changes in stages 1 and 2 partially offsetting the stage 3 impact from Commercial Real Estate 16#18Private 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 Q3 2023 Deutsche Bank Investor Relations 2,343 2,343 174 1,831 1,792 512 337 Notes: for footnotes refer to slides 44 and 45 547 263 309 338 86 27 2.3% 78.1% 6.2% A vs. A vs. Q3 2022 Q2 2023 3% (2)% 9% (2)% 9% 19% 7% (12)% 5% (2)% (8)% 58% (15)% 89% 3% 1% (2)% 0% (4)% 1% (2)% (1)% (0)% (1)% 2bps 4bps 0.4ppt (0.0)ppt 2.7 ppt (8.3)ppt (2.1)ppt 3.3ppt Revenue and AuM performance Revenues Q3 2023 results October 25, 2023 PB Germany Int. Private Bank Private Bank PB GY- Deposits XX% Excluding specific items¹ 541 110 74 139 845 AuM, in € bn6 220 Q2 2023 1,497 547 113 78 138 218 Q3 2023 IPB - Deposits 2,343 A vs. Q3 2022 16% 16% (13)% (3)% 3% 9% Net flows, in € bn6 9.2 2.9 3.2 1.0 2.1 Q3 2023 PB GY - Inv. products Key highlights IPB Inv. products / Revenues increased year on year driven by higher interest income Net interest income essentially flat quarter on quarter; slightly higher deposit revenues mainly offset by higher mortgage hedging costs Double-digit revenue growth in PB Germany despite lower fee income Revenues in the IPB mainly impacted by forgone revenues from a divested business, continued headwinds from Asia and the non- recurrence of specific items last year Noninterest expenses driven by investments in group control functions and higher internal cost allocations; the prior year quarter benefited from deposit protection and net restructuring releases Provision for credit losses include effects from temporary operational backlog from Postbank transition Strong AuM inflows of € 9bn supported by deposit campaigns 17#19Asset Management 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 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 Q3 2023 Notes: for footnotes refer to slides 44 and 45 Deutsche Bank Investor Relations 594 (10)% 594 (10)% (0) 444 436 150 109 860 2 9 15 27.1 74.7% 12.6% A vs. A vs. Q3 2022 Q2 2023 n.m. (8)% (8)% (15)% (18)% 3% n.m. (1)% 16% (4)% (4)% n.m. (6)% (2)% 3% 5% 0% n.m. 2% 7% (1.9)bps (0.3)bps 1.4ppt (1.8)ppt (2.8)ppt 0.1ppt Q3 2023 results October 25, 2023 Revenue and AuM performance Revenues fees Perf. & trans. Mgmt. Other fees p AM (13) AuM, in € bn² 859 76 115 225 444 19 Q2 2023 Cash 860 78 114 229 438 Q3 2023 Alternatives 589 594 Passive A vs. Q3 2022 (6)% (50)% n.m. (10)% Net flows, in € bn 2.3 6.2 0.6. (1.3) (3.3) Q3 2023 Active ex-Cash Key highlights / Assets under management remained stable supported by net inflows and positive FX effects Positive net inflows in the quarter driven by continued momentum in Passive Revenues affected by lower performance fees, mark to market of co-investments and FX impact Lower adjusted costs driven by carried interest and effective cost reduction across other expense lines 18#20Corporate & 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 Q3 2023 35 Notes: for footnotes refer to slides 44 and 45 Deutsche Bank Investor Relations (3) 270 175 (195) A vs. A vs. Q3 2022 Q2 2023 (36)% 42 (83)% 83% 49% n.m. 38 (13)% (37) (21)% (28)% (59)% (15)% (18)% 5% 92% 68% 12% 1% Q3 2023 results October 25, 2023 Profit (loss) before tax Funding & liquidity Valuation & timing differences¹ Legacy portfolios² Shareholder expenses Other centrally held items Noncontrolling interests³ Profit (loss) before tax (137) (170) (59) (195) (23) 37 Abs. A vs. Q3 2022 (35) 158 (42) 7 (26) (62) (10) (168) Key highlights / Loss before tax of € 195m includes positive impact from valuation and timing differences of € 158m Positive valuation and timing impacts driven by reversal of prior period losses and interest rate movements Legacy portfolios recorded a pre-tax loss of € 137m driven primarily by litigation charges Segment includes impact of centrally retained items including shareholder expenses and certain funding and liquidity impacts Risk-weighted assets stood at € 42bn at the end of the third quarter, including € 19bn of operational risk RWA 19#21Outlook > Expect to achieve FY 2023 net revenues of € 29bn > FY 2023 noninterest expenses slightly