#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 Net revenues + 6% 9M A YOY €39bn AuM inflows across PB and AM 7% ROTE¹ (reported) €11bn Q3 A QoQ 9% ROTE¹ (adjusted²) 13.9% CET1 ratio 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 1#32023 YTD results reflect resilient performance In € bn, unless stated otherwise Pre-provision profit¹ Risk and balance sheet 40 5.7 +5% 6.0 Provision for 28bps credit losses³ 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 20.9 22.2 +6% 611bn Deposits > Provision for credit losses in line with full year guidance, reflecting disciplined risk management +2% (15.0) Deposits up € 18bn vs. Q2, reflecting confidence in franchise, (15.3) with strong momentum in Corporate Bank n.m. (0.2) 13.9% CET1 ratio (0.9) 9M 2022 9M 2023 > Strong CET1 ratio through organic capital generation and optimization, offsetting regulatory impacts and share buybacks Net revenues Nonoperating costs Adjusted costs X% Delta YoY Notes: YTD-year-to-date; for footnotes refer to slides 44 and 45 Deutsche Bank Investor Relations Q3 2023 results October 25, 2023 2#4Balanced revenue mix and continued franchise growth In € bn, unless stated otherwise Net revenues Last twelve months1 ☑ Group 26.8 28.5 28.7 27.7 9.0 31% 37% 10.3 7.6 26% 21% 5.9 31% 8.7 9.7 34% 10% 2.8 2.4 8% Q3 2022 Q3 2023 Investment Bank Private Bank Corporate Bank Asset Management Notes: for footnotes refer to slides 44 and 45 Deutsche Bank Investor Relations Q3 2023 results October 25, 2023 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 Private Bank Record revenues³ in the first nine months driven by interest income › Significant deposit inflows from new money campaigns in Germany supporting strong AuM flows 24% 9M operating leverage4 17% 9M ROTE +8% 9M net revenue YoY €22bn 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 35% Financing 9M 2023 revenues as % of FIC S&T +120bps Q3 debt origination market share growth YoY) > Asset Management Net inflows supported by continued strong flows in Passive Xtrackers 18 new product launches in the third quarter, including first thematic ETFs in the U.S. €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 Efficiency measures € 2.5bn Operational efficiencies targeted Capital efficiency € 25-30bn² RWA reductions 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 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 € 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 Notes: for footnotes refer to slides 44 and 45 Deutsche Bank Investor Relations Q3 2023 results October 25, 2023 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 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 Improved capital outlook through effective resource management Deutsche Bank Investor Relations Q3 2023 results October 25, 2023 Creating opportunities to enhance long-term value creation Corporate Bank Bank Private Investment Bank 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 % Revenue CAGR¹ 9M 2023 LTM vs FY 2021 CIR development 85 > 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 24.5 75 73 9.7 6.9 (3.8) (6.4) CB IB PB AM Group FY 2021 FY 2022 9M 2023 ROTE development CET1 ratio development 9.4 13.9 13.8 13.6 7.0 > Robust capital despite absorbing regulatory inflation and share buybacks 3.8 > Sound liquidity and funding base, with LCR at 132% and NSFR at 121% in Q3 6.7 ex-DTA Notes: for footnotes refer to slides 44 and 45 Deutsche Bank Investor Relations Q3 2023 results October 25, 2023 FY 2021 FY 20223 9M 2023 Q1 2023 Q2 2023 Q3 2023 7#9Q3 2023 highlights In € bn, unless stated otherwise Financial results Divisional revenues 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 Q3 2023 A vs. Q3 2022 A vs. Q2 2023 Revenues Statement of