#1Investor Deep Dive Corporate Bank Stefan Hoops 500 10 December 2019 600 EEE Deutsche Bank#2Summary A scale player with innovative products, operating in an attractive market Revenues (% of Group) Well positioned to benefit from the current macroeconomic and geopolitical environment On track to reach a 12-13% return on tangible equity in 2022 Adjusted costs (1) (% of Group) Risk weighted assets (% of Group) / FY 2018 9M 2019 € 5.2bn (21%) € 3.8bn (17%) € 4.0bn (22%) € 3.0bn (18%) € 58bn (17%) € 57bn (17%) Note: Throughout this presentation the Corporate Bank financials have been adjusted to reflect refinements in allocations between the Corporate Bank and Private Bank. These will be reflected in the Q4 2019 results. The refinements increase Corporate Bank revenues by € 71m and adjusted costs by € 148m in 2018 as well as revenues by € 52m and adjusted costs by € 112m in 9M 2019 (1) Throughout this presentation totals may not sum due to rounding differences Excluding transformation charges Stefan Hoops Investor Deep Dive, 10 December 2019 1#3Well positioned in an attractive market Corporate Banking industry High barriers to market entry Clients require sophisticated solutions to complex needs Banks need to comply with strict and differing regulatory regimes globally Substantial ongoing investment requirements Steady revenue growth Industry fee pools continue to grow, especially in Asia Our core competencies 1 Operating at the heart of our corporate clients' businesses 2 Leveraging our global network as partner for Financial Institutions Revenues from corporate clients set to grow at 4x the pace of institutional clients through 2021(1) Innovation and Disruption Client demand for quicker and more efficient processes drives banks to change Platforms becoming an increasingly relevant client group for Corporate Banking (1) Morgan Stanley / Oliver Wyman Research (March 2019) Stefan Hoops Investor Deep Dive, 10 December 2019 3 Capturing the full potential of our payments business 4 Leading institution serving German corporates in Germany and abroad 2#4Corporate Bank at a glance. Offering the full product suite for our clients globally Core strengths across our business Cash Management - #1 Euro & largest Non-US domiciled US$ clearer (1) Integrated payments and FX solutions in 125+ currencies Trade Finance & Lending Best International Trade Finance Bank in APAC(2) Banking network across 145 countries Revenue breakdown by region (5) 46% 18% 15% Americas Germany APAC 21% EMEA ex Germany Trust & Agency Services Securities Services Commercial Banking (1) SWIFT - Global Corporate Trust Provider of the Decade (3) Best American Depositary Receipts Bank 2019(4) Multiple accolades across regional product and service offering in Asia Solutions across Sub-Custody and Agency Securities Lending Integrated expertise and product offering across Deutsche Bank and Postbank brands - Trusted advisor to ~900k commercial clients Revenue breakdown by product(5) Commercial Banking Germany 25% Cash Management 32% Securities 7% Services 11% 25% Trade Finance & Lending Trust & Agency Services (5) The Asian Banker Transaction Banking Awards (2019) Infrastructure Investors magazine (2019) Global Finance magazine (2019) 9M 2019 revenues Stefan Hoops Investor Deep Dive, 10 December 2019 3#5Well placed to help clients in a complex environment Challenging macro environment Market dynamics Slowing economic growth / Lower for longer rates Our response Clients need help to respond to a more complex world Industry-leading credit and market risk capabilities Leading FX business in the Investment Bank Seamless and easy to use technology through 'Autobahn' Geopolitical risks Clients value a global partner based in the Eurozone Market leader in structuring and managing Emerging Markets risks, with deep rooted local presence and expertise Ongoing payments evolution Well positioned to provide solutions for the platform economy with strength in Payments, Liquidity and Transactional FX Leading Cash Management and FX provider to Payment Service Providers Fee pools shifting to newer markets, especially Asia Regional presence in Asia for more than 140 years with on the ground presence in 14 countries - Leading products (e.g. Renminbi house of the year (1), Best Payment Portal in Asia-Pacific (2)) (1) Asia Risk Awards (2019) (2) The Asian Banker, Banker's Choice Awards (2018) Stefan Hoops Investor Deep Dive, 10 December 2019 4#6Limited sensitivity to further interest rate declines. 