higher, attributable to higher nonoperating costs; adjusted costs essentially flat > Provision for credit losses for FY 2023 expected at the upper end of 25-30bps guidance range > Q4 2023 earnings likely impacted by a number of positive and negative one-off items Improved capital outlook creating scope for additional distributions to shareholders Deutsche Bank Investor Relations Q3 2023 results October 25, 2023 / 20#22Appendix Deutsche Bank Investor Relations Q3 2023 results October 25, 2023 / 21#232025 financial targets and capital objectives >10% Post-tax ROTE in 2025 Well positioned to drive returns above cost of equity 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 supp- ported by further balance sheet optimization and greater shift to capital- light businesses <62.5% Q3 2023 results October 25, 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 Notes: MDA - maximum distributable amount; € 8bn anticipated cumulative payout in respect of FY 2021-2025 (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 22#24Definition 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 25 and 26 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 25 and 26 / 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 Q3 2023 results October 25, 2023 23#25Sustainability Q3 2023 highlights Recent achievements St. Sustainable Finance Policies & Commitments People & Own Operations Thought Leadership & Stakeholder Engagement > Increased Sustainable Finance volumes by € 11bn to € 265bn¹ (cumulative since 2020) > Launched new € 400m loan portfolio in cooperation with the European Investment Bank to support mid-sized companies with their sustainable transformation ambitions; eligible companies in the European Union will be able to apply for long-term loans through Deutsche Bank to finance their transition > Acted as mandated lead arranger, underwriter, bookrunner and sustainability structuring agent on the Australian $4.6bn sustainability- linked loan (SLL) for Air Trunk, a hyperscale date center specialist, to refinance its first SLL in 2021 > Participated in a € 3bn sustainability-linked financing for Energias de Portugal, supporting their decarbonization and renewables ramp up (Corporate Bank) > Joint bookrunner for Volkswagen Leasing's € 2bn triple-tranche inaugural Green Bond offering, intended use of proceeds relating to leasing contracts for individual Battery Electric Vehicles; issuance occurred under their ICMA² Green Bond Principles-aligned Framework, for which DB acted as joint ESG coordinator (Investment Bank O&A) > Acted as lead arranger and sole bookrunner for a $ 125m senior secured committed warehouse facility to Redaptive to deploy Energy- as-a-Service solutions for its sustainability programs (Investment Bank FIC) > Published the Green Financing Instruments Report for 2022 including allocation reporting and impact reporting on Deutsche Bank's Green Asset Pool and Liabilities > Published DB's initial Transition Plan as well as net-zero pathways for three additional carbon-intensive industries in the bank's corporate loan portfolio on October 19; the publication marks two further milestones in Deutsche Bank's Net-Zero Banking Alliance (NZBA) commitments > Developed regional sustainability governance concept as supplement to existing Deutsche Bank matrix structure and as accelerator for sustainability transformation in regions globally - governance model successfully integrated in first major regions and countries; rolled out in EMEA region and APAC in advanced stage > Published global playbooks to all regional functions to standardize best in class processes and initiatives across energy, waste and water > Hosted international leaders from business, government and civil society to showcase global climate action during Climate Week in New York City, e.g. Net Zero Banking Alliance > Set up a new Nature Advisory Panel in October, which aims to help the bank assess nature-related risks and identify new financial product offerings tied to the challenge of reversing biodiversity loss > Hosted an 'Environmental Sustainability Week' coinciding with this year's