Deutsche Bank : Q1 Präsentationen

Deutsche Bank

Q1 2021 results

28 April 2021

Disciplined execution drives transformation and materially improved profitability

Strong profitability driven by continued revenue improvement at Group and Core Bank

Further progress against cost trajectory

Robust balance sheet combined with prudent risk management

Execution of strategic transformation and management agenda progressing in line with plan

Progress across all businesses in Q1 further increases confidence in our strategic path

Deutsche Bank	Q1 2021 results	1
Investor Relations	28 April 2021

Q1 demonstrated progress against 2022 financial plan

		Q1 2020	Q1 2021		2022 targets and
			ambitions
Revenues		€ 6.4bn		€ 7.2bn		~€ 24.4bn

Adjusted costs ex transformation charges		€ 4.9bn(1)		€ 4.6bn(1)		€ 16.7bn
Provision for credit losses		€ 0.5bn		€ 0.1bn		€ 1.2bn
Cost/income ratio		89%		77%		70%
Return on tangible equity(2)		(0)%		7%		8%
Core Bank return on tangible equity		5%		11%		>9%

Note: Throughout this presentation totals may not sum due to rounding differences and percentages may not precisely reflect the absolute figures. From 1 Jan 2020 financials have been prepared in accordance with IFRS as endorsed by the EU

1. Adjusted costs excluding bank levies, unexpected deposit guarantee scheme premium (in Q1 2021), transformation charges and expenses eligible for reimbursement related to Prime Finance. Detailed on slides 12 and 31
2. Throughout this presentation post-tax return on average tangible shareholders' equity is calculated on net income after AT1 coupons

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Investor Relations	28 April 2021

Progress on strategic priorities

Q1 2021

Corporate Bank

• € 83bn deposits under charging agreements with quarterly revenues of € 74m Progress in clearing payments via online
• marketplaces and expansion of partnership with Mastercard

PBTRoTE

+90%+3ppt

Investment Bank

• Double digit percentage revenue growth for the 6th consecutive quarter
• Continued client re-engagement and growth in client intensity

PBTRoTE

+134% +11ppt

Private Bank

• € 15bn of net inflows across AuM and net new loans, in line with our 2021 ambition Reached agreement with workers council on
• distribution network optimization to close ~150 branches in Germany in 2021

PBTRoTE

+92%+3ppt

Asset Management

• At € 820bn, AuM reached record highs for DWS with growth in our targeted asset classes
• DWS laid foundations for a standalone technology platform

PBTRoTE

+66%+13ppt

	Profit before tax YoY	RoTE YoY
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Growing revenues under refocused strategy

Core Bank revenues(1) excluding specific items(2), in € bn

Group

6.3

7.2

			7.1
			12%
		6.4	1.3
Corporate	1.3
Bank
Investment		3.1
2.3
Bank
Private	2.2	2.2
Bank
Asset
Management	0.5	0.6
		Q1 2020	Q1 2021

23.124.9

25.0

7%

23.35.2

5.2

10.1

7.3

8.28.1

2.3	2.3
Last 12 months	Last 12 months
(LTM) Q1 2020	(LTM) Q1 2021

1. Corporate & Other revenues (Q1 2020: € 43m, Q1 2021: € (74)m, LTM Q1 2020: € 226m, LTM Q1 2021: € (652)m) are not shown on this chart but are included in Core Bank totals
2. Detailed on slide 30

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Investor Relations	28 April 2021

Cost discipline continues for the 13th consecutive quarter

Adjusted cost excluding transformation charges(1), in € bn

Bank levies(2)

Prime Finance(3)

0.7

0.6

0.5
							0.6
				0.1

5.7	5.6	5.5	5.4	5.3	5.3	5.2	5.0	4.9	4.7	4.7
	4.6	4.6

									0.1				0.1		0.1		0.1		0.1				0.1
									Q4
				Q4										Q2		Q3
	Q1	Q2	Q3		Q1	Q2	Q3				Q1				Q4				Q1
			2018					2019								2020				2021

1. Adjusted costs excluding bank levies and transformation charges related to the strategic announcement on 7 Jul 2019. No transformation charges in 2018. Detailed on slide 30. Q1 2021 reported noninterest expenses: € 5.6bn
2. For Q1 2021 including unexpected deposit guarantee scheme premium of € 28m
3. Expenses eligible for reimbursement related to Prime Finance. Detailed on slide 28

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Investor Relations	28 April 2021

Strategic transformation drives higher profitability

In € bn, unless stated otherwise

Last 12 months (LTM) adjusted profit (loss) before tax(1)