income Revenues ex-specific items¹ Provision for credit losses Noninterest expenses Adjusted costs Pre-provision profit Profit (loss) before tax 7.1 3% (4)% A vs. +3% Q3 2022 7.1 6.9 7.1 6% (5)% 0.2 (30)% (39)% 5.2 4% (8)% Corporate 1.6 1.9 +21% 5.0 2% 0% Bank > 2.0 0% 9% 1.7 7% 23% Profit (loss) 1.2 (3)% 28% Balance sheet and resources Average interest earning assets 964 (3)% 1% Investment 2.4 2.3 (4)% Loans² 485 (4)% 0% Bank Deposits 611 (3)% 3% Sustainable Finance volumes (cumulative)³ 265 35% 4% Risk-weighted assets 354 (4)% (1)% Leverage exposure 1,235 (6)% (0)% Performance measures and ratios Private ROTE 7.3% (0.9)ppt 1.9 ppt 2.3 +3% 2.3 Cost/income ratio 72.4% 0.8 ppt Bank (3.2)ppt Provision for credit losses, bps of avg. loans 20 (8)bps (13)bps Asset CET1 ratio Leverage ratio 13.9% 4.7% 62 bps 36 bps 19 bps Management 1 bps (10)% 0.7 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 results October 25, 2023 C&O 0.1. 0.6 -0.0- € 0.56 € 27.74 (2)% 5% 192% 3% Q3 2022 Q3 2023 8#10Net interest margin (NIM) Divisional NIM development Net interest margin¹ Corporate Bank Group NIM development Average interest earnings assets², in € bn 4.13% 4.20% 3.94% 3.36% 1.47% 1.51% 1.51% 1.41% 1.39% 2.64% Q3 2022 Q4 2022 Q1 2023 Q2 2023 Private Bank 998 Q3 2023 989 972 964 958 2.30% 2.32% 2.28% 2.19% 1.91% Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q3 2022 Q4 2022 Q1 2023 Q2 2023 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 Notes: for footnotes refer to slides 44 and 45 Deutsche Bank Investor Relations Q3 2023 results October 25, 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) 10 4,867 Key highlights (15) (120) +2% (5) 2 (21) 87 4,961 › 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 Q3 2023 results October 25, 2023 4,965 10#12Provision for credit losses In € m, unless stated otherwise Stage 1+2 Stage 3 In bps of average loans annualized¹ 24 19 28 28 30 30 33 351 372 350 401 63 13 292 233 178 52 390 397 337 338 181 114 10 Q1 Q2 22 2022 (39) (26) Q3 Q4 Q1 Q2 22 Notes: for footnotes refer to slides 44 and 45 Deutsche Bank Investor Relations Q3 2023 results October 25, 2023 2023 Key highlights 20 20 245 346 (101) 33 Q3 > 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 Leverage ratio 28 6 13.9% 4.7% 4.7% 13.8% (1) (8) (2) (3) MREL/TLAC, in € bn Surplus above requirements 125 Senior preferred¹ 8 17 Senior non- preferred 333 47 Q2 2023 FX effect RWA change Capital change Q3 2023 Q2 2023 FX effect Leverage Capital exposure change change Q3 2023 T2 11 > CET1 ratio up by 19bps compared to Q2 2023: > Leverage ratio up by 1bp compared to Q2 2023: AT1 8 108 > (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 > 6bps from leverage exposure mainly driven by updated regulatory treatment of specific cash pooling structures 83 > > (2)bps Tier 1 capital change in line with CET1. capital movement CET1 49 49 > 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 Tier 1 capital buffer over leverage MDA of € 11bn Notes: for footnotes refer to slides 44 and 45 Deutsche Bank Investor Relations Q3 2023 results October 25, 2023 Q3 2023 available MREL TLAC MREL/TLAC² requirement requirement 12#14Effective capital management Absorbing regulatory inflation (38)bps CET1 ratio reduction principally from model reviews Capital efficiency € 25-30bn¹ RWA reductions targeted Basel III update ~€ 15bn Latest estimate of Basel III impact on RWA 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 € 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 > > 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 Notes: for footnotes refer to slides 44 and 45 Deutsche Bank Investor Relations Q3 2023 results October 25, 2023 13#15Segment results Deutsche Bank Investor Relations