Deutsche Bank : Q2 Release

Media Release

Frankfurt am Main	27 July 2022

Deutsche Bank reports profit before tax of € 1.5 billion, its highest second-quarter profit since 2011

Profit before tax up 33% to € 1.5 billion with post-tax profit up 46% to € 1.2 billion

• Post-taxreturn on tangible equity (RoTE)1 of 7.9%, up from 5.5% in the second quarter of 2021
• Cost/income ratio of 73%, down from 80% in the prior year quarter

Net revenues up 7% to € 6.6 billion driven by growth across all core businesses

• Corporate Bank up 26% year on year to € 1.6 billion
• Investment Bank up 11% to € 2.6 billion
• Private Bank up 7% to € 2.2 billion
• Asset Management up 5% to € 656 million

Noninterest expenses reduced 3% year on year to € 4.9 billion

• Adjusted costs ex-transformation charges and bank levies1 up 2% to € 4.7 billion, down 2% if adjusted for foreign exchange movements

Core Bank profit before tax rises 21% to € 1.7 billion

• Post-taxRoTE1 of 9.5%, up from 7.8% in the prior year quarter
• Cost/income ratio improves from 76% to 70% year on year

Capital Release Unit delivers further progress

• Loss before tax reduced by 30% year on year to € 181 million
• Leverage exposure down € 6 billion to € 29 billion during the quarter

Common Equity Tier 1 (CET1) ratio of 13.0%, up from 12.8% in the first quarter

First six months: highest half-yearpost-tax profit since 2011 despite higher bank levies

• Net revenues up 4% to € 14.0 billion
• Profit before tax up 16% year on year to € 3.2 billion
• Post-taxprofit up 31% to € 2.4 billion
• Post-taxRoTE1 of 8.0%, up from 6.5%
• Cost/income ratio improves to 73%, down from 78% in prior year period

Issued by the media relations department of Deutsche Bank AG	Internet:db.com/news
Taunusanlage 12, 60325 Frankfurt am Main	Email: [e-mail]
Phone [phone], Fax [phone]

Release 1 | 12

"With the best half-year profits since 2011, we have proven - once again - that we can deliver growth and rising profits in a challenging environment", Christian Sewing, Chief Executive Officer, said. "We are particularly pleased with the progress of our Corporate Bank and Private Bank. Thanks to our successful transformation, we're well on track to deliver sustainable and well-balanced returns through our four strong core businesses."

Deutsche Bank (XETRA: DBGn.DB / NYSE: DB) today announced its highest second-quarter and half-yearpost-tax profits since 2011. Profit before tax was €

1.5 billion for the second quarter of 2022, up 33% year on year, while post-tax profit was up 46% to € 1.2 billion.

Post-tax return on average tangible shareholders' equity (RoTE)1 was 7.9%, up from 5.5% in the prior year quarter. Post-tax return on average shareholders' equity (RoE) was 7.1% in the quarter, up from 4.9% in the prior year quarter. The cost/income ratio improved to 73%, from 80% in the second quarter of 2021. The effective tax rate of 22% for the quarter benefited from a change in the geographical mix of income.

For the first six months, profit before tax was € 3.2 billion, up 16%, and post-tax profit was up 31% to € 2.4 billion. Profit attributable to Deutsche Bank shareholders was up 32% to € 2.1 billion. Post-tax RoTE1 was 8.0%, up from 6.5% in the first six months of 2021, and post-tax RoE was 7.2%, up from 5.8%. The cost/income ratio improved to 73%, from 78% in the prior year period. Results for the first six months of 2022 included bank levies of € 736 million, up € 189 million, or 34%, over the prior year period. The effective tax rate for the first six months was 24%.

2022 targets updated, 2025 targets reaffirmed

Deutsche Bank reaffirms 2022 revenue guidance of € 26-27 billion despite the deterioration in the macro-economic environment seen in the second quarter and expectations for a more challenging second half of the year.