75%

							5.3	Core Bank
					3.7	4.2
	2.7	3.0	3.1
2.4
									Capital
(2.1)	(2.4)				(2.4)	(2.0)	(1.7)	Release
(2.6)	(2.7)			Unit
Q3	Q4		Q1	Q2	Q3	Q4		Q1
	2019				2020		2021

1. 2019 figures based on reporting structure as disclosed in 2020 annual report

Deutsche Bank	Q1 2021 results	6
Investor Relations	28 April 2021

Disciplined risk management

In € bn, unless stated otherwise

Credit risk

32

13

13

17

41

6

1.4				1.8
			0.5	0.5	0.7		0.1
2016	2017	2018	2019	2020	Q1 2021
		Provisions for credit losses	xx	In bps of average loans(1)

Market risk

4.3	3.8	4.0	3.6
				2.2	1.9
2016	2017	2018	2019	2020	Q1 2021

Market risk trading economic capital(2)

Liquidity risk									Non-financial risk(3)
300		219	280	259	222	243	243		150%	3.1
250
200											140%
150
100											130%					0.7
50																0.3	0.4	0.4
																0.02
0											120%
2016	2017	2018	2019	2020 Q1 2021	2016	2017	2018	2019	2020	Q1 2021
				Liquidity reserves			Liquidity coverage ratio					Legal losses			Non-legal operational losses

1. Loans gross of allowance at amortized cost
2. Sum of traded market risk economic capital and traded default risk economic capital; scope includes fair value banking book
3. For risk management purposes, operational risk includes legal risk arising from loss events for operational shortcomings but excludes business and reputational risk

Deutsche Bank	Q1 2021 results	7
Investor Relations	28 April 2021

Maintained strong balance sheet

			Q4 2020		Q1 2021
	Common Equity Tier 1		13.6%		13.7%
	capital ratio

Liquidity reserves		€ 243bn		€ 243bn

Liquidity coverage ratio		145%		146%

	Provision for credit losses		23		6
	(bps of average loans)(2)

1. Maximum distributable amount of 10.4%
2. Quarterly provision for credit losses annualized as bps of average quarterly loans gross of allowance at amortized cost

330bps above regulatory

requirements(1)

Stable and high quality funding

base

• 70bn above regulatory requirements

Improved macroeconomic

environment

Deutsche Bank	Q1 2021 results	8
Investor Relations	28 April 2021

Disciplined delivery of transformation agenda

• Q1 results support our path and Investor Deep Dive goals
• Improving client engagement and macroeconomic environment validates view on revenue trajectory
• Continued progress in our key deliverables to support cost and control items
• Recent Management Board alignment to further drive client focus, efficiency and cross-divisional collaboration
• Continued progress in sustainable financing, with cumulative volumes of € 71bn(1)

87% of transformation related effects recognized

1. Cumulative sustainable financing and investing volumes since 2020

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Investor Relations	28 April 2021

Q1 2021 Group financial highlights

In € m, unless stated otherwise

				Change in %	Change in %
		Q1 2021	vs. Q1 2020	vs. Q4 2020
Revenues	Revenues	7,233		14		33
Revenues ex specific items(1)	7,222		15		31
Costs	Noninterest expenses	5,574		(1)		11
Adjusted costs ex transformation charges(2)	5,322		(2)		14
	Profit (loss) before tax	1,589		n.m.		n.m.
	Adjusted profit (loss) before tax (3)	1,752		n.m.		182
Profitability	Profit (loss)	1,037		n.m.		n.m.
	RoTE (%)(4)	7.4		7.7	ppt	6.9	ppt
	Cost/income ratio (%)	77		(12)	ppt	(15)	ppt
Risk and	Provision for credit losses (bps of average loans)(5)	6		(40)	bps	(17)	bps
CET1 ratio (%)(6)	13.7		90	bps	9	bps
Capital
Leverage ratio (%, fully loaded)(6)(7)	4.6		66	bps	(8)	bps
Per share	Diluted earnings per share (in €)	0.47		n.m.		n.m.
metrics	Tangible book value per share (in €)	23.86		3		3

1. Specific items detailed on slide 30
2. Transformation charges of € 116m for Q1 2021, € 84m for Q1 2020 and € 207m for Q4 2020
3. Adjusted profit (loss) before tax detailed on slide 32
4. Average tangible shareholders' equity Q1 2021: € 49.3bn, Q1 2020: € 49.7bn and Q4 2020 :€ 48.9bn
5. Provision for credit losses annualized as bps of average loans gross of allowances for loan losses (€ 433bn for Q1 2021)
6. The Q4 2020 CET1 ratio and leverage ratio have been re-published in line with recent ECB/EBA guidance to reflect a dividend payment of zero
7. Q1 2021 leverage exposure excludes certain central bank balances after the implementation of the CRR Quick Fix. Q1 2021 phase-in leverage is 4.7%

