#1Deutsche Bank Investor Relations Q3 2023 Fixed Income Investor Conference Call #Positivelmpact October 27, 2023 /#22023 YTD results reflect resilient performance In € bn, unless stated otherwise Pre-provision profit¹ 5.7 20.9 Deutsche Bank Investor Relations (15.0) (0.2) 9M 2022 Net revenues Adjusted costs X% Delta YoY +5% Nonoperating costs 6.0 22.2 (15.3) (0.9) 9M 2023 +6% +2% n.m. Notes: percentages may not sum due to rounding in this presentation, for footnotes refer to slides 38 and 39 Q3 2023 Fixed Income Investor Call October 27, 2023 Continued revenue growth leading to a pre-provision profit increase in 9M 2023 Operating leverage of 4% in 9M 2023 when adjusted² for nonoperating costs and pro-rated bank levies / Provision for credit losses in line with FY guidance, reflecting disciplined risk management 1#3Balanced 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 38 and 39 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 Europe³ Private Bank Record revenues4 in the first nine months driven by interest income 24% 9M operating leverage² Q3 2023 Fixed Income Investor Call October 27, 2023 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 2#4Continued accelerated execution of strategic agenda 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 momentu in fees and commissions Notes: for footnotes refer to slides 38 and 39 Deutsche Bank Investor Relations Q3 2023 Fixed Income Investor Call October 27, 2023 Efficiency measures 2.5bn € Operational efficiencies targeted / Adjusted costs kept essentially flat versus 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 3#5Strong deposit momentum In € bn, unless stated otherwise 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 38 and 39 Deutsche Bank Investor Relations 265 621 16. 289 317 Q4 2022 488 103 121 263 Q1 2023 592 11 269 310 482 103 116 263 Q2 2023 593 12 271 307 485 103 117 263 Q3 2023 611 15, 286 309 Q1 2023 Q2 2023 Q3 2023 Q3 2023 Fixed Income Investor Call October 27, 2023 QoQ (0)% (0)% 5% 0% (7)% YoY (1)% (0)% (1)% FX-adjusted³ 2% 0% (1)% 5% 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 4#6Stable businesses maintain deposit margins 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 38 and 39 Deutsche Bank Investor Relations 3.94% 2.32% 2.28% Q2 2023 Q3 2023 Group NIM development Average interest earnings assets², in € bn 1.47% 998 Q3 2022 Q3 2023 Fixed Income Investor Call October 27, 2023 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 ECB change to deposit remuneration will decrease NIM by ~2bps from Q4 2023 5#7Sound liquidity and funding base In € bn, unless stated otherwise Liquidity coverage ratio (LCR)¹ 3M daily avg. LCR LCR High-quality liquid sets Surplus above requirement NSFR Available stable funding 134% Surplus above requirement 136% 227 60 116% 606 85 130% Q3 2022 142% Q3 2022 Q4 2022 Q1 2023 Net stable funding ratio (NSFR)² 219 64 120% 606 99 Q4 2022 134% Notes: for footnotes refer to slides 38 and 39 Deutsche Bank Investor Relations 143% 208 63 120% 595 98 Q1 2023 134% 137% 204 55 Q2 2023 119% 592 97 Q2 2023 136% 132% 210 51 Q3 2023 121% 600 105 Q3 2023 Q3 2023 Fixed Income Investor Call October 27, 2023 ~130% ~130% ~50 Target ~115- 120% ~80 Target Key highlights LCR at target level and in line with previously communicated guidance > / Daily average LCR slightly increased to 136% quarter on quarter Vast majority of HQLA held in cash and Level 1 securities € 30bn TLTRO already repaid including € 3bn early repayment of December 23 tranche No further material TLTRO repayments this year and also 2024 maturities with limited LCR impact of ~5% NSFR increased quarter on quarter reflecting strong deposit momentum Well-diversified and stable funding continues to benefit from: Strong domestic deposit franchise > Longer-dated capital market issuances > Diversified access to secured funding markets > Limited remaining reliance on TLTRO funding 6#8CET1 ratio increase due to optimization initiatives Period end CET1 ratio, movements in basis points (bps) 28 13.8% 359 Q2 2023 FX effect Risk-weighted assets, in € bn Q2 2023 (1) 3 Deutsche Bank Investor Relations Notes: for footnotes refer