Q3 2023 results October 25, 2023 14#16Corporate Bank In € m, unless stated otherwise Financial results Q3 2023 A vs. A vs. Q3 2022 Q2 2023 Statement of income Revenues 1,889 21% (3)% Revenues ex-specific items¹ 1,889 21% (3)% Provision for credit losses 11 (86)% (91)% Noninterest expenses 1,073 (2)% (7)% Adjusted costs 1,045 (3)% (1)% Pre-provision profit 816 73% 4% Profit (loss) before tax 805 104% 20% Balance sheet and resources Loans, € bn² 117 (9)% 1% Deposits, € bn 286 (2)% 6% Leverage exposure, € bn 299 (9)% (2)% Risk-weighted assets, € bn 69 (10)% (3)% Provision for credit losses, bps of average loans³ 4 (20)bps (36)bps Performance measures and ratios Net interest margin 3.9% 1.3ppt (0.3)ppt Cost/income ratio ROTE4 Notes: for footnotes refer to slides 44 and 45 56.8% (13.1) ppt (2.7)ppt 18.3% 9.Oppt Deutsche Bank Investor Relations Revenue performance Corporate Bank Business Banking Institutional Corporate Treasury Client Services Services A vs. Q3 2022 Key highlights > 1,049 11% 11% > 472 18% 18% 369 71% 71% 1,889 21% 21% 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 3.5ppt XX% Excluding specific items¹ Q3 2023 results October 25, 2023 15#17Investment Bank In € m, unless stated otherwise Financial results Q3 2023 A vs. Q3 2022 Q2 2023 A vs. Statement of income Revenues 2,271 (4)% (4)% Revenues ex-specific items¹ 2,266 (1)% (7)% Provision for credit losses 63 (52)% (55)% Noninterest expenses 1,546 2% (6)% Adjusted costs 1,517 1% (1)% Pre-provision profit 725 (15)% 1% Profit (loss) before tax 667 (7)% 17% Balance sheet and resources Loans, € bn² 103 (2)% 1% Deposits, € bn 15 (12)% 22% Leverage exposure, € bn 551 (6)% 1% Risk-weighted assets, € bn 142 (1)% (2)% Provision for credit losses, bps of 25 average loans³ (27)bps (30)bps Performance measures and ratios Cost/income ratio 68.1% ROTE4 6.2% 4.1ppt (1.4)ppt (1.4)ppt 1ppt Notes: for footnotes refer to slides 44 and 45 Deutsche Bank Investor Relations Q3 2023 results October 25, 2023 Revenue performance FIC Sales Origination Investment & Advisory & Trading Other Bank 1,932 A vs. Q3 2022 (12)% (12)% Key highlights > 323 n.m. n.m. > 16 (81)%. n.m. > 2,271 (4)% (1)% 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 XX% Excluding specific items¹ 16#18Private Bank In € m, unless stated otherwise Financial results Revenue and AuM performance Key highlights Revenues Q3 2023 A vs. Q3 2022 Q2 2023 A vs. Profit (loss) before tax Statement of income Revenues 2,343 3% (2)% Revenues ex-specific items¹ 2,343 9% (2)% Provision for credit losses 174 9% 19% Noninterest expenses 1,831 7% (12)% Adjusted costs 1,792 5% (2)% Pre-provision profit 512 (8)% 58% 337 (15)% 89% Private Bank Int. Private Bank PB Germany A vs. Q3 2022 > Revenues increased year on year driven by higher interest income 1,497 16% 16% > Net interest income essentially flat quarter on 845 Balance sheet and resources XX% Excluding specific items¹ Assets under management, in € bn² 547 3% 1% Loans, in €bn³ 263 (2)% 0% AuM, in €bn6 Net flows, in € bn6 Deposits, in € bn 309 (4)% 1% 541 547 9.2 Leverage exposure, in € bn 338 (2)% (1)% 110 113 Risk-weighted assets, in € bn 86 (0)% (1)% 2.9 Provision for credit losses, in bps of average loans 74 78 27 2bps 4bps 139 138 3.2 Performance measures and ratios Net interest margin 2.3% Cost/income ratio 78.1% ROTE5 Notes: for footnotes refer to slides 44 and 45 0.4ppt (0.0)ppt 2.7ppt (8.3)ppt 6.2% (2.1) ppt 3.3ppt 1.0 220 218 2.1 (13)% (3)% 2,343 3% 9% 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 Q2 2023 Q3 2023 Q3 2023 PB GY Deposits IPB - Deposits PB GY Inv. products IPB Inv. products 17 Deutsche Bank Investor Relations Q3 2023 results October 25, 2023#19Asset Management In € m, unless stated