Earth Overshoot Day to explore a selection of efforts that can contribute to a more sustainable society > Disclosed ESG sector reports, i.e. Oil & Gas, Utilities, Metals & Mining, on Deutsche Bank Research website Notes: for footnotes refer to slides 44 and 45 Deutsche Bank Investor Relations Q3 2023 results October 25, 2023 Sustainable Finance¹ volumes € 265bn Cumulative volumes Reported volumes by business and product type, in € bn Financing XX QoQ delta +7 159 48 110 Investment Bank Issuance € 500bn Target by 2025 +3 50 AuM Corporate Bank +1 56 12 44 Private Bank 24#26Specific revenue items and adjusted costs - costs - Q3 2023 In € m Revenues Specific revenue 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 44 and 45 Deutsche Bank Investor Relations CB 1,889 2,271 2,343 594 35 1 CB IB " 1,889 2,266 2,343 594 6 5 Q3 2023 PB AM 1,073 1,546 1,831 444 Q3 2023 results October 25, 2023 Q3 2023 PB AM IB 2 I 3 I C&O Group 2 34 7,132 92 23 27 35 5 4 1,045 1,517 1,792 436 175 6 C&O Group 7,126 270 5,164 105 94 4,965 4 4,961 CB IB 1 Q3 2022 PB AM C&O Group 91 1,564 2,372 2,267 661 55 6,918 1,943 2,361 2,400 620 93 (71) 7 110 1,564 2,280 2,158 661 - Q3 2022 CB IB PB AM 1,094 1,517 1,711 484 1 14 (7) 6 21 (4) 5 1,080 1,503 1,701 477 3 01 2 C&O Group 110 148 4,954 1 28 2 117 CB 53 6,715 1,943 2,432 2,400 620 45 30 4,878 11 4,867 I IB I I Q2 2023 PB AM CB IB Q2 2023 PB AM 1,157 1,641 2,075 474 91 65 71 15 36 183 8 1,051 1,539 1,821 446 20 / C&O Group 85 7,409 0 (71) 85 7,480 C&O Group 256 5,602 147 395 19 91 260 4,947 2 4,945 25#27Specific revenue items and adjusted costs - 9M 2023 In € m Revenues Specific revenue items DVA - IB Other / Legacy portfolios ¹ 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 44 and 45 Deutsche Bank Investor Relations Q3 2023 results October 25, 2023 CB 5,805 CB IB 5,805 7,342 96 42 3,176 (19) 7,323 7,180 IB 9M 2023 PB 93 69 4,821 1 1 3,314 4,984 5,792 PB 7,180 1,803 9M 2023 AM 102 223 5,467 1,803 AM 1,354 26 C&O 110 3 106 C&O 780 249 21 23 1,308 508 Group 22,221 (16) 22,237 Group 16,223 566 377 15,280 479 14,802 CB 4,577 4,577 CB 3,214 12 11 3,191 IB 8,341 95 8,246 IB 4,855 9M 2022 PB 6,647 1,998 119 6,528 9M 2022 PB AM 5,079 1,998 AM 1,359 110 15 (51) 32 (75) 13 5,205 1,331 4,714 C&O Group (667) (3) (665) C&O 694 / 102 3 590 20,895 92 119 20,684 Group 15,201 187 (16) 15,031 747 14,283 26#28Pre-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 5,153 9,631 8,233 2,708 (314) 25,410 (4,547) (6,087) (7,920) (1,670) (1,281) (21,505) 606 3,544 313 1,038 (1,595) 3,905 Notes: for footnotes refer to slides 44 and 45 Deutsche Bank Investor Relations Q4 2022 1,760 1,675 2,506 609 (236) 6,315 (975) (1,611) (1,769) (491) (343) (5,189) 786 64 737 118 (579) 1,126 Q1 2023 1,973 2,691 2,438 589 (10) 7,680 (1,084) (1,797) (1,887) (436) (253) (5,457) 889 894 551 153 (263) 2,224 Q3 2023 results October 25, 2023 Q2 2023 1,943 2,361 2,400 620 85 7,409 (1,157) (1,641) (2,075) (474) (256) (5,602) 787 720 325 146 (171) 1,806 Q3 2023 1,889 2,271 2,343 594 35 7,132 (1,073) (1,546) (1,831) (444) (270) (5,164) 816 725 512 150 (235) 1,968 LTM Q3 2023 7,565 8,998 9,686 2,412 (127) 28,536 (4,288) (6,595) (7,561) (1,845) (1,123) (21,413) 3,277 2,404 2,125 567 (1,250) 7,123 CAGR² FY 2021- LTM Q3 2023 24.5% (3.8)% 9.7% (6.4)% 6.9% 9M 2022 4,577 8,341 6,647 1,998 (667) 20,895 (3,214) (4,855) (5,079) (1,359) (694) (15,201) 1,363 3,486 1,568 639 (1,362) 5,694 9M 2023 5,805 7,323 7,180 1,803 110 22,221 (3,314) (4,984) (5,792) (1,354) (780) (16,223) 2,491 2,339 1,388 449 (670) 5,998 9M 2023 vs 9M 2022 27% (12)% 8% (10)% n.m. 6% 3% 3% 14% 0% 12% 7% 83% (33)% (11)% (30)% (51)% 5% / Operating leverage YoY3 24% (15)% (6)% (9)% (0)% 27#29Adjusted post-tax RoTE, CIR and operating leverage In € m, unless stated otherwise 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 Adjustments Adjusted post-tax ROTE (in %) Reported post-tax ROTE (in %) Ratio impact of adjustment on reported post-tax ROTE (in ppt) Net revenues Noninterest expenses Adjusted CIR (in %) Reported CIR (in %) Ratio impact of adjustment on reported CIR (in ppt) Revenue change (in %) Expense change (in %) Adjusted operating leverage (in %) Notes: for footnotes refer to slides 44 and 45 Deutsche Bank Investor Relations Q3 2023 results October 25, 2023 Q3 2022 1,615 (30) (45) 75 (11) (191) (179) 1,511 (33) (94) (343) 1,040 54,169 7.7 8.2 0.6 6,918 (5,058) 73 72 (2) Q3 2023 1,723 (94) (105) 199 (4) (125) (121) 1,801 (24) (146) (544) 1,087 56,514 7.7 7.3 (0.4) 7,132 (5,086) 71 72 1 3.1 0.6 2.5 9M 2022 4,820 16 (187) 170 (747) (572) 176 5,166 (106) (353) (1,236) 3,471 53,196 8.7 8.1 (0.6) 20,895 (14,855) 71 73 2 / 9M 2023 4,980 (377) (566) 943 (479) (374) 105 6,028 (89) (422) (1,812) 3,706 56,364 8.8 7.0 (1.8) 22,221 (15,176) 68 73 5 6.3 2.2 4.2 28#30Last 12 months (LTM) revenues reconciliation In € m, unless stated otherwise Revenues Corporate Bank Investment Bank Private Bank Asset Management Q4 2021¹ Q1 2022 Group5 1,352 1,913 2,040 789 Total: Operating businesses 6,094 5,900 Notes: for footnotes refer to slides 44 and 45 Deutsche Bank Investor Relations 1,462 3,323 2,220 682 7,687 7,328 Q2 2022 1,551 2,646 2,160 656 7,013 6,650 Q3 2023 results October 25, 2023 Q3 2022 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 Q3 2023 1,889 2,271 2,343 594 7,097 7,132 Q3 2022 LTM² 5,929 10,254 8,687 2,787 27,657 26,795 Q3 2023 LTM³ 7,565 8,998 9,686 2,412 28,663 28,536 Q3 2022 LTM %-share4 21% 37% 31% 10% 100% / Q3 2023 LTM %-share+ 26% 31% 34% 8% 100% 29#31Indicative divisional currency mix Q3 2023 Net revenues 20% 13% 0% 68% CB 21% 33% 0% 46% IB 7% 0% 5% 87% PB 6% 15% 16% 64% AM 14% 31% 1% 54% Group EUR GBP Noninterest expenses USD 19% 20% 6% 55% CB Other¹ 16% 34% 38% 12% IB 9% 1% 5% 85% PB 2% 28% 15% 55% AM / 17% 17% 17% 50% Group Notes: 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 44 and 45 Deutsche Bank 30 Q3 2023 results October 25, 2023 Investor Relations#32Net interest income sensitivity Hypothetical +/-25bps shift in yield curve, in € m Net interest income (NII) sensitivity¹ +25bps shift in yield curve ~75 2024 ~100 ~(105) Deutsche Bank Investor Relations ~50 2024 2025 Breakdown of sensitivity by currency for +25bps shift in yield curve 2025 EUR ~85 2026 Notes: for footnotes refer to slides 44 and 45 -25bps shift in yield curve ~5 2024 ~100 ~(100) Q3 2023 results October 25, 2023 ~30 2025 USD ~30 20 ~20 ~145 2024 ~(145) 2026 ~20 2025 Other ~30 2026 Key highlights / Current observations on client pricing show a continued slower pass-through of interest rates to clients amplifying the impact of rate moves > This currently improves NII and also increases NII sensitivity; following 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.) 31#33Provision 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 Investment Bank Provision for credit losses (bps of loans)¹ Group CB IB PB 350 132 75 161 Q3 2022 28 24 52 24 351 78 56 224 Q4 2022 28 18 30 34 372 41 64 267 401 30 21 16 40 141 117 147 Q1 2023 Q2 2023 33 40 54 22 245 11 63 174 Q3 2023 20 4 25 27 Group stage 3 loans at amortized cost%² Coverage ratio3,4 Group CB IB PB 2.5% 12.5 1.1 2.4 2.4 6.4 Q3 2022 33% 42% 21% 36% 2.5% 12.4 1.0 2.4 2.9 5.9 Q4 2022 32% 33% 21% 37% IB (ex-POCI) 2.7% 13.0 1.0 2.7 3.0 6.0 Q1 2023 32% 33% 16% 39% 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 44 and 45 Deutsche Bank Q3 2023 results October 25, 2023 Investor Relations POCI 2.7% 13.2 1.0 2.9 3.0 6.1 Q2 2023 32% 33% 16% 39% / 2.6% 12.8 0.9 2.8 2.8 6.0 Q3 2023 33% 34% 17% 40% 32#34Loan and deposit development In € bn, unless stated otherwise, loan-to-deposit ratio 79% Loan development ¹,2 503 Investment Bank 105 Corporate Bank 129 Private Bank 269 Q3 2022 Deposit development² 631 17 Investment Bank Corporate Bank 291 Private Bank 322 Q3 2022 489 103 122 Q4 2022 Notes: for footnotes refer to slides 44 and 45 Deutsche Bank Investor Relations 265 621 16. 