to slides 38 and 39 RWA change Capital change FX effect Credit risk (8) 0 0 Market risk¹ Operational risk 13.9% Q3 2023 354 Q3 2023 Q3 2023 Fixed Income Investor Call October 27, 2023 Key highlights CET1 ratio up by 19bps compared to Q2 2023: > / 38bps reduction from regulatory changes, predominantly initial recognition of newly approved wholesale and retail models (of which 19bps through CET1 capital and 18bps through risk weighted assets) 46bps increase including data and process optimization initiatives and diligent risk management across businesses 11bps increase principally from Q3 2023 earnings net of deductions for share buy-backs, dividends and AT1 coupons > RWA down by € 7bn as compared to Q2 2023 (excluding FX impact) mainly due to: > € 8bn reduction in credit risk mainly driven by regulatory changes more than offset by optimization initiatives and diligent risk management 7#9Effective capital management driving improved outlook ✓ 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 38 and 39 Deutsche Bank Investor Relations 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 Q3 2023 Fixed Income Investor Call October 27, 2023 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 8#10Capital ratios well above regulatory requirements In % of risk-weighted assets, unless stated otherwise, period end Key highlights T2 AT1 CET1 18.8 2.5 2.4 13.9 Available capital 300bps Deutsche Bank Investor Relations 278bps Notes: for footnotes refer to slides 38 and 39 15.8 2.7 2.0 11.2 T2 requirement² AT1 requirement³ CET1 requirement4 Capital requirement¹ Q3 2023 Fixed Income Investor Call October 27, 2023 / Buffer to CET1 requirement of 278bps, up 16bps quarter on quarter: > 19bps higher CET1 ratio together with 3bps reduction from higher countercyclical capital buffer settings in the UK > Capital buffer over CET1 requirement of € 10bn > Buffer to total capital requirement of 300bps, up 22bps quarter on quarter: > 16bps increase in buffer over CET1 requirement > 6bps from lower RWA increasing the buffer to the combined AT1 and T2 requirement 9#11Leverage ratio stable Movements in bps, period end 4.7% Q2 2023 57.7 Tier 1 Capital (in € bn) @- 1,236 FX effect Deutsche Bank Investor Relations Leverage exposure (in € bn) 0.3 15 69 Leverage exposure change (16) 2 Capital change (0.3) 4.7% Q3 2023 57.7 1,235 Q3 2023 Fixed Income Investor Call October 27, 2023 3.75% 0.75% 3% G-SIB Pillar 1 requirement 2023 leverage ratio requirement Key highlights > Leverage ratio up by 1bp (including FX) compared to Q2 2023 / > 6bps from leverage exposure mainly driven by updated regulatory treatment of specific cash pooling structures > 2bps reduction from Tier 1 capital change in line with CET1 capital movement > Tier 1 capital buffer over leverage MDA of € 11bn 10#12Continued high loss-absorbing capacity In € bn, period end Senior preferred¹ Senior non-preferred T2 AT1 CET1 125 8 47 11 8 49 Q3 2023 available MREL/TLAC² Notes: for footnotes refer to slides 38 and 39 Deutsche Bank Investor Relations 17 108 MREL requirement 29 87 MREL subordination requirement I 33 83 Q3 2023 Fixed Income Investor Call October 27, 2023 Surplus above I requirements TLAC requirement Key highlights / > Q3 2023 loss-absorbing capacity significantly above all regulatory requirements, with MREL remaining the most binding constraint > € 17bn MREL surplus up € 5bn quarter on quarter: > > € 3bn higher surplus from higher eligible liabilities € 1bn higher surplus from lower RWA after partial offset from higher countercyclical capital buffer > MREL buffer at comfortable level allowing us the flexibility to pause issuances of eligible instruments for around one year 11#13Issuance plan almost complete In € bn, unless stated otherwise, YTD issuance as of October 13, 2023 Covered bonds 20 7 10 4 Issuances 1125 2021 4 2023 26 5 1 19 1 Redemptions¹ Senior preferred² 11 3 4 4 2024 Notes: for footnotes refer to slides 38 and 39 Deutsche Bank Investor Relations 24 4 7 9 5 Issuances 2022 Senior non-preferred 16 2 5 17 1 4 2 Redemptions¹ 11 6 3 2025 Contractual maturities¹ 13-18 4-5 1-2² 8-9 0-2 16 3 3 10 1 2026 AT1/T2 Original Updated issuance