9M 2019 revenue composition Remaining revenues Non-interest rate sensitive Net Interest Income Stefan Hoops Investor Deep Dive, 10 December 2019 Commissions & Fees Commission & Fees ― Highly sticky fee income primarily from service fees and well established long-term relationships Net Interest Income - Primarily driven by lending margins and balances in Cash Management, Trust & Agency Services and Securities Services Majority of Net Interest Income driven by spreads we earn rather than current underlying interest rate ― Substantial upside potential in case of rates increase Interest rate sensitive Net Interest Income Remaining Revenues ― Primarily profit share with other divisions 5 Οι#7Partnering with our international clients globally Regional revenue break-down of multinational corporate clients (1) Clients headquartered in ... Americas Germany(2) EMEA ex Germany APAC Germany(2) 7% 30% Americas 41% APAC 22% 22% 18% 30% 8% 61% EMEA ex Germany 13% 33% 15% 16% 13% 14% 57% Note: (1) (2) Global revenues with global multinational corporates for transaction banking products (9M 2019) 9M 2019 outbound revenues, i.e. services delivered by Corporate Bank for clients headquartered in the regions above Includes Austria and Switzerland Stefan Hoops Investor Deep Dive, 10 December 2019 6#8Our path to improved profitability Post-tax return on tangible equity(1), in % Cost/ Income ratio 77% 7% 3-4% ~60% 0% 12-13% (1)-(2)% 3% 9M 2019 ex items(2) Revenue drivers Cost drivers Provision for credit losses Other (3) 2022 Target Outlook (1) (2) (3) 9M 2019 post-tax RoTE adjusted for (65)bps impact from refinements of P&L allocations between Corporate Bank and Private Bank to be reflected in Financials with Q4 2019 reporting Items include specific revenue items, impairments of goodwill and other intangible assets, software and real estate impairments, transformation related restructuring and severance and deferred tax asset valuation adjustments. 9M 2019 reported post-tax return on tangible equity: 2.7%. For further details see slide 18 in the Chief Financial Officer presentation Includes impacts from nonoperating costs, tax, additional equity components and tangible equity Stefan Hoops Investor Deep Dive, 10 December 2019 7#9Substantial revenue opportunities In € bn Revenues(1) 4% CAGR Driver Measures Deposit strategy 5.9 Payments strategy 5.3 5.3 Bank of choice for Corporate Treasurer Passing on negative interest rates to partly compensate EUR headwinds (~€ 25bn additional deposits in scope for 2020) - Grow platform, FinTech and eCommerce payment fees from less than € 100m to € 200m annually over the next 3 years - Increase Rates and FX revenues from corporate clients by 5%-7% annually Complete 3 'pay per use' projects by Q2 2020 2018(2) 2019 2022 Growth initiatives in Asia Increase revenues booked in Asia by 6% per year Outlook (1) (2) The refinements in allocation between Corporate Bank and Private Bank increase Corporate Bank revenues by € 71m in 2018 and by € 52m in 9M 2019 FY 2018 revenues include a gain on sale of € 0.1bn in Q2 2018 and other episodic events Stefan Hoops Investor Deep Dive, 10 December 2019 00 8#10Bank of choice for Corporate Treasurer Counterparty Risk Management FX Risk Management Risk Solutions Interest Rate Risk Management Supply Chain Financing Capital Markets Financing Bank Financing (Bilateral & Club) 888 Treasurer Financing Advisory Workflow Solutions Industry Trends Guidance loT, eCommerce, APIs Data Analytics as a Service Beyond Banking Solutions 'Pay per use' даа Structured Investment Solutions Money Market Funds Investment Solutions Passively Managed Agency Solution Deposit & On-Balance Solutions Dynamic Discounting $ Models Stefan Hoops Investor Deep Dive, 10 December 2019 9#11Growth initiatives in Asia Strong regional capability Enabling clients to harness opportunity in a dynamic environment Regional Footprint 14 markets, more than 140 years Korea Japan China Hong Kong ⚫ Taiwan India Thailand Philippines Malaysia Singapore Indonesia Strengths ✓ Business model aligned with client activity ✓ Front to back understanding of client needs Digital innovation to sustain growth and scale activity with clients in the most efficient way Australia India Securities Services 1 40% market share in domestic market RMB product delivery 2 Unique capability - CNY hedging from any DB branch Asia Risk RMB House of the Year 2019 Outbound Activity 3 +25% of regional franchise is APAC clients operating outside the region APAC growth initiatives Aligning capability with regional trends Key regional trends Infrastructure expenditure Capital market maturity Supply Chain dynamics Electronic payments Globalisation of local corporates Consumer expansion Strategic Opportunities Expanding Country Wallets China, India, ASEAN Investment into people and technology underway - Trade Corridors Inter and intra-regional trade flows Leveraging existing client activity (e.g. Germany) into Asia, and Asian clients - Custody Growth AUC growth in India alone estimated at 30%-50% Product development and hires undertaken to enable further region-wide growth New Market Development Australia - cash branch development Frontier markets - in place to develop in-line with market growth Stefan Hoops Investor Deep Dive, 10 December 2019 100 10#12Cost reduction driven mainly by infrastructure In € bn Adjusted costs(1) Driver Measures ex transformation charges (3)% CAGR 4.0 3.8 3.7 2018 2019(2) 2022 Outlook ลล (1) (2) (3) Direct business driven measures Measures along the infrastructure and internal service value chain Impact(3) Headcount efficiencies — Various initiatives