otherwise Financial results Revenue and AuM performance Revenues Q3 2023 A vs. Q3 2022 Q2 2023 A vs. Statement of income Revenues 594 (10)% (4)% Revenues ex-specific items¹ 594 (10)% (4)% Provision for credit losses (0) n.m. n.m. Noninterest expenses 444 (8)% (6)% Adjusted costs 436 (8)% (2)% Pre-provision profit 150 (15)% 3% 109 (18)% 5% Perf. & trans. Mgmt. Other fees fees Ny AM (13) 19 A vs. Q3 2022 589 (6)% Key highlights (50)% n.m. > Assets under management remained stable supported by net inflows and positive FX effects > 594 (10)% Positive net inflows in the quarter driven by continued momentum in Passive Profit (loss) before tax > Revenues affected by lower performance Balance sheet and resources Assets under management, in € bn² 860 3% 0% AuM, in €bn² Net flows, in € bn fees, mark to market of co-investments and FX impact Net flows, in € bn 2 n.m. n.m. 859 860 2.3 > 76 78 Leverage exposure, in € bn 9 (1)% 2% 115 114 Lower adjusted costs driven by carried interest and effective cost reduction across other expense lines Risk-weighted assets, in € bn 15 16% 7% 6.2 225 229 Performance measures and ratios 0.6. Management fee margin, in bps Cost/income ratio 27.1 (1.9)bps (0.3)bps (1.3) 444 438 74.7% ROTE3 1.4ppt (1.8)ppt 12.6% (2.8) ppt 0.1ppt (3.3) Q2 2023 Q3 2023 Q3 2023 Cash Alternatives Passive Active ex-Cash Notes: for footnotes refer to slides 44 and 45 Deutsche Bank Investor Relations Q3 2023 results October 25, 2023 18#20Corporate & Other In € m, unless stated otherwise Financial results Statement of income Profit (loss) before tax Abs. A vs. Q3 2022 Key highlights A vs. A vs. Q3 2023 Q3 2022 Q2 2023 Funding & liquidity (59) Revenues 35 (36)% (59)% Valuation & Provision for credit losses (3) (83)% timing differences¹ (18)% Noninterest expenses 270 83% 5% Legacy portfolios² (137) Adjusted costs Noncontrolling interests Profit (loss) before tax 175 49% 92% 117 (37) (21)% (28)% Shareholder (170) expenses Other (195) n.m. 68% centrally held items (23) Balance sheet and resources Noncontrolling interests3 Leverage exposure, in € bn 38 (13)% 12% Profit (loss) Risk-weighted assets, in € bn 42 (15)% 1% before tax (195) Notes: for footnotes refer to slides 44 and 45 Deutsche Bank Q3 2023 results Investor Relations October 25, 2023 (35) 158 (42) 7 (26) (62) 37 (10) (168) 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 24#232025 financial targets and capital objectives >10% Financial targets 3.5- 4.5% Capital objectives <62.5% ~13% Post-tax RoTE in 2025 Revenue CAGR 2021-2025 Cost/income ratio in 2025 50% CET1 ratio Total payout ratio from 2025 Well positioned to drive returns above cost of equity based on sustained operating leverage over the period Increased revenue momentum supp- ported by further balance sheet optimization and greater shift to capital- light businesses Reiterate CIR target, with continued focus on further structural cost reductions, via technology investments, process redesign and efficiencies in infrastructure Aim to operate with a buffer of 200bps above MDA, as we build capital and absorb regulatory changes Confirm 2025+ payout guidance and € 8bn anticipated cumulative payout in respect of FY 2021-2025 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 Deutsche Bank Investor Relations Q3 2023 results October 25, 2023 22 22#24Definition of certain financial measures Revenues excluding specific items Adjusted costs 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 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 Deutsche Bank Investor Relations 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 AirTrunk, 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 €500bn Target by 2025 Reported volumes by business and product type, in € bn Financing Issuance +7 159 48 110 50 AuM XX QoQ delta +1 +3 56 50 12 44 Investment Bank Corporate Bank Private Bank 24#26Specific revenue items and adjusted costs - Q3 2023 In € m Revenues Specific revenue items DVA - IB Other / Legacy portfolios¹ Sal. Oppenheim workout - IPB Revenues ex-specific items Noninterest expenses Q3 2023 Q3 2022 CB IB PB AM C&O Group CB IB PB AM C&O Group CB IB Q2 2023 PB AM C&O Group 1,889 2,271 2,343| 594 35 7,132 1,564 2,372 2,267 661 55 6,918 1,943 2,361 2,400 620 85 7,409 5 - 1 6 . 