plan issuance plan 2023 Q3 2023 Fixed Income Investor Call October 27, 2023 14-16 2-4 6² 5 1 11 2 3 6 13 2 4 YTD Issuance 2027 5 1 Key highlights / > Issuance plan close to complete with € 13bn issued out of a total plan of € 14-16bn > € 1bn issued since last fixed income investor call, predominantly senior preferred notes, sold into retail networks or as private placements > Focus for Q4 is further senior preferred issuance and covered bond issuance > Consent solicitation for $1.25bn 4.789% AT1 security announced on October 11, 2023 12#14Summary and outlook Expect to achieve FY 2023 net revenues of € 29bn Provision for credit losses for the full year expected at the upper end of 25-30bps guidance range Deposit inflows together with stable Corporate Bank / Private Bank NIM evidence balance sheet strength > Improved capital ratio and outlook > 2023 issuance plan almost complete; further activity this year likely in lower spread products Deutsche Bank Investor Relations Q3 2023 Fixed Income Investor Call October 27, 2023 / 13#15Appendix Deutsche Bank Investor Relations Q3 2023 Fixed Income Investor Call October 27, 2023 / 14#16Current ratings As of October 25, 2023 Counterparty obligations (e.g. deposits / structured notes / derivatives / swaps / trade finance obligations) Long-term senior unsecured Tier 2 Preferred² Non-preferred Additional Tier 1 Short-term Outlook Notes: for footnotes refer to slides 38 and 39 Deutsche Bank Investor Relations Moody's Investors Services A1 A1 Baal Baa3 Ba2 P-1 Stable Q3 2023 Fixed Income Investor Call October 27, 2023 S&P Global Ratings A-1 A- BBB- BB+ BB- A-2 Positive Fitch Ratings A A A- BBB BB+ F1³ Stable DBRS AA (low) A A (low) R-1 (low) Stable / 15#17Conservatively managed balance sheet Net¹ in € bn, as of September 30, 2023 Liquidity reserves² Trading and related assets3 Loans4 Other assets5 Assets 1,030 245 239 485 61 Notes: for footnotes refer to slides 38 and 39 Deutsche Bank Investor Relations 79% loan- to-deposit ratio Liabilities & equity 1,030 171 48 611 200 Q3 2023 Fixed Income Investor Call October 27, 2023 Trading and related liabilities3 Other liabilities5 Deposits Long term debt and equity Key highlights > > / Resilient balance sheet Liquidity reserves account for around a quarter of net balance sheet Conservative loan-to-deposit ratio provides room for further growth > Highly diversified and stable funding profile with ~60% of net balance sheet funded via deposits > Deposits include € 340bn demand deposits, € 187bn time deposits and € 85bn saving deposits 16#18Large portion of deposits in German home market € 611bn deposit base as of September 30, 2023 Institutional Client Services Investment Bank & Treasury Corporate 28% Treasury Services 12% 4% Deutsche Bank Investor Relations Business split 7% Business Banking 16% 35% Private Bank Germany International Private Bank Corporate Bank Term Deposits CB Non-Operational Overnight 14% Private Bank Operational Overnight Term Deposits Other 4% 14% Q3 2023 Fixed Income Investor Call October 27, 2023 12% Product split 11% 7% Business Banking Investment Bank & Treasury 40% Private Bank Retail Private Bank non-Retail High-quality and well-diversified deposit portfolio across client segments and products with 71% in German home market 79% of German retail deposits insured via statutory protection schemes (39% of total deposit base excl. deposits from banks insured) 85% from retail, SME, corporate & sovereign clients; only 2% from unsecured wholesale funding Term Deposit portfolio with 6 months weighted average maturity EMEA excl. Germany 13% APAC 9% Americas 6% Regional split 71% / Germany 17#19Loan 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% 3% Investment Bank German Mortgages 32% 2% International 5% Mortgages Consumer Finance 12% Business Finance Wealth Management Private Bank Notes: loan amounts are gross of allowances for loans; for footnotes refer to slides 38 and 39 Q3 2023 Fixed Income Investor Call October 27, 2023 Other 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 18#20Provision for credit losses In € m, unless stated otherwise Stage 1+2 Stage 3 24 292 178 114 Q1 19 