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Core Bank financial highlights

Q1 2021, in € bn, unless stated otherwise

		Core	Change vs.		Change vs.
		Bank	Q1 2020		Q4 2020
Revenues		7.2		12%		30%
Revenues ex specific items(1)		7.1		12%		28%
Noninterest expenses		5.1		3%		9%
Adjusted costs ex transformation charges(2)		4.9		2%		12%
Profit (loss) before tax (in € m)		1,999		106%		n.m.
Adjusted profit (loss) before tax (in € m)(3)		2,151		103%		119%
Post-tax return on tangible equity (in %)		10.9		6 ppt		8 ppt
Adjusted post-tax return on tangible equity (in %)(4)		11.9		6 ppt		6 ppt
Cost/income ratio (%)		71.0		(6.2)ppt		(13.4) ppt
Risk weighted assets		296		(0)%		1%
Leverage exposure (fully loaded)		1,125		(0)%		3%

1. Detailed on slide 30
2. Transformation charges of € 104m in Core Bank for Q1 2021, € 55m for Q1 2020 and € 166m for Q4 2020
3. Profit (loss) before tax adjusted for specific revenue items, transformation charges as well as restructuring & severance costs and goodwill impairments. Detailed on slide 32
4. Post-taxreturn on tangible equity adjusted for specific revenue items, transformation charges as well as restructuring & severance costs and goodwill impairments. Tax expense adjusted for DTA valuation adjustment and share based compensation. Detailed on slide 29

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Investor Relations	28 April 2021

Adjusted costs

In € m

Prime Finance(1)																		Cost/income
																		ratio (adj.)
Q1 2020 ex.
transformation	5,354							98 5,452				86%
charges
Compensation		(87)
and benefits(2)
	(23)
Information Technology
Professional		(14)												(2)%
services
	68
Bank levies
Other		(73)
Q1 2021 ex.
transformation	5,245		77 5,322						74%
charges
Transformation
				116
charges(3)
Q1 2021										5,439		75%

Q1 2021 year on year comments

• Lower compensation and benefits reflect workforce reductions
• Continued reduction in IT costs
• Decrease in professional service fees, primarily reflecting a reduction in external workforce costs
• Higher bank levies than prior year quarter
• Further reductions across other cost categories such as travel and marketing expenses

Note: Adjusted costs detailed on slide 31

1. Expenses eligible for reimbursement related to Prime Finance. Detailed on slide 28
2. Excludes severance of € 14m in Q1 2020, € 41m in Q1 2021 as this is excluded from adjusted costs as detailed on slide 31
3. Detailed on slides 28 and 31

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Investor Relations	28 April 2021

Provision for credit losses

In € m

			Stage 1 + 2							761
			Stage 3
											252
									506
									230		273
											251
					175	247			510
				161					408				69
140								352
54			259	276
43	213						165
107
97
							(12)						(101)	(95)
					(38)				(135)
		Q1	Q2	Q3	Q4		Q1	Q2	Q3		Q4		Q1
				2019							2020					2021

Comment

• Q1 provisions significantly below the previous quarters
• Materially lower Stage 3 provisions quarter on quarter across all businesses from fewer impairment events, with the further benefit of releases in the Corporate Bank and the Investment Bank
• Positive macroeconomic outlook driving releases in Stage 1+2 related provisions

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Investor Relations	28 April 2021

Capital ratios

Movements in basis points, period end

CET1 ratio	- CET1 ratio up 9bps quarter on quarter

13.6%		11		13.7%	- 11bps from RWA changes as lower market and
		(2)
	(1)			operational risk RWA outweigh credit risk increase
				including TRIM impact for large corporates
					- (2)bps capital change from positive net income offset by
					dividend and AT1 accrual, equity compensation effects
					and higher PruVal due to reversal of temporary 2020
					methodology relaxation(2)
Q4 2020 (1)	FX Effect	RWA	Capital	Q1 2021	- ~80bps CET1 ratio burden from final TRIM decisions and
		change	change		other regulatory RWA inflation expected in Q2 2021