91 - 2 93 . . (71) - 0 (71) . י 110 110 1 1,889 2,266 2,343 594 34 7,126 1,564 2,280 2,158 661 53 6,715 1,943 2,432 2,400 620 85 55 7,480 Q3 2023 Q3 2022 CB IB PB AM C&O Group CB IB PB AM 1,073 1,546 1,831 444 270 5,164 1,094 1,517 1,711 484 C&O Group 148 4,954 CB IB Q2 2023 PB AM C&O Group 1,157 1,641 2,075 474 256 5,602 Nonoperating costs Impairment of goodwill and other intangible assets 1 . 1 . . Litigation charges, net 6 . 2 3 2 92 105 7 (7) 14 3 28 45 45 91 65 71 20 20 147 395 Restructuring & severance 23 27 27 35 5 4 94 6 21 (4) 5 Adjusted costs 1,045 1,517 1,792 436 Bank levies Adjusted costs ex-bank levies Notes: for footnotes refer to slides 44 and 45 Deutsche Bank Investor Relations 175 4,965 4 4,961 1,080 1,503 1,701 477 117 4,878 21 30 15 36 183 8 19 260 1,051 1,539 1,821 446 91 4,947 11 4,867 2 4,945 25 Q3 2023 results October 25, 2023#27Specific revenue items and adjusted costs - 9M 2023 In € m Revenues Specific revenue items DVA IB Other / Legacy portfolios¹ Sal. Oppenheim workout - IPB Revenues ex-specific items 9M 2023 9M 2022 CB IB PB AM C&O Group CB IB PB AM C&O Group 5,805 7,323 7,180 1,803 110 22,221 4,577 8,341 6,647 1,998 (667) 20,895 (19) 3 (16) 95 (3) 92 י 1 119 1 119 5,805 7,342 7,180 1,803 106 22,237 4,577 8,246 6,528 1,998 (665) 20,684 9M 2023 9M 2022 CB IB PB AM C&O Group CB IB PB AM C&O Group Noninterest expenses 3,314 4,984 5,792 1,354 780 16,223 3,214 4,855 5,079 1,359 694 15,201 Nonoperating costs Impairment of goodwill and other intangible assets Litigation charges, net 96 93 102 26 249 566 12 110 (51) 15 102 187 Restructuring & severance 42 69 223 21 23 377 11 Adjusted costs Bank levies Adjusted costs ex-bank levies Notes: for footnotes refer to slides 44 and 45 Deutsche Bank Investor Relations 3,176 4,821 5,467 1,308 508 15,280 32 3,191 4,714 (75) 5,205 1,331 590 13 3 (16) 479 15,031 747 14,802 14,283 Q3 2023 results October 25, 2023 26#28Pre-provision profit, CAGR and operating leverage In € m, unless stated otherwise FY 2021 LTM Q3 2023 Q4 2022 Q1 2023 Q2 2023 Q3 2023 CAGR² FY 2021- LTM Q3 2023 9M 2022 9M 2023 9M 2023 vs 9M 2022 Net revenues Corporate Bank 5,153 1,760 1,973 1,943 1,889 7,565 24.5% 4,577 5,805 27% Investment Bank 9,631 1,675 2,691 2,361 2,271 8,998 (3.8)% 8,341 7,323 (12)% Private Bank 8,233 2,506 2,438 2,400 2,343 9,686 9.7% 6,647 7,180 8% Asset Management 2,708 609 589 620 594 2,412 (6.4)% 1,998 1,803 (10)% Corporate & Other (314) (236) (10) 85 35 (127) (667) 110 Group 25,410 6,315 7,680 7,409 7,132 28,536 6.9% 20,895 22,221 n.m. 6% Operating leverage Noninterest expenses YoY³ Corporate Bank (4,547) (975) (1,084) (1,157) (1,073) (4,288) (3,214) (3,314) 3% 24% Investment Bank (6,087) (1,611) (1,797) (1,641) (1,546) (6,595) (4,855) (4,984) 3% (15)% Private Bank (7,920) (1,769) (1,887) (2,075) (1,831) (7,561) (5,079) (5,792) 14% (6)% Asset Management (1,670) (491) (436) (474) (444) (1,845) (1,359) (1,354) 0% (9)% Corporate & Other (1,281) (343) (253) (256) (270) (1,123) (694) (780) 12% Group (21,505) (5,189) (5,457) (5,602) (5,164) (21,413) (15,201) (16,223) 7% (0)% Pre-provision profit¹ Corporate Bank 606 786 889 787 816 3,277 1,363 2,491 83% Investment Bank 3,544 64 894 720 725 2,404 3,486 2,339 (33)% Private Bank 313 737 551 325 512 2,125 1,568 1,388 (11)% Asset Management 1,038 118 153 146 150 567 639 449 (30)% Corporate & Other (1,595) (579) (263) (171) (235) (1,250) (1,362) (670) (51)% Group 3,905 1,126 2,224 1,806 1,968 7,123 5,694 5,998 5% Notes: for footnotes refer to slides 44 and 45 Deutsche Bank Investor Relations Q3 2023 results October 25, 2023 27#29Adjusted post-tax RoTE, CIR and operating leverage In € m, unless stated otherwise Profit (loss) before tax Adjustments (-) Restructuring & severance (-) Litigation Nonoperating costs adjustment (-) Bank levies reported (+) Bank levies pro rata Bank levies adjustment Adjusted profit (loss) before tax¹ Profit (loss) attributable to noncontrolling interests Profit (loss) attributable to additional equity components Income tax expense (benefit) Adjusted profit (loss) attributable to DB shareholders Average tangible shareholders' equity Adjusted post-tax RoTE (in %) 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 Q3 2023 9M 2022 9M 2023 1,615 1,723 4,820 4,980 (30) (94) 16 (377) (45) (105) (187) (566) 75 199 170 943 (11) (4) (747) (479) (191) (125) (572) (374) (179) (121) 176 105 1,511 1,801 5,166 6,028 (33) (24) (106) (89) (94) (146) (353) (422) (343) (544) (1,236) (1,812) 1,040 1,087 3,471 3,706 54,169 56,514 53,196 56,364 7.7 7.7 8.7 8.8 8.2 7.3 8.1 7.0 0.6 (0.4) (0.6) (1.8) 6,918 7,132 20,895 (5,058) (5,086) (14,855) 22,221 (15,176) 73 71 71 68 72 72 73 73 (2) 1 2 5 3.1 6.3 0.6 2.2 2.5 4.2 28#30Last 12 months (LTM) revenues reconciliation In € m, unless stated otherwise Q4 20211 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q3 2022 LTM² Q3 2023 LTM3 Q3 2022 LTM %-share Q3 2023 LTM %-share Revenues Corporate Bank 1,352 1,462 1,551 1,564 1,760 1,973 1,943 1,889 5,929 7,565 21% 26% Investment Bank 1,913 3,323 2,646 2,372 1,675 2,691 2,361 2,271 10,254 8,998 37% 31% Private Bank. 2,040 2,220 2,160 2,267 2,506 2,438 2,400 2,343 8,687 9,686 31% 34% Asset Management 789 682 656 661 609 589 620 594 2,787 2,412 10% 8% Total: Operating businesses 6,094 7,687 7,013 6,864 6,551 7,691 7,323 7,097 27,657 28,663 100% 100% Group5 5,900 7,328 6,650 6,918 6,315 7,680 7,409 7,132 26,795 28,536 Notes: for footnotes refer to slides 44 and 45 Deutsche Bank Investor Relations Q3 2023 results October 25, 2023 29#31Indicative divisional currency mix Q3 2023 Net revenues Noninterest expenses 2% 7% 6% 9% 14% 20% 21% 5% 19% 16% 17% 5% 0% 15% 1% 28% 17% 13% 0% 33% 16% 31% 20% 34% 6% 1% 15% 17% 0% 87% 85% 68% 64% 38% 54% 55% 46% CB CB Investor Relations IB PB AM Group CB EUR GBP USD Other¹ 55% 50% 12% IB PB AM 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 Q3 2023 results October 25, 2023 30#32Net 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 Key highlights ~100 ~(105) 2024 ~100 ~(100) 2025 ~145 ~(145) 2026 Breakdown of sensitivity by currency for +25bps shift in yield curve ~85 ~75 ~50 ~30 ~30 ~30 ~20 ~20 ~5 2024 2025 2026 2024 2025 2026 2024 2025 2026 EUR USD Other 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.) Notes: for footnotes refer to slides 44 and 45 Deutsche Bank Investor Relations Q3 2023 results October 25, 2023 31#33Provision for credit losses and stage 3 loans. Provision for credit losses, in € m Private Bank Corporate Bank Investment Bank 401 350 372 351 41 141 132 78 49 64 245 56 63 75 117 11 267 224 174 161 147 Stage 3 at amortized cost, in € bn PB (ex-POCI) CB (ex-POCI) IB (ex-POCI) POCI Group stage 3 2.5% 2.5% 2.7% 2.7% 2.6% loans at amortized 13.0 13.2 cost%2 12.5 12.4 12.8 1.0 1.0 1.1 1.0 0.9 2.4 2.4 2.7 2.9 2.8 2.4 2.9 3.0 3.0 2.8 6.4 5.9 6.0 6.1 6.0 Provision for credit losses Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Coverage Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 (bps of loans)1 ratio3,4 Group 28 28 30 33 20 20 Group 33% 32% 32% 32% 33% CB 24 18 21 40 4 CB 42% 33% 33% 33% 34% IB 52 30 16 54 25 IB 21% 21% 16% 16% 17% PB 24 34 40 22 27 PB 36% 37% 39% 39% 40% 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 Investor Relations Q3 2023 results October 25, 2023 32#34Loan and deposit development In € bn, unless stated otherwise, loan-to-deposit ratio 79% Loan development1,2 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 503 489 488 482 485 QoQ YOY (0)% (1)% Investment Bank 105 103 103 103 103 Corporate Bank 129 122 121 116 117 (0)% 5% 0% (7)% Private Bank 269 265 263 263 263 (0)% (1)% Q3 2022 Q4 2022 Q1 2023 Q2 2023 FX-adjusted³ Q3 2023 Deposit development² 631 621 592 593 611 2% (1)% Investment Bank/ 17 16 11 12 15 Corporate Bank 291 289 269 271 286 5% 1% > Private Bank 322 317 310 307 309 0% (3)% Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 FX-adjusted³ Notes: for footnotes refer to slides 44 and 45 Deutsche Bank Investor Relations Q3 2023 results October 25, 2023 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 Other 1 Other IB² 0% Leveraged Debt Capital Markets Asset Backed Securities 10% 1% 6% IB Commercial Real Estate 4% Business Banking 4% German Mortgages 32% 2% International 20% Corporate Treasury Services³ 5% Mortgages 3% Consumer Finance 0% 12% Business Finance Other PB Wealth Management Corporate Bank Investment Bank Private Bank Other Notes: percentages may not sum due to rounding; loan amounts are gross of allowances for loans; for footnotes refer to slides 44 and 45 Deutsche Bank Investor Relations 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 € 32bn in scope of severe stress test By region APAC 8% > > € 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% Of total loans EU 38% € 32bn 54% US > 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% > Q3 2023 € 485bn US Office: <2% Other CRE: 5% By sector assets > Geographically diverse, well located institutional quality 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 > EU By region 22% APAC 1% € 227m 77% US 9M 2023 CRE CLPS: € 227m (of which US CRE € 175m) By sector Other Retail Other Residential 7% Q3 2023 25% Hospitality 11% 1% 4% 43% Retail € 32bn Office €227m 9% 77% 13% 10% Office Residential Hospitality Q3 2023 9M 2023 35#37Commercial Real Estate (CRE) 2/2 US CRE in scope of severe stress test: € 18bn US CRE loan risk management By types Office: € 8bn Modified loans, in € bn 5.7 Other Other Office 18% NY 28% Miami 31% 43% Philadelphia 3% 3% 5% Boston 5% Retail 14% 10% Residential Hospitality Q3 2023 10% Seattle 16% LA 15% San Fran 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 Deutsche Bank Investor Relations Q3 2023 results October 25, 2023 > > 4% CLP impact > Q3 2022 Q3 2023 US CRE CLPS CLPs per quarter, in € m 74 40 40 35 26 66 Q3 Q4 Q1 2022 2022 2023 Q2 Q3 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 36#38Level 3 assets and liabilities As of September 30, 2023, in € bn Assets: € 26bn Debt securities 4 Other Liabilities: € 12bn Key highlights Other 0 4 9 Derivative Assets Debt Securities 4 Derivative Liabilities > Level 3 is an indicator of valuation uncertainty and not of asset quality > The Group classifies financial instruments as 9 Loans Movements in balances 5 27 8 Movements in balances (1) (5) 2 (0) 26 11 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: 0 12 > Uncertain inputs often hedged, e.g. in Level 3 liabilities > Exchange of collateral with derivative counterparties Prudent Valuation capital deductions³ specific Dec 31, 2022 Purchases/ Sales/ Issuances¹ Settlements Others² Sep 30, 2023 Dec 31, Issuances 1 Settlements Others 2 Sep 30, 2022 2023 Notes: for footnotes refer