233 52 181 Q2 2022 Notes: for footnotes refer to slides 38 and 39 Deutsche Bank Investor Relations In bps of average loans annualized¹ 28 350 13 337 Q3 28 351 390 (39) Q4 30 372 397 (26) Q1 Q3 2023 Fixed Income Investor Call October 27, 2023 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 19#21Provision for credit losses and stage 3 loans Provision for credit losses, in € m Private Bank Corporate Bank Provision for credit losses (bps of loans)¹ Group CB IB PB 350 132 75 161 Q3 2022 28 24 52 24 351 78 56 224 Q4 2022 28 18 30 34 Investment Bank 372 41 64 267 Q1 2023 30 21 16 40 401 141 117 147 Q2 2023 33 40 54 22 245 11 63 174 Q3 2023 20 4 25 27 Stage 3 at amortized cost, in € bn PB (ex-POCI) CB (ex-POCI) Group stage 3 loans at amortized cost %² Coverage ratio 3,4 Group CB IB PB 2.5% 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 38 and 39 Deutsche Bank Q3 2023 Fixed Income Investor Call October 27, 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% 20#22Debt securities Hold-to-Collect portfolio € 22bn, as of September 30, 2023 Portfolio breakdown 21% 4% 32% 2% Deutsche Bank Investor Relations 41% U.S. Treasury bonds Other foreign government bonds Maturity breakdown, in € bn 10 6 Other bonds Corporate bonds 5 up to 1 year 1-5 years 5-10 years >10years German government bonds Debt securities Hold-to-Collect (HTC) amount to ~2% of the total assets of the Group > Portfolio almost entirely consists of bonds, of which the majority are from governments, supranational agencies and public institutions Interest rate duration of the portfolio being managed as part of DB's interest rate risk management strategy Q3 2023 Fixed Income Investor Call October 27, 2023 2 Fair Value Gap (FVG), in € bn 22 Carrying value (2) FVG 20 Fair value FVG of debt securities HTC equals 61bps on CET1 ratio as of September 30, 2023 > Mainly driven by government bonds which are traded on the market and whose fair value is their market price 21#23Derivatives bridge Q3 2023, IFRS derivative trading assets and the impact of netting and collateral, in € bn 288 IFRS (211) Impact of master netting agreements Notes: for footnotes refer to slides 38 and 39 Deutsche Bank Investor Relations (40) Cash collateral (13) Financial instrument collateral¹ 23 Net amount Q3 2023 Fixed Income Investor Call October 27, 2023 / Key highlights > 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 € 288bn would fall to € 23bn 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 22#24Level 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 38 and 39 Deutsche Bank Investor Relations (0) 26 Others² Sep 30, 2023 Liabilities: € 12bn Debt Securities 11 4 Other 0 Q3 2023 Fixed Income Investor Call October 27, 2023 Dec 31, Issuances 1 Settlements 2022 8 Movements in balances 2 (1) Derivative Liabilities 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 23#25Commercial Real Estate (CRE) 1/2 CRE non-recourse portfolio: € 40bn > Non-recourse € 40bn - 8% of total loans¹ > > > > > > € 32bn in scope of dedicated severe stress test CRE stress-tested loans € 32bn - 7% of total loans, weighted average LTV -62% € 7bn deemed as lower risk, includes data centers and municipal social housing 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 38 and 39 Deutsche Bank Investor Relations € 32bn in scope of severe stress test Of total loans € 485bn Q3 2023 Q3 2023 Fixed Income Investor Call October 27, 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 24#26Commercial 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 31% 16% Q3 2023 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 NY LA US CRE loan risk management Modified loans, in € bn 5.7 > > > Q3 2023 Fixed Income Investor Call October 27, 2023 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 / 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 66 Q3 2023 25#27TLTRO development and forecast In € bn TLTRO outstanding, period end 45 Q2 2022 Deutsche Bank Investor Relations 45 Q3 2022 TLTRO prepayments, period end € 30bn TLTRO repayments over last 12 months 34 Q4 2022 26 Q1 2023 NSFR impact 22 Q3 2023 Fixed Income Investor Call October 27, 2023 Q2 2023 121% 132% 3 15 Q3 