Leverage ratio, fully loaded	- Leverage ratio decreased by (8)bps in the quarter

	4.7%				4.6%	- (4)bps from FX translation effects
		(4)			- (3)bps from increased trading volumes and net loan
		(3)	(1)
				growth, offset by higher central bank balance exclusion
						- (1)bps from negative capital effects
						- Pro-forma leverage ratio of 4.2% including certain central bank
						balances(3)
						- Up to ~€ 20bn leverage exposure increase expected from the
Q4 2020(1)	FX Effect	Leverage	Capital	Q1 2021	introduction of SA-CCR(4) in Q2 2021
			Exposure	change
			change
(1)	Q4 2020 CET1 ratio and Leverage ratio have been re-published in line with recent ECB/EBA guidance to reflect a dividend payment of zero
(2)	The beneficial aggregation factor setting of 66% for the calculation of PruVal (regulatory AVA) introduced in EU regulation effective 26 Jun 2020 reversed to 50% effective 1 Jan 2021
(3)	Q1 2021 leverage exposure excludes € 101bn of certain central bank balances in line with the ECB's corresponding decision for Euro Area banks under its supervision dated 17 Sep 2020
(4)	Standardised Approach for Counterparty Credit Risk (SA-CCR)

Deutsche Bank	Q1 2021 results	14
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Segment results

Deutsche Bank	Q1 2021 results
Investor Relations	28 April 2021

Corporate Bank
In € m, unless stated otherwise			Change in	Change in
				% vs.	% vs.
		Q1 2021	Q1 2020	Q4 2020	Q1 2021 year on year comments
Revenues	Revenues	1,313		(1)		7		- Revenues ex. specific items 2%
Revenues ex specific items(1)	1,313		(1)		6			higher excluding currency
					translation effects
	Noninterest expenses
	1,104		1		10		- Interest rate headwinds offset
Costs	of which: Adjusted costs ex	1,068		1		11			through benefits from TLTRO III
transformation charges(2)					program, portfolio rebalancing
	Cost/income ratio (%)	84		1ppt	2	ppt		actions, charging agreements and
			business momentum
	Profit (loss) before tax	229		90	52		- Charging agreements in place on
									accounts with € 83bn of deposits
Profitability	Adjusted profit (loss) before tax(3)	266		69		33
				and quarterly revenues of € 74m
	RoTE (%)(4)	6.3		3.3ppt	2.4	ppt	-	Adjusted costs ex-transformation
									charges 1% higher driven by bank
Balance sheet	Loans(5)	117		(10)		2			levy allocations partly offset by
								headcount reductions, non-
Deposits	258		(1)		2
(€ bn)					compensation initiatives and
Leverage exposure	287		3		5
					benefits from currency translation
	Risk weighted assets (€ bn)	61		0		7		-	Loans and deposits 2% higher
					compared to Q4 2020
								-
Risk	Provision for credit losses (bps of							Release of credit provisions driven
(7)		(43)bps	(33)	bps		by an improving macro outlook and
	average loans)(6)								provision releases on specific
									exposures

1. Specific items detailed on slide 30
2. Transformation charges of € 11m for Q1 2021, € 26m for Q1 2020 and € 15m for Q4 2020
3. Detailed on slide 32
4. Post-taxreturn on average tangible shareholders' equity applying a 28% tax rate. Allocated average tangible shareholders' equity Q1 2021: € 9.4bn, Q1 2020 : € 9.6bn and Q4 2020: € 9.2bn
5. Loans gross of allowance at amortized cost
6. Provision for credit losses annualized as bps of average loans gross of allowance at amortized cost

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Q1 2021 Corporate Bank revenue performance

In € m

	X%	Excluding specific items(1)		Change vs. Q1 2020 Q1 2021 year on year drivers
											- Corporate Bank disclosure now reflects
	Corporate Treasury Services	796		(1)%		(1)%			revenues reported by client
											categories(2)
											- Corporate Treasury Services 2% higher
											excluding effects from currency
	Institutional Client Services	327								translation. Interest rate headwinds
		(3)%			(3)%
					offset by benefits from TLTRO III
											program, charging agreements,
											portfolio rebalancing actions and
											business momentum
	Business Banking	190		1%		1%			- Institutional Client Services 3% higher
											excluding effects from currency
											translation, as fee income growth in
											Trust and Agency Services offset a
	Corporate Bank		1,313							decrease in Securities Services due to
		(1)%		(1)%
					interest rate reductions in key markets
											- Business Banking essentially flat as
											interest headwinds were offset by
											charging agreements and benefits from
											TLTRO III