to slides 44 and 45 Deutsche Bank Investor Relations Q3 2023 results October 25, 2023 to Level 3 balances of ~€ 0.7bn 37#39Leverage exposure and risk-weighted assets CRD4, in € bn, period end Leverage exposure Risk-weighted assets 354 354 59 Operational risk RWA 59 1,236 1,235 59 Trading assets 108 111 32 Derivatives1 128 131 23 Market risk RWA Credit valuation/ adjustments 23 Lending 487 473 145 Lending commitments² Credit risk RWA 266 Reverse repo/ 125 126 securities borrowed 102 101 38 Cash and deposits 6 171 176 with banks 49 Other 116 118 Q2 2023 Q3 2023 Q3 2023 Q3 2023 Notes: for footnotes refer to slides 44 and 45 Deutsche Bank Investor Relations Q3 2023 results October 25, 2023 38#40Litigation update In € bn, period end Litigation provisions 1.3 1.2 1.2 1.5 1.6 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Contingent liabilities 2.2 2.3 1.9 1.9 1.9 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Key highlights Litigation provisions increased modestly by € 0.1bn quarter on quarter › 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 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 Deutsche Bank Investor Relations Q3 2023 results October 25, 2023 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 22 12 6 August ME October MTD October ME Plan Average call center waiting time Monthly average 9 min 5 min <4 min August September 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 88220 60 40 052 047 051 044 034 Q3 2022 Q4 2022 Stressed VaR, DB Group Regulatory scope, 99%, 10 days Quarterly 0173 average 400 300 200 100 0 Q3 2022 Deutsche Bank Investor Relations 0205 www Q1 2023 Q2 2023 Q3 2023 0170 0124 0174 ་་ Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q3 2023 results October 25, 2023 41#43Assets under management - Private Bank In € bn, unless stated otherwise - AuM12 by business unit and product group +3% +1% Including € (15)bn I disposal effect4 I 529 518 531 541 547 111 110 109 110 113 76 73 72 74 78 Inv. Prod. 121 342 127 336 135 139 350 358 138 359 221 209 215 220 218 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 IPB - Investment Products PB GY-Investment Products IPB - Deposits PB GY Deposits AuMnet flows³ 7.6 1.5 5.5 2.1 6.1 3.6 4.3 3.5 2.9 (1.0) 3.9 1.0 9.2 1.0 6.8 2.1 1.8 2.9 2.0 0.9 3.2 2.1 (1.1) (0.8) (0.7) Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q3 2022 Notes: for footnotes refer to slides 44 and 45 Deutsche Bank Investor Relations Q3 2023 results October 25, 2023 42#44Assets under management – Asset Management In € bn, unless stated otherwise - - AuM development 29.0 Year-on-year 27.1 Quarterly mgmt. fee margin, in bps 27.4 860 833 16 39 (28) Q3 2022 AuM Net flows FX Market performance Other Q3 2023 AuM AuM by asset class¹ 9% 25% 15% Q3 2022 Average AuM: 833 8% 857 24% 12% 8% Q3 2022 Notes: for footnotes refer to slides 44 and 45 Deutsche Bank Investor Relations Quarter-on-quarter 27.1 859 11 (13) 860 Q2 2023 AuM Net flows FX Market performance Other Q3 2023 AuM 9% 9% 23% 23% Q2 2023 13% 13% Average AuM: Q3 2023 Average AuM: 859 860 9% 850 9% 864 26% 27% 12% 12% 8% 7% Q2 2023 Q3 2023 Fixed Income Multi Asset Equity SQI Passive Alternatives Cash Q3 2023 results October 25, 2023 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 balances 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 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) Deutsche Bank Investor Relations Q3 2023 results October 25, 2023 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 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 reference points for a full year, 4 reference points for a quarter) Deutsche Bank Investor Relations Q3 2023 results October 25, 2023 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