2023 LCR impact 15 Q4 2023 (1)% (2)% 12 Q1 2024 (1)% 10 Q2 2024 / (2)% Q3 2024 26#28Net interest income sensitivity Hypothetical +/-25bps shift in yield curve, in € m Net interest income (NII) sensitivity¹ +25bps shift in yield curve -25bps shift in yield curve ~100 ~75 2024 ~(105) Deutsche Bank Investor Relations 2024 2025 2026 Breakdown of sensitivity by currency for +25bps shift in yield curve ~50 2025 EUR ~85 2026 Notes: for footnotes refer to slides 38 and 39 ~100 ~5 2024 ~(100) ~30 2025 USD ~30 20 Q3 2023 Fixed Income Investor Call October 27, 2023 ~20 ~145 2024 ~(145) ~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.) 27#29Additional funding disclosure As of September 30, 2023, capital markets issuance outstanding, in € bn By product By currency Capital Instruments (AT1/T2) Covered bonds 17 Senior structured¹ 21 15 Notes: for footnotes refer to slides 38 and 39 Deutsche Bank Investor Relations 116 12 Senior preferred Senior 51 non-preferred Q3 2023 Fixed Income Investor Call October 27, 2023 USD 45 GBP Other 6 116 61 EUR / 28#30Leverage 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 38 and 39 Deutsche Bank Investor Relations 1,235 111 131 473 126 101 176 118 Q3 2023 Q3 2023 Fixed Income Investor Call October 27, 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 29#31Value-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 Ø 51 MEMANY. Q3 2023 Fixed Income Investor Call October 27, 2023 Q1 2023 Ø 170 Sprechend Q1 2023 Ø 44 warhitun Q2 2023 Ø 124 anderthen Q2 2023 034 Q3 2023 0174 Mar Q3 2023 30#32Simplified legal entity structure of Deutsche Bank AG / America DB AG New York Branch DB USA Corporation Deutsche Bank Trust Company Americas Deutsche Bank Securities Inc. Deutsche Bank National Trust Company Subsidiary/branch with direct issuing activities Deutsche Bank Investor Relations T EMEA DB AG London Branch Deutsche Bank, Sociedad Anónima Española Deutsche Bank Società per Azioni Deutsche Bank Polska Spólka Akcyjna Deutsche Bank (Suisse) SA Deutsche Bank Luxembourg S.A. BHW Bausparkasse AG Q3 2023 Fixed Income Investor Call October 27, 2023 APAC DB AG Singapore Branch DB AG Hong Kong Branch DB AG Sydney Branch DWS DWS Group GmbH & Co. KGaA > > > Notes This chart shows a selection of DB's material perating entities that, together with DB's global branch network, account for 90% of the Group's consolidated revenues Deutsche Bank AG has an established international branch presences in locations such inter alia New York, London, Singapore and Hong Kong As the Group's parent entity, Deutsche Bank AG is the direct or indirect holding company for the Group's subsidiaries 31#33Sustainability 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 38 and 39 Deutsche Bank Investor Relations Q3 2023 Fixed Income Investor Call October 27, 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 32#34Deutsche Bank's performance in leading ESG ratings / As of October 25, 2023 Rating agency MSCI SUSTAINALYTICS ISS ESG S&P Global Sustainable 1 CDP ESG Index Listings Deutsche Bank Investor Relations ) > > Environment (15%) Social (50%) Governance (35%) ESG rating criteria (weighting) Corporate Governance (12.9%) Business Ethics (42%) Data Privacy & Security (15.5%) Product Governance (7.5%) Staff and Suppliers (15%) > Society & Product Responsibility (25%) > Corporate Governance & Business Ethics > Eco-efficiency (2.5%) (10%) Environment (16%) Social (33%) Governance & Economic (51%) > ESG Integration-Financials (7%) > Human Capital (6.7%) > Resilience (8.4%) > Criteria related to climate change topics Environmental Management (5%) Products & Services (42.5%) Dow Jones Sustainability Index Europe, FTSE4Good Index (World, Eurozone) Q3 2023 Fixed Income Investor Call October 27, 2023 Score range (best to worst) AAA to CCC 0 to 100; Negligible to Severe Risk A+ to D- 100 to 0 A to D- Rating score DB A 27.9 Medium Risk C 53 B Rating development Stable at A Stable at Medium Risk Stable at C/Prime Status Score slightly decrease Stable total CDP score of B 33#35Definition 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 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 / 