1. Specific items detailed on slide 30
2. Detailed on slide 45

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Investment Bank
In € m, unless stated otherwise			Change in	Change in
				% vs.	% vs.
		Q1 2021	Q1 2020	Q4 2020	Q1 2021 year on year comments
Revenues	Revenues	3,097		32		64		- Significantly higher revenues
Revenues ex specific items(1)	3,112		34		63
								reflecting strong business
	Noninterest expenses	1,605		9		28		performance and further progress
				on our strategy implementation
Costs	of which: Adjusted costs ex	1,573		8		30
			- Noninterest expenses up 9% driven
transformation charges(2)
	Cost/income ratio (%)	52		(11)	ppt	(14)	ppt	by higher bank levy allocations;
		excluding such charges, expenses
	Profit (loss) before tax	1,490		134		148		were essentially flat
				- YoY reductions in Loans and RWA
Profitability	Adjusted profit (loss) before tax(3)	1,526		149		134
			reflected repayment of revolving
	RoTE (%)(4)	18.6		10.6ppt	11.5	ppt	credit facilities
								- Leverage was impacted by
Balance sheet	Loans(5)	71		(18)		3		materially lower pending
			settlements due to a change in
(€ bn)	Leverage exposure	494		(6)		4
			regulatory treatment in 2020
								- Significantly lower provision for
	Risk weighted assets (€ bn)	126		(4)		(2)
				credit losses, with improved
Risk	Provision for credit losses (bps of							macroeconomic outlook driving
	0		(123)bps	(17)	bps	provision releases
	average loans)(6)

1. Specific items detailed on slide 30
2. Transformation charges of € 13m for Q1 2021, € 14m for Q1 2020 and € 22m for Q4 2020
3. Detailed on slide 32
4. Post-taxreturn on average tangible shareholders' equity applying a 28% tax rate. Allocated average tangible shareholders' equity Q1 2021: € 22.2bn, Q1 2020 : € 21.1bn and Q4 2020: € 22.1bn
5. Loans gross of allowance at amortized cost
6. Provision for credit losses annualized as bps of average loans gross of allowance at amortized cost

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Q1 2021 Investment Bank revenue performance

In € m

X%	Excluding specific items(1)

Change vs. Q1 2020 Q1 2021 year on year drivers

Fixed Income, Currency
Sales & Trading	2,478	34%	33%

Origination & Advisory	644	40%		40%

Other(25)

Investment Bank	3,097
32%		34%

Fixed Income, Currency Sales & Trading:

• Significantly higher Credit revenues reflecting strong performance across products and the non-repeat of prior year mark-to-market losses
• Rates, FX and Emerging Markets revenues declined due to lower market activity vs the heightened levels of Q1 2020
• Underlying performance showed positive progress on strategic priorities

Origination & Advisory:

• Debt Origination revenues increased predominantly due to the rebound in Leveraged Debt Capital Markets
• Significantly higher Equity Origination revenues from strength in Special Purpose Acquisition Company (SPAC) activity as well as IPOs and follow-ons
• Advisory revenues were down; excluding the net impact of hedging, revenues increased

1. Specific items detailed on slide 30

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Private Bank
In € m, unless stated otherwise			Change in	Change in
		Q1 2021	% vs.	% vs.
		Q1 2020	Q4 2020	Q1 2021 year on year comments
Revenues	Revenues	2,178		0		11		- Revenues essentially flat as
Revenues ex specific items(1)	2,153		0		8		continued business growth and
								the benefits of TLTRO III offset
	Noninterest expenses	1,805		(4)		2		ongoing deposit margin
Costs	of which: Adjusted costs ex	1,756		(3)		11		compression
transformation charges(2)				- Adjusted costs ex transformation
	Cost/income ratio (%)	83		(4)	ppt	(8)	ppt
		charges down 3%, mainly
								reflecting savings from
	Profit (loss) before tax	274		92		n.m.		transformation initiatives,
Profitability	Adjusted profit (loss) before tax(3)	297		43		34		including workforce reductions,
	RoTE (%)(4)	6.3		2.9	ppt	6.6	ppt	and continued strict cost
		discipline
								- Business volumes grew with
Business	Loans(5)	242		6		2
			strong net inflows of € 15bn
volume	Deposits	306		7		2		including € 9bn in investment
(€ bn)	Assets under Management(6)	519		18		5		products and € 4bn in net new
								client loans
	Risk weighted assets (€ bn)	77		3		(0)		- Provisions for credit losses
Risk				reflecting improved economic
Provision for credit losses (bps of	16		(8)	bps	(13)	bps
		environment
	average loans)(7)

1. Specific items detailed on slide 30
2. Transformation charges of € 36m for Q1 2021, € 15m for Q1 2020 and € 49m for Q4 2020
3. Detailed on slide 32
4. Post-taxreturn on average tangible shareholders' equity applying a 28% tax rate. Allocated average tangible shareholders' equity Q1 2021: € 11.3bn, Q1 2020 : € 10.0bn and Q4 2020: € 10.7bn
5. Loans gross of allowance at amortized cost
6. Includes deposits if they serve investment purposes. Detailed on slide 46
7. Provision for credit losses annualized as bps of average loans gross of allowance at amortized cost

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Investor Relations	28 April 2021

Q1 2021 Private Bank revenue performance

In € m

X%	Excluding specific items(1)