The bank remains committed to continuing its cost reduction efforts and will continue to execute on its 2022 plan. However, the bank also recognises increasing cost pressures from factors outside its control including higher-than- expected bank levies, inflation, unforeseen costs related to the war in Ukraine, and litigation matters. The bank also made the decision not to cap strategic investments in its control environment, staff, and technology to drive growth and efficiency, which are important for its long-term strategic direction as outlined in the Investor Deep Dive of March 10, 2022.

In the light of both revenue and cost developments, Deutsche Bank has updated its 2022 targets as follows:

Media Release 2 | 12

• The bank continues to target a post-tax RoTE1 of 8% (Group) and above 9% (Core Bank) for the year 2022, while recognising that the current operating environment makes delivery on these targets more challenging
• The bank's guidance is now for a cost/income ratio in the mid- to low-70s percent for 2022

Deutsche Bank confirms all other 2022 financial targets including a CET1 capital ratio of above 12.5% and a leverage ratio of around 4.5%.

The bank reaffirms the goals of its strategy of sustainable growth through 2025. For 2025, the bank targets compound annual revenue growth of 3.5-4.5%; post- tax RoTE1 of greater than 10%, and a cost/income ratio of below 62.5%. The bank also reaffirms its aim for cumulative capital distributions of around € 8 billion in respect of the years 2021-2025.

James von Moltke, Chief Financial Officer, said: "Based on the resilience we have demonstrated in the first half, we reaffirm our 2022 revenue guidance, which we raised earlier this year. We continue to work towards our eight percent return on tangible equity target. At the same time, we face cost pressures in a more difficult environment than expected and continue to invest in the long-term strength of our platform. We remain fully committed to our sustainable growth strategy and to all our financial targets for 2025."

Core Bank: broad-based profit growth

The Core Bank, which excludes the Capital Release Unit, produced profit before tax of € 1.7 billion, up 21% year on year. Profit growth reflected 6% revenue growth to € 6.6 billion, combined with a 1% reduction in noninterest expenses to €

4.7 billion. Adjusted costs ex-transformation charges and bank levies were up 4% to € 4.6 billion and up 1% if adjusted for FX movements. Post-tax RoTE1 was 9.5%, consistent with the Core Bank's full year 2022 target of above 9% and up from 7.8% in the second quarter of 2021. Post-tax RoE was 8.4%, up from 6.9%. The Core Bank's cost/income ratio was 70%, down from 76% in the prior year quarter.

The core businesses contributed as follows to the Core Bank's profit growth:

• Corporate Bank: profit before tax of € 534 million, more than double year on year, with post-tax RoTE1 of 13.4% and cost/income ratio of 62%
• Investment Bank: profit before tax of € 1.1 billion, up 1%, with post-tax RoTE1 of 11.4% and a cost/income ratio of 57%
• Private Bank: profit before tax of € 463 million, versus a € 15 million loss before tax in the prior year quarter, post-tax RoTE1 of 9.9% and a cost/income ratio of 74%
• Asset Management: profit before tax of € 170 million, down 6% year on year, post-tax RoTE1 of 18.6% and cost/income ratio of 67%

Release 3 | 12

For the first six months, Core Bank pre-tax profit was up 9% to € 3.7 billion and post-tax RoTE1 was 10.1%, up from 9.3% in the first half of 2021. The cost/income ratio was 70%, down from 73% in the prior year period. The combined profit before tax of the Corporate Bank, Private Bank and Asset Management was € 2.1 billion, or 56% of the Core Bank's profit before tax in the first six months, compared to 32% for the first six months of 2021.

Capital Release Unit: further portfolio reduction and P&L improvement

The Capital Release Unit maintained its progress on portfolio reduction. Leverage exposure was reduced by a further € 6 billion to € 29 billion during the second quarter and risk weighted assets (RWAs) were stable at € 25 billion, including operational risk RWAs of € 19 billion. The Capital Release Unit remains ahead of its year-end 2022 targets for both leverage exposure and RWA reduction and has cut leverage exposure by € 220 billion, or 89%, and RWAs by € 40 billion, or 61%, since its creation in mid-2019.