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 Fixed Income Investor Call October 27, 2023 34#36Pre-provision profit, CAGR and operating leverage In € m, unless stated otherwise Net revenues Corporate Bank Investment Bank Private Bank Asset Management Corporate & Other Group Noninterest expenses Corporate Bank Investment Bank Private Bank Asset Management Corporate & Other Group Pre-provision profit¹ Corporate Bank Investment Bank Private Bank Asset Management Corporate & Other FY 2021 Deutsche Bank Investor Relations 5,153 9,631 8,233 2,708 (314) 25,410 (4,547) (6,087) (7,920) (1,670) (1,281) (21,505) 606 3,544 313 1,038 (1,595) Group 3,905 Notes: for footnotes refer to slides 38 and 39 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 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 Fixed Income Investor Call October 27, 2023 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)% 35#37Adjusted 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) Adjustments Adjusted profit (loss) attributable to DB shareholders Average tangible shareholders' equity Adjusted post-tax ROTE (in %) Net revenues Noninterest expenses Adjusted CIR (in %) Revenue change (in %) Expense change (in %) Adjusted operating leverage (in %) Notes: for footnotes refer to slides 38 and 39 Deutsche Bank Investor Relations Q3 2023 Fixed Income Investor Call October 27, 2023 Q3 2022 1,615 (30) (45) 75 (11) (191) (179) 1,511 (33) (94) (343) 1,040 54,169 7.7 6,918 (5,058) 73 Q3 2023 1,723 (94) (105) 199 (4) (125) (121) 1,801 (24) (146) (544) 1,087 56,514 7.7 7,132 (5,086) 71 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 20,895 (14,855) 71 / 9M 2023 4,980 (377) (566) 943 (479) (374) 105 6,028 (89) (422) (1,812) 3,706 56,364 8.8 22,221 (15,176) 68 6.3 2.2 4.2 36#38Last 12 months (LTM) revenues reconciliation In € m, unless stated otherwise Revenues Corporate Bank Investment Bank Private Bank Asset Management Total: Operating businesses Group5 Q4 2021¹ Q1 2022 1,352 1,913 2,040 789 6,094 5,900 Notes: for footnotes refer to slides 38 and 39 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 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 Q3 2023 Fixed Income Investor Call October 27, 2023 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 %-share4 26% 31% 34% 8% 100% 37#39Footnotes 1/2 Slide 1-2023 YTD results reflect resilient performance 1. Pre-provision profit defined as net revenues less noninterest expenses; detailed on slide 36 2. Detailed on slide 36 Slide 2 Balanced revenue mix and continued franchise growth 1. Detailed on slide 37 2. Defined on slide 34 and detailed on slide 35 3. The Banker's Transaction Banking Awards 2023 4. Highest nine-month net revenues since the formation of Private Bank division 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 3 Continued accelerated execution of strategic agenda 1. Compound annual growth rate (CAGR); detailed on slide 35 Slide 4-Strong deposit momentum 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 5-Stable business maintain strong deposit margins Reported net interest income expressed as a percentage of average interest earning assets 1. Average balances of interest earning assets for each quarter are calculated based on month-end balances Slide 6-Sound liquidity and funding base 1. Liquidity coverage ratio and high-quality liquid assets based on weighted EUR amounts in line with Commission Delegated Regulation 2015/61 as amended by Regulation 2018/162 2. Preliminary Q3 2023 Net stable funding ratio and Available stable funding based on weighted EUR amounts in line with Regulation 575/2013 as amended by Regulation 2019/876 Slide 7 - CET1 ratio increase due to optimization initiatives 1. Including credit valuation adjustment (CVA) risk-weighted assets Slide 8 - Effective capital management driving improved outlook 1. End of 2025 target announced in Q1 2023 increased by € 10bn Slide 9 Capital ratios well above regulatory requirements 1. Maximum distributable amount (MDA) 2. Total capital requirement includes higher Pillar 1 requirement (8.00%) and Pillar 2 requirement (2.70%) compared to footnotes 3 and 4 on this page Deutsche Bank