Change vs. Q1 2020 Q1 2021 year on year comments

								Private Bank Germany:
								-	Revenues up 1% as continued strong business
									growth in investment, insurance and loan
Private Bank	1,346								products and the benefits from TLTRO III offset
	1%			1%
Germany						headwinds from continued deposit margin
									compression
								-	€ 2bn net inflows in investment products and
									net new client loans of € 2bn, mainly in
									mortgages
International	831(2)
	(1)%		(2)%		International Private Bank:
Private Bank
							-	Revenues ex specific items and FX translation
									effects up 1% despite interest rate headwinds
									and a strong prior year quarter performance
								-	Personal Banking revenues up by 4% mainly
									benefiting from higher loan and investment
Private Bank		2,178							product revenues
	0%			0%		-
			Private Banking and Wealth Management
									revenues ex specific items and FX translation
									effects supported by sustained business growth
									in part due to relationship manager hires in
									earlier periods and benefits from TLTRO III
								-	Net inflows of € 7bn in investments products
									and net new client loans of € 2bn

1. Specific items detailed on slide 30
2. Includes revenues from Personal Banking of € 229m, up 4% year on year and Private Banking and Wealth Management revenues of € 602m, down 2% or up 1% on an FX adjusted basis; excluding specific items, Private Banking and Wealth Management revenues down 3% or 0% on an FX adjusted basis

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Asset Management

In € m, unless stated otherwise			Change in	Change in
		Q1 2021	% vs.	% vs.	Q1 2021 year on year comments
		Q1 2020	Q4 2020
Revenues	Revenues	637		23	6
Revenues ex specific items(1)	637		23	6
	Noninterest expenses	405		8		2	- Revenues increased primarily
	of which: Adjusted costs ex							driven by favorable change in fair
Costs	399		9		2	value of guarantees and higher
transformation charges(2)			performance fees
	Cost/income ratio (%)	64		(8)	ppt	(3)ppt	- Adjusted costs impacted by an
		increase in compensation and
	Profit (loss) before tax							platform investment
	183		66		17
				- Assets under Management
	Adjusted profit (loss) before tax(3)	190		61		15		increased by € 28bn in the
Profitability								quarter driven by positive market
	RoTE (%)(4)	29.9		13.3	ppt	4.8	ppt	development and FX impact
	Mgmt fee margin (bps)	27.9		(1.5)bps	(0.4)bps	- Net inflows from Passive,
		Alternatives and Fixed Income,
	Assets under Management	820		17	4	mostly offset by Cash outflows
AuM (€ bn)
	Net flows	1		n.m.	n.m.

1. Specific items detailed on slide 30
2. Transformation charges of € 1m for Q1 2021, € 0m for Q1 2020 and € 4m for Q4 2020
3. Detailed on slide 32
4. Post-taxreturn on average tangible shareholders' equity applying a 28% tax rate. Allocated average tangible shareholders' equity Q1 2021: € 1.7bn, Q1 2020 : € 1.8bn and Q4 2020: € 1.7bn

Deutsche Bank	Q1 2021 results	22
Investor Relations	28 April 2021

Corporate & Other

In € m

Profit (loss) before tax						Change	Change
							Q1 2021	vs. Q1	vs. Q4
							2020	2020
(40)					Profit (loss) before tax	(178)	(139)	154
						Funding & liquidity	(36)	26	60
						Valuation & Timing differences(1)	(4)	(194)	52
			(178)
						Shareholder expenses	(112)	(20)	(15)
						Noncontrolling interest(2)	50	17	(0)
		(333)
					Other	(76)	33	58
	Q1 2020	Q4 2020	Q1 2021

1. Valuation and Timing reflects the mismatch in revenue from instruments accounted on an accrual basis under IFRS that are economically hedged with derivatives that are accounted for on a mark-to-market basis
2. Reversal of noncontrolling interests reported in operating business segments (mainly Asset Management)

Deutsche Bank	Q1 2021 results	23
Investor Relations	28 April 2021

Capital Release Unit
In € m, unless stated otherwise
				Absolute	Absolute
				change vs. change vs.	Q1 2021 year on year comments
		Q1 2021	Q1 2020	Q4 2020
	Revenues	81		138		146		- Significant improvement in loss before
Revenues								tax driven by lower costs and positive
Revenues ex specific items(1)	79		160		138		revenues
				- De-risking costs in this quarter were
	Noninterest expenses	498		(196)		126		offset by positive revenues from gains on
				asset sales and reserve releases,
Costs								reflecting market conditions, and from
Adjusted costs ex transformation							operating income
	422		(239)		105
	charges(2)				- Noninterest expenses declined by 28%
								reflecting lower adjusted costs including
	Profit (loss) before tax	(410)		355		7		lower transformation charges
				- Adjusted costs excluding transformation
Profitability
							charges declined by 36% reflecting lower
	Adjusted profit (loss) before tax(3)	(400)		356		(36)		service cost and bank levy allocations and
								lower compensation costs
								- Leverage exposure declined by 31% and
	Leverage exposure	81		(37)		9		RWA by 24% including € 3bn from
Balance								Operational Risk RWA
							- Continued downward trajectory in RWA
sheet & Risk	Risk weighted assets	34		(11)		(1)
(€ bn)				and leverage exposure was partly offset
	of which: Operational Risk RWA	23		(3)		(1)		by Prime Finance growth, model impacts
				and Central Liquidity Reserve allocations