The Capital Release Unit further reduced its loss before tax to € 181 million, down 30% year on year and the lowest quarterly loss since its creation in 2019. The improvement was driven primarily by a 26% year-on-year reduction in noninterest expenses, while net revenues were € 7 million positive, versus € 24 million negative in the prior year quarter, reflecting lower impacts from de-risking, risk management and funding.

Revenue growth across all core businesses in second quarter and first half year

Net revenues were € 6.6 billion, up 7% year on year and the highest second- quarter revenues since 2016, despite business exits related to transformation since 2019. In the core businesses, net revenues were as follows:

• Corporate Bank net revenues were € 1.6 billion, up 26% year on year, the highest since the formation of the Corporate Bank in 2019 and the third consecutive quarter of double-digit revenue growth. Growth was driven by a normalising interest rate environment, growth in business volumes and higher fee income. Revenues in Corporate Treasury Services were up 30%, Institutional Client Services revenues rose 26% and Business Banking revenues were up 9%. Gross loans were up € 12 billion, or 11%, and deposits rose by € 19 billion, or 7%, over the prior year quarter. For the first six months, net revenues were up 18% to € 3.0 billion.
• Investment Bank net revenues were € 2.6 billion, up 11% year on year. Fixed Income & Currencies (FIC) revenues grew 32% to € 2.4 billion, the highest second-quarter FIC revenues for ten years. Net revenues in Rates, Foreign Exchange and Emerging Markets all more than doubled year on year, which more than offset a decline in Credit Trading compared with a strong prior year quarter. Origination & Advisory revenues declined by 63% year on year, reflecting markdowns on Leveraged Finance commitments

Media Release 4 | 12

which impacted debt origination revenues. Adjusted for these, Origination

• & Advisory revenues were down 38% year on year, against the backdrop of a 45% year-on-year decline in the industry fee pool (source: Dealogic). Advisory revenues were up 50%, reflecting market share gains. For the first six months, net revenues were up 9% to € 6.0 billion.

• Private Bank net revenues were € 2.2 billion, up 7% year on year, or 4% if adjusted for two effects: a significant reduction in forgone revenues from the ruling by the German Federal Court of Justice (BGH) in April 2021 regarding pricing changes on current accounts, partly offset by lower revenues from Sal. Oppenheim workout activities. Revenues in the Private Bank Germany were up 11%, or 3% if adjusted for the reduced impact of the BGH ruling, while the International Private Bank grew revenues by 2%, or 6% if adjusted for the effect on revenues of Sal. Oppenheim workout activities. Net new business volumes were € 11 billion in the quarter. This included net inflows of € 7 billion, including inflows into investment products of € 5 billion and new deposits of € 2 billion, and net new client loans of € 4 billion. For the first six months, net revenues were up 4% to € 4.4 billion and net new business volumes were € 24 billion.
• Asset Management net revenues rose 5% year on year to € 656 million. This development was predominantly driven by a 6% rise in management fees to € 619 million, partly reflecting inflows in previous quarters, while performance and transaction fees were up 69% to € 31 million. Net outflows were € 25 billion, driven almost entirely by outflows of low-margin cash products in a challenging macro-economic environment, of which the majority returned during July. Net outflows excluding cash products were essentially zero, as net inflows from active Equity, Multi-Asset and Alternatives offset outflows in Passive products. Assets under management were € 833 billion at quarter-end, down 3% versus the prior year quarter, reflecting the aforementioned net outflows together with market conditions, partly offset by FX movements. For the first six months, net revenues were up 6% to € 1.3 billion.

Revenue growth in Deutsche Bank's core businesses more than offset negative revenues in Corporate & Other which were negative € 370 million in the quarter, compared to negative € 6 million in the prior year quarter. This development primarily reflected valuation and timing differences on derivatives used to hedge the economic risk of the bank's balance sheet. These accounting impacts were driven by market volatility which persisted during the quarter and rising interest rates, partly offset by cross-currency basis effects. On aggregate, negative valuation effects are expected to reverse over time as the underlying instruments approach maturity.

For the first six months, net revenues were € 14.0 billion, up 4%, for both the Group and the Core Bank, and the highest half-year net revenues since 2016.

Release 5 | 12