289 317 Q4 2022 488 103 121 263 Q1 2023 592 11 269 310 Q1 2023 482 103 116 Q3 2023 results October 25, 2023 263 Q2 2023 593 12 271 307 Q2 2023 485 103 117 263 Q3 2023 611 15, 286 309 Q3 2023 QoQ YoY (0)% (1)% (0)% 5% 0% (7)% (0)% (1)% FX-adjusted³ 2% 5% 0% (1)% 1% (3)% FX-adjusted³ Key highlights Loans remained essentially flat during the quarter and year on year adjusted for FX: > / Corporate Bank loans reduced compared to last year due to lower client demand and selective balance sheet deployment Lending in the Private Bank stable despite challenging macroeconomic environment Deposits increased by € 14bn, or 2%, in the quarter and remained flat compared to last year adjusted for FX: > > Strong momentum in Corporate Bank with growth of € 14bn in the quarter and essentially flat year-to-date Full re-engagement from clients in the International Private Bank offsetting marginally lower balances in the German retail business 33#35Loan book composition Q3 2023, IFRS loans: € 485bn Leveraged Debt Capital Markets Asset Backed Securities IB - Commercial Real Estate 4% Business Banking 4% Corporate Treasury Services³ Deutsche Bank Investor Relations Other IB² 6% Corporate Bank 1% 20% 10% 0% Other PB Other ¹ 0% Investment Bank German Mortgages 32% 5% 2% International Mortgages 3% Consumer Finance 12% Business Finance Wealth Management Private Bank Other Notes: percentages may not sum due to rounding; loan amounts are gross of allowances for loans; for footnotes refer to slides 44 and 45 Q3 2023 results October 25, 2023 Key highlights / > Well-diversified loan portfolio YTD FX impact on loan book is € 0.78bn 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 34#36Commercial Real Estate (CRE) 1/2 CRE non-recourse portfolio: € 40bn Non-recourse € 40bn - 8% of total loans¹ > € 7bn deemed as lower risk, includes data centers and municipal social housing > € 32bn in scope of dedicated severe stress test CRE stress-tested loans € 32bn - 7% of total loans, weighted average LTV -62% IB € 22bn - weighted average LTV -64% 61% US, focused on gateway cities; 28% in Europe, 12% APAC > > > > > > > > CB € 6bn-weighted average LTV 54% 94% Europe, 6% US Other € 4bn - weighted average LTV 63% Geographically diverse, well located institutional quality > > > assets Strong institutional sponsors with significant cash equity invested Stress testing to identify loans with elevated refinancing risk; pro-active engagement with borrowers to achieve balanced loan extensions Highly selective new business focused on more resilient asset classes (e.g. industrial/logistics) Notes: for footnotes refer to slides 44 and 45 Deutsche Bank Investor Relations Q3 2023 results October 25, 2023 € 32bn in scope of severe stress test Of total loans € 485bn Q3 2023 US Office: <2% Other CRE: 5% By region APAC EU 38% Other Retail 8% 9% € 32bn Q3 2023 By sector 25% Residential € 32bn 13% 10% 54% US 43% Office Hospitality Q3 2023 ) EU By region APAC 1% 22% Residential € 227m 77% 9M 2023 Hospitality 4% CRE CLPs: € 227m (of which US CRE € 175m) Retail Other 7% 1% €227m 11% By sector / 77% 9M 2023 US Office 35#37Commercial Real Estate (CRE) 2/2 US CRE in scope of severe stress test: € 18bn By types Office: € 8bn Other Retail 28% 5% 14% Residential 10% Q3 2023 43% Deutsche Bank Investor Relations Office Hospitality Miami Philadelphia Boston Other Seattle 18% 3% 3% 5% 10% 15% San Fran Q3 2023 31% 16% US office portfolio 1.5% of total loans and 23% of stress-tested portfolio > ~87% of office exposure in Class A properties > Average LTVs ~71% based on latest external appraisal subject to interim internal adjustments, reflecting prudent approach > € 0.3bn exposure with final maturities in remainder of 2023 Q3 2023 results October 25, 2023 NY LA US CRE loan risk management Modified loans, in € bn 5.7 > > > Q3 2022-Q3 2023 4% CLP impact US CRE CLPs 40 CLPs per quarter, in € m 26 35 74 Q3 Q4 Q1 Q2 2022 2022 2023 2023 / 66 Refinancing risk remains main risk when loans with lower debt service coverage ratio and reduced collateral values reach maturity / extension dates, requiring sponsor equity contributions to qualify for refinancing > € 242m of CLP on € 5.7bn of loans which were modified / restructured or went into default in last 15 months Limited amount of loans currently expected to be modified / restructured: expected € 3bn in next 15 months Near-term maturities pro-actively managed targeting to establish terms for prudent modifications and loan extensions Q3 2023 36#38Level 