1. Specific items detailed slide 30
2. Transformation charges of € 12m for Q1 2021, € 29m for Q1 2020 and € 41m for Q4 2020
3. Detailed on slide 32

Deutsche Bank	Q1 2021 results	24
Investor Relations	28 April 2021

Outlook

Improved revenue trajectory in the Core Bank, supporting 2022 target

Revenue growth and cost discipline driving cost/income ratio towards 70%

Improved credit environment leads to reduced CLP guidance of ~25bps for 2021

Continued prudent balance sheet management in line with objectives

Continuing to work towards 8% RoTE target despite unplanned items

Deutsche Bank	Q1 2021 results	25
Investor Relations	28 April 2021

Appendix

Deutsche Bank	Q1 2021 results
Investor Relations	28 April 2021

Sustainability at Deutsche Bank

Our key focus areas

Sustainable

Finance

Policies &

Commitments

Own

Operations

Thought

Leadership

Recent achievements

• Issuance of second green bond raised $ 800mn
• € 25bn in financing and investment achieved for Q1 2021 after € 46bn in all of 2020
• Maintained leading position in the euro-denominated sustainable bond market (ranked #3 by Dealogic)
• Inaugural Diversity & Inclusion Bond, raising $ 750mn with a senior non-preferred issuance in New York
• Launched green deposits programme - a new cash management solution for our clients
• Joined Partnership for Carbon Accounting Financials (PCAF) and aligned the internal methodology for the accounting of portfolio emissions to the PCAF standard
• Joined Net Zero Banking Alliance (NZBA)(1) and committed to achieve global net zero by 2050
• Published Sustainable Finance Disclosure Regulation (SFDR) statements prior to March deadline
• Continued reduction in energy over 2019 baseline and working towards 80% renewable electricity target by year end 2021
• Hosted dbAccess ESG Conference in March 2021
• Launched new Deutsche Bank Research offering regarding sustainability for ESG investors
• Released CIO special report on ESG in Asia for our international private bank clients as part of a series of dedicated ESG publications

We support all the major international standards and guidelines:

	− Business and Human Rights	Paris Pledge for	EU Transparency	Core Labor Standards	Global Reporting	Partnership for Carbon
	− Responsible Banking	Action	Register	of the International	Initiatives	Accounting Financials
	− Sustainable Development Goals			Labor Organization
	− International Bill of Rights
(1)	Joined in April 2021

Deutsche Bank	Q1 2021 results	27
Investor Relations	28 April 2021

Definition of adjustments

Revenues excluding specific items

Adjusted costs

Transformation charges

Transformation- related effects

Expenses eligible for reimbursement related to Prime Finance

Adjusted profit (loss) before tax

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 slide 30

Adjusted costs are calculated by deducting (i) impairment of goodwill and other intangible assets, (ii) net litigation charges and (iii) restructuring and severance from noninterest expenses under IFRS as shown on slide 30

Transformation charges are costs, included in adjusted costs, that are directly related to Deutsche Bank's transformation as a result of the strategy announced on 7 Jul 2019 and certain costs related to incremental or accelerated decisions driven by the changes in our expected operations due to the COVID-19 pandemic. Such charges include the transformation-related impairment of software and real estate, the accelerated software amortization and other transformation charges like onerous contract provisions or legal and consulting fees related to the strategy execution as shown on slide 31

Transformation-related effects are financial impacts, in addition to transformation charges (as defined above), which are recorded outside of adjusted costs. These include goodwill impairments in the second quarter 2019, as well as restructuring and severance expenses from the third quarter 2019 onwards. In addition to the aforementioned pre-tax items, transformation-related effects on a post-tax basis include pro-forma tax effects on the aforementioned items and deferred tax asset valuation adjustments in connection with the transformation of the Group as shown on slide 34

BNP Paribas and Deutsche Bank have signed a master transaction agreement to provide continuity of service to Deutsche Bank's Prime Finance and Electronic Equities clients. Under the agreement Deutsche Bank will continue to operate the platform until clients can be migrated to BNP Paribas, and expenses of the transferred business are eligible for reimbursement by BNP Paribas