Investor Relations Q3 2023 Fixed Income Investor Call October 27, 2023 3. Tier 1 capital requirement includes higher Pillar 1 requirement (6.00%) and Pillar 2 requirement (2.03%) compared to footnote 4 on this page 4. CET1 requirement includes Pillar 1 requirement (4.50%), Pillar 2 requirement (1.52%), capital conservation buffer (2.50%), G/D-SIB buffer (2.00%), countercyclical capital buffer (0.46%) and systemic risk buffer (0.18%) Slide 11- Continued high loss-absorbing capacity 1. Plain vanilla instruments and structured notes eligible for MREL 2. Includes adjustments to regulatory Tier 2 capital; available TLAC/subordinated MREL does not include senior preferred debt Slide 12 - Issuance plan almost complete 1. Historical redemptions include non-contractual outflows (e.g. calls, knock-outs, buybacks) whereas (future) contractual maturities do not; contractual maturities for 2021 and 2022 were € 20bn and € 12bn, respectively 2. For 2023 this includes only senior preferred issuances Slide 15- Current ratings 1. The Issuer Credit Rating (ICR) is S&P's view on an obligor's overall creditworthiness; it does not apply to any specific financial obligation, as it does not take into account the nature of and provisions of the obligation, its standing in bankruptcy or liquidation, statutory preferences, or the legality and enforceability of the obligation 2. Defined as senior unsecured debt rating at Moody's and S&P, as preferred senior debt rating at Fitch and as senior debt at DBRS 3. Short-term preferred senior unsecured debt/deposits rating Slide 16 - Conservatively managed balance sheet 1. Net balance sheet of € 1,030bn is defined as IFRS balance sheet (€ 1,358bn) adjusted to reflect the funding required after recognizing legal netting agreements (€ 213bn), cash collateral received (€ 40bn) and paid (€ 30bn), and offsetting pending settlement balances (€ 45bn) 2. Liquidity reserves comprise of total stock of high-quality liquid assets (HQLA), including assets subject to transfer restrictions and other central bank eligible securities 3. Trading and related assets along with similar liabilities, includes debt and equity securities (excluding highly liquid securities), derivatives, repos, securities borrowed and lent, brokerage receivables and payables, and loans measured at fair value 4. Loans at amortized cost, gross of allowances 5. Other assets include goodwill and other intangible, property and equipment, tax assets, cash and equivalents which are not part of liquidity reserve and other receivables. Other liabilities include accrued expenses, investment contract liabilities, financial liabilities designated at fair value through P&L excluding those included in trading and related assets 38#40Footnotes 2/2 Slide 18-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 19 Provision for credit losses 1. Quarterly provision for credit losses annualized as basis points of average loans gross of allowance at amortized cost Slide 20 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 Slide 22 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 23 Level 3 assets and liabilities 1. Issuances include cash amounts paid/ received 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 24- Commercial Real Estate (CRE) 1/2 1. Based on Deutsche Bank's definition of non-recourse CRE loans Slide 27-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 28 - Additional funding disclosure 1. Senior structured excludes new structured issuance off the FIC platform Deutsche Bank Investor Relations Q3 2023 Fixed Income Investor Call October 27, 2023 Slide 29 - 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 32 - Sustainability 1. Cumulative figures include sustainable financing and investment activities as defined in DB's Sustainable Finance Framework and related documents, which are published on our website Slide 35 - 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 36-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 37 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 39#41Cautionary 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 Fixed Income Investor Call October 27, 2023 40