3 assets and liabilities As of September 30, 2023, in € bn Assets: € 26bn Other Debt securities 4 27 4 9 Loans Movements in balances 5 (5) Dec 31, Purchases/ Sales/ 2022 Issuances¹ Settlements Derivative 9 Assets Notes: for footnotes refer to slides 44 and 45 Deutsche Bank Investor Relations (0) Others² 26 Sep 30, 2023 Q3 2023 results October 25, 2023 Liabilities: € 12bn Debt Securities 11 4 Other 0 8 Dec 31, Issuances ¹ Settlements 2022 Derivative Liabilities Movements in balances 2 (1) 0 Others 2 12 Sep 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 ~€ 0.7bn 37#39Leverage 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 1,236 108 128 487 125 102 171 116 Q2 2023 Notes: for footnotes refer to slides 44 and 45 Deutsche Bank Investor Relations Q3 2023 results October 25, 2023 1,235 111 131 473 126 101 176 118 Q3 2023 Risk-weighted assets 354 4 59 32 23 145 38 49 Q3 2023 Operational risk RWA Market risk RWA Credit valuation / adjustments Credit risk RWA 354 59 266 23 Q3 2023 / 38#40Litigation update In € bn, period end Litigation provisions 1.3 Q3 2022 Contingent liabilities 1.9 Q3 2022 Deutsche Bank Investor Relations 1.2 Q4 2022 1.9 Q4 2022 1.2 Q1 2023 1.9 Q1 2023 1.5 Q3 2023 results October 25, 2023 Q2 2023 2.2 Q2 2023 1.6 Q3 2023 2.3 Q3 2023 Key highlights / Litigation provisions increased modestly by € 0.1bn quarter on quarter Notes: figures reflect current status of individual matters and provisions; litigation provisions and contingent liabilities are subject to potential further developments; litigation provisions and contingent liabilities include civil litigation and regulatory enforcement matters Contingent liabilities increased modestly by € 0.1bn quarter on quarter; contingent liabilities include possible obligations where an estimate can be made and outflow is more than remote, but less than probable 39#41Postbank service remediation > One of the largest IT migration projects in the European banking sector; setting the foundation for a more digital bank offering at Postbank > 50 billion records of 12 million Postbank customers were successfully migrated > Scale of client enquiries post the IT migration combined with market developments grew into an operational backlog Increased employee capacity and implemented automated processes to successfully reduce operational backlogs and to support future efficiencies > Reduced operational backlog of customer inquiries by about two thirds compared to peak-level in August 22 out of several hundred Postbank customer processes affected by backlogs; expect 70% of these to run against service level commitments again by end of October; remainder to be completed in the rest of Q4 Garnishment cancellations already back on schedule (average two working days); mortgage disbursement expected back on schedule by end of October (maximum average five working days) Notes: ME -month-end; MTD-month-to-date Deutsche Bank Investor Relations Q3 2023 results October 25, 2023 Number of processes with operational backlogs 22 August ME 9 min 12 Average call center waiting time Monthly average August October MTD 5 min September 6 October ME Plan <4 min October MTD 40#42Value-at-Risk / stressed Value-at-Risk (VaR /sVaR) In € m, unless stated otherwise VaR, DB Group Trading book, 99%, 1 day Quarterly average Ø 52 Ø 47 80 60 40 20 0 Quarterly average 400 300 200 100 Mutiara Deutsche Bank Investor Relations Q3 2022 Stressed VaR, DB Group Regulatory scope, 99%, 10 days Ø 173 morale Q3 2022 Q4 2022 Ø205 Q4 2022 Q3 2023 results October 25, 2023 Ø 51 MEMANY. Q1 2023 Ø 170 امتحانات Q1 2023 Ø 44 warhitun Q2 2023 Ø 124 anderthen Q2 2023 034 Q3 2023 0174 Mat Q3 2023 41#43Assets under management - Private Bank In € bn, unless stated otherwise AuM¹,2 by business unit and product group Including € (15)bn |_disposal effect4_I 529 111 76 Inv. Prod. 121 221 Q3 2022 AuMnet flows3 7.6 1.5 4.3 2.9 (1.0) Q3 2022 342 Notes: for footnotes refer to slides 44 and 45 Deutsche Bank Investor Relations 518 110 73 127 209 Q4 2022 IPB - Investment Products 5.5 2.1 3.5 1.0 (1.1) Q4 2022 +3% Q3 2023 results October 25, 2023 336 531 109 72 135 215 