on non compensation cost optimization up to € 0.1bn — Elimination of duplicate tasks Alignment of location strategy Internalization of external staff - Process efficiencies and centralisation of tasks up to € 0.3bn Decommissioning of legacy applications - Lower internal service cost from other divisions The refinements in allocation between Corporate Bank and Private Bank increase Corporate Bank adjusted costs by € 148m in 2018 and by € 112m in 9M 2019 Cost increase vs. 2018 partly due to methodology changes in internal service cost allocations following the implementation of the new divisional structure and higher investments in technology and controls Planned total financial impact by 2022 Stefan Hoops Investor Deep Dive, 10 December 2019 11 14#13Key take-aways > Well positioned in an attractive, growing market > High proportion of stable revenues, supported by global setup and limited interest rate sensitivity > Revenue growth via selected strategic opportunities with continued cost discipline On track to reach 2022 ROTE target of 12 - 13% Stefan Hoops Investor Deep Dive, 10 December 2019 12#14Deutsche Bank Joniong Appendix EL 500 7 600 EEE#15Financial overview In € bn 2017 2018 9M 2018 9M 2019 Revenues 5.3 5.3 3.9 4.0 Revenues ex specific items 5.4 5.2 3.9 4.0 Noninterest expenses (3.9) (3.8) (2.9) (3.5) Adjusted costs (4.0) (3.8) (2.9) (3.0) Adj. costs ex transformation charges (4.0) (3.8) (2.9) (3.0) Profit before tax 1.5 1.3 0.9 0.2(1) Assets Loans Deposits 249 215 251 234 112 113 112 119 255 251 244 265 Avg. allocated tangible equity 10.9 9.4 9.4 8.9 Risk weighted assets 58 58 58 57 Leverage exposure 276 247 283 264 Note: (1) Numbers including refinements of P&L allocations between Corporate Bank and Private Bank to be reflected in Financials with Q4 2019 reporting, of which € 71m revenues for 2017, € 71m for 2018, € 53m for 9M 2018, € 52m for 9M 2019, adjusted costs of € (143)m for 2017, € (148)m for 2018, € (112)m for 9M 2018 and € (112)m for 9M 2019, profit before tax of € (75)m for 2017, € (80)m for 2018, € (61)m for 9M 2018 and € (61)m for 9M 2019. No adjustments to balance sheet numbers due to materiality reasons Includes goodwill impairment of € 491m in Q2 2019 Stefan Hoops Investor Deep Dive, 10 December 2019 14#16Overview of Corporate Bank / Private Bank refinements In € m / Net revenues CB/PB refinements Net revenues post refinements FY 2018 9M 2019 CB IB PB AM C&O Core Bank CRU Group CB IB PB AM C&O Core Bank CRU Group 5,193 7,467 8,712 2,187 (120) 23,438 1,878 25,316 3,920 71 (71) 52 5,443 6,311 (52) 1,662 95 17,431 385 17,816 5,263 7,467 8,641 2,187 (120) 23,438 1,878 25,316 3,973 5,443 6,259 1,662 95 17,431 385 17,816 Noninterest expenses CB/PB refinements Noninterest expenses post refinements (3,697) (6,501) | (7,742) (1,735) (421) (20,096) (3,365) (23,461) (148) 148 (3,846) (6,501) (7,593) (1,735) (421) (20,096) (3,365) (23,461) (3,436) (4,813) | (6,129) (1,273) (288) (15,940) (2,740) (18,681) (112) 112 (3,548) (4,813) (6,018) (1,273) (288) (15,940) (2,740) (18,681) Adjusted costs CB/PB refinements Adjusted costs post refinements (3,619) (6,172) (7,708) (1,657) (311) (19,467) (3,343) (22,810) (148) 148 (3,767) (6,172) (7,560) (1,657) (311) (19,467) (3,343) (22,810) (2,929) (4,554) | (5,639) (1,234) (136) (14,491) (2,560) (17,051) (112) 112 (3,040) (4,554) (5,528) (1,234) (136) (14,491) (2,560) (17,051) Stefan Hoops Investor Deep Dive, 10 December 2019 15#17Speaker biography Stefan has been at Deutsche Bank since 2003 when he started in Structured Sales. In 2008 he moved to Credit Trading in New York and has since taken on various leadership roles across Sales, Trading and Structuring in the United States and Germany, including Global Head of Institutional Sales. In October 2018 he was named Head of Global Transaction Banking and the Corporate and Investment Bank in Germany. As of July 2019, he is Head of DB's Corporate Bank. Stefan Hoops holds a Master of Science in Business Administration and a PhD in Economics from the University of Bayreuth. Stefan Hoops Investor Deep Dive, 10 December 2019 16#18Corporate Bank - organisational structure Coverage Americas Christian Sewing Stefan Hoops APAC EMEA Regions Americas APAC EMEA ex. GY/UKI Germany UK & Ireland Products Cash Management Trade Finance & Lending Securities Services Trust & Agency Services Foreign Exchange Functions Stefan Hoops Investor Deep Dive, 10 December 2019 COO Strategy Financial Resource Management New Ventures 17#19Cautionary statements Non-IFRS Financial Measures This document contains non-IFRS financial measures. For a reconciliation to directly comparable figures under IFRS, to the extent not provided herein, please refer to the Financial Data Supplement which can be downloaded from www.db.com/ir. Forward-Looking Statements This document 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 22 March 2019 under the heading "Risk Factors". Copies of this document are readily available upon request or can be downloaded from www.db.com/ir. Stefan Hoops Investor Deep Dive, 10 December 2019 18