Q1 2023 PB GY - Investment Products 6.1 3.6 3.9 (0.8) (0.7) 350 Q1 2023 541 110 74 139 220 Q2 2023 IPB - Deposits 6.8 1.8 2.0 0.9 2.1 Q2 2023 +1% 358 PB GY- Deposits 547 113 78 138 218 Q3 2023 9.2 1.0 2.1 2.9 3.2 Q3 2023 / 359 42#44Assets under management – Asset Management - In € bn, unless stated otherwise AuM development 29.0 833 15% Q3 2022 Net flows AuM AuM by asset class¹ 24% 9% 16 833 8% Q3 2022 25% 8% (28) 12% FX Year-on-year Q3 2022 Average AuM: Market performance 857 Notes: for footnotes refer to slides 44 and 45 Deutsche Bank Investor Relations 39 Other Fixed Income Q3 2023 results October 25, 2023 27.1 860 Q3 2023 AuM Multi Asset Quarterly mgmt. fee margin, in bps 13% 26% 9% 859 8% Q2 2023 Equity 23% 9% 12% SQI 27.4 859 Q2 2023 AuM Q2 2023 Average AuM: 850 Passive Net flows Quarter-on-quarter 11 FX Alternatives (13) Market performance 13% 27% Cash 9% 860 7% Other 23% Q3 2023 9% 12% / 27.1 860 Q3 2023 AuM Q3 2023 Average AuM: 864 43#45Footnotes 1/2 Slide 1 Business momentum reflecting strategy execution 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: Q3 2023: € 56.5bn, Q3 2022: € 54.2bn, 9M 2023: € 56.4bn, 9M 2022: €53.2bn, Q2 2023: € 56.5bn and Q2 2022: € 52.9bn; Group post-tax return on average shareholders' equity (RoE) Q3 2023: 6.5% and 9M 2023: 6.3% 2. Detailed on slide 28 Slide 2-2023 YTD results reflect resilient performance 1. Pre-provision profit defined as net revenues less noninterest expenses; detailed on slide 27 2. Detailed on slide 28 3. 9M 2023 provision for credit losses annualized as basis points of average loans gross of allowance at amortized cost Slide 3 Balanced revenue mix and continued franchise growth 1. Detailed on slide 29 2. The Banker's Transaction Banking Awards 2023 3. Highest nine-month net revenues since the formation of Private Bank division 4. Defined on slide 23 and detailed on slide 27 5. Share increase based on a comparison between Q3 2023 and Q2 2022 Debt Origination market share according to Dealogic, as at September 30, 2023 Slide 4 - Continued accelerated execution with material progress on capital efficiency 1. Compound annual growth rate (CAGR); detailed on slide 27 2. End of 2025 target announced in Q1 2023 increased by € 10bn Slide 7- Key performance indicators 1. Compound annual growth rates (CAGRS); detailed on slide 27 2. Detailed on slide 28 3. Includes € 1.4bn tax benefit from a deferred tax asset valuation adjustment driven by strong US performance Slide 8-Q3 2023 highlights 1. Detailed on slide 25 and 26 2. Loans gross of allowance at amortized cost 3. Detailed on slide 24 4. Provision for credit losses as basis points of average loans gross of allowances for loan losses Slide 9 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 Slide 10-Adjusted costs - Q3 2023 (YoY) 1. Excludes severance of € 35m in Q3 2022, € 94m in Q3 2023 as this is excluded from adjusted costs Slide 11 Provision for credit losses 1. Quarterly provision for credit losses annualized as basis points of average loans gross of allowance at amortized cost Deutsche Bank Investor Relations Q3 2023 results October 25, 2023 Slide 12- 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 13 Effective capital management 1. End of 2025 target announced in Q1 2023 increased by € 10bn Slide 15- Corporate Bank 1. Detailed on slide 25 and 26 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 Q3 2023: € 12.0bn, Q3 2022: € 11.4bn; RoE: Q3 2023: 16.8% Slide 16- Investment Bank 1. Detailed on slide 25 and 26 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 Q3 2023: € 26.6bn, Q3 2022: € 25.0bn; RoE: Q3 2023: 5.9% Slide 17 - Private Bank 1. Detailed on slide 25 and 26 2. Includes deposits if they serve investment purposes; detailed on slide 41 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 Q3 2023: € 13.5bn, Q3 2022: € 12.7bn; RoE: Q3 2023: 5.7% 6. Detailed on slide 42 Slide 18-Asset Management 1. Detailed on slide 25 and 26 2. Detailed on slide 43 3. Post-tax return on average tangible shareholders' equity applying a 28% tax rate; allocated average tangible shareholders' equity Q3 2023: € 2.3bn, Q3 2022: € 2.4bn; RoE: Q3 2023: 5.5% Slide 19 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) 44#46Footnotes 2/2 Slide 24-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. International Capital Market Association (ICMA) Slide 25- Specific revenue items and adjusted costs - Q3 2023 1. Legacy portfolios previously reported as the Capital Release Unit until Q4 2022 Slide 26- Specific revenue items and adjusted costs - 9M 2023 1. Legacy portfolios previously reported as the Capital Release Unit until Q4 2022 Slide 27 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 21 months between FY 2021 and Q3 2023 3. Operating leverage defined as the difference between the year-on-year growth rates of revenues and noninterest expenses Slide 28-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 29 Last 12 months (LTM) revenues reconciliation 1. 2021 figures based on reporting structure as disclosed in Annual Report 2022 2. Q3 2022 LTM figures refer to the sum of Q4 2021, Q1 2022, Q2 2022 and Q3 2022 3. Q3 2023 LTM figures refer to the sum of Q4 2022, Q1 2023, Q2 2023 and Q3 2023 4. Estimated as percentage share of individual operating business revenues to the total of operating businesses 5. Group revenues include C&O revenues, and prior to 2022 the then CRU revenues Slide 30 Indicative divisional currency mix 1. For net revenues primarily includes Singapore Dollar (SGD), Indian Rupee (INR) and Swiss Franc (CHF); for noninterest expenses primarily includes INR, SGD and Polish Zloty (PLN) Slide 31 Net interest income sensitivity 1. Based on a static balance sheet per August 2023 (adjusted for risk changes as per month end September) vs. current market-implied forward rates as of September 29, 2023 Slide 32 - 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 (€ 485bn as of September 30, 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 September 30, 2023 Deutsche Bank Investor Relations Q3 2023 results October 25, 2023 Slide 33 Loan and deposit development 1. Loans gross of allowances at amortized costs (IFRS 9) 2. Totals represent Group level balances whereas the graph shows only Corporate Bank, Investment Bank and Private Bank exposures for materiality reasons 3. FX movements provide indicative approximations based on major currencies Slide 34- 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 35- Commercial Real Estate (CRE) 1/2 1. Based on Deutsche Bank's definition of non-recourse CRE loans Slide 37 - 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 CET 1 capital pursuant to Article 34 of Regulation (EU) No. 2019/876 (CRR) Slide 38 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 42 - 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 € 15bn disposal effect after the sale of the Financial Advisors business in Italy Slide 43 - 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 refe ence points for a full year, 4 refere points for a quarter) 45#47Cautionary 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 Q3 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 September 30, 2023, application of the EU carve-out had a negative impact of € 649 million on profit before taxes and of € 460 million on profit. For the same time period in 2022, the application of the EU carve-out had a positive impact of € 753 million on profit before taxes and of € 595 million on profit. For the nine-month period ended September 30, 2023, application of the EU carve-out had a negative impact of € 400 million on profit before taxes and of € 283 million on profit. For the same time period in 2022, the application of the EU carve-out had a negative impact of € 156 million on profit before taxes and of € 122 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 nine-month period ended September 30, 2023, application of the EU carve-out had a negative impact on the CET1 capital ratio of about 8 basis points and a negative 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 Q3 2023. DWS will continue to develop and refine its ESG Framework in accordance with evolving regulation and market practice Deutsche Bank Investor Relations Q3 2023 results October 25, 2023 46