Adjusted profit (loss) before tax is calculated by adjusting the profit (loss) before tax under IFRS for specific revenue items, transformation charges, impairment of goodwill and other intangible assets and restructuring and severance expenses as shown on slide 32

Deutsche Bank	Q1 2021 results	28
Investor Relations	28 April 2021

Core Bank adjusted post-tax RoTE

In € m, unless stated otherwise

	Q1 2020	Q4 2020	Q1 2021
Profit (loss)	616	489	1,333
Profit (loss) attributable to noncontrolling interests	(23)	(42)	(36)
Profit (loss) attributable to additional equity components	(73)	(85)	(85)
Profit (loss) attributable to Deutsche Bank shareholders	520	361	1,212
Revenue specific items(1)	(52)	61	(9)
Transformation charges(1)	55	166	104
Goodwill impairment	0	-	-
Restructuring & severance	84	166	57
Tax adjustments	7	(116)	(44)
of which: Tax effect of above adjustment items(2)	(24)	(110)	(43)
of which: Adjustments for share based payment related effects	26	(18)	(1)
of which: Adjustments for DTA valuation adjustments	5	12	-
Adjusted profit (loss) attributable to Deutsche Bank shareholders	614	638	1,321
Average tangible shareholders' equity	42,566	43,763	44,571
Adjusted Post-tax RoTE (in %)	5.8	5.8	11.9
Reported post-tax RoTE (in %)	4.9	3.3	10.9

1. Detailed on slide 30
2. Pre-taxadjustments taxed at a rate of 28%

Deutsche Bank	Q1 2021 results	29
Investor Relations	28 April 2021

Specific revenue items and adjusted costs - Q1 2021

In € m

				Q1 2021								Q1 2020								Q4 2020
	CB	IB	PB	AM	C&O	Core	CRU Group	CB	IB	PB	AM	C&O	Core	CRU Group		CB	IB	PB	AM	C&O	Core	CRU	Group
	Bank	Bank		Bank
Revenues	1,313	3,097	2,178	637	(74)	7,152	81	7,233		1,325	2,354	2,167	519	43	6,407	(57)	6,350		1,226	1,893	1,963	599	(163)	5,518	(65)	5,453
DVA - IB Other / CRU	-	(15)	-	-	-	(15)	2	(13)		-	46	-	-	-	46	24	70		-	(23)	-	-	-	(23)	(7)	(30)
Sale of PB systems to	-	-	-	-	-	-	-	-		-	-	-	-	-	-	-	-		(16)	-	(88)	-	-	(104)	-	(104)
TCS
Change in valuation of	-	-	-	-	-	-	-	-		-	(10)	-	-	-	(10)	-	(10)		-	1	-	-	-	1	-	1
an investment - FIC S&T
Sal. Oppenheim workout	-	-	24	-	-	24	-	24		-	-	16	-	-	16	-	16		-	-	66	-	-	66	-	66
- IPB
Revenues ex specific	1,313	3,112	2,153	637	(74)	7,142	79	7,222		1,325	2,318	2,151	519	43	6,355	(81)	6,275		1,242	1,915	1,986	599	(163)	5,579	(59)	5,520
items
				Q1 2021								Q1 2020								Q4 2020
	CB	IB	PB	AM	C&O	Core	CRU Group	CB	IB	PB	AM	C&O	Core	CRU Group		CB	IB	PB	AM	C&O	Core	CRU	Group
	Bank	Bank		Bank
Noninterest expenses	1,104	1,605	1,805	405	156	5,076	498	5,574		1,097	1,475	1,886	374	112	4,944	695	5,638		1,003	1,255	1,775	399	223	4,655	373	5,027
Impairment of goodwill
and other intangible	-	-	-	-	-	-	-	-		-	-	-	0	-	0	-	0		-	-	-	-	-	-	-	-
assets
Litigation charges, net	(0)	12	1	-	0	14	64	78		(0)	1	2	(0)	11	14	1	14		4	21	4	0	(79)	(50)	9	(41)
Restructuring and	25	7	11	6	8	57	0	58		10	(2)	66	7	3	84	3	88		19	6	135	5	2	166	6	172
severance
Adjusted costs	1,080	1,586	1,792	400	147	5,005	434	5,439		1,087	1,476	1,817	367	98	4,845	691	5,536		980	1,227	1,636	394	300	4,538	358	4,896
Transformation	11	13	36	1	43	104	12	116		26	14	15	0	0	55	29	84		15	22	49	4	77	166	41	207
charges(1)
Adjusted costs ex	1,068	1,573	1,756	399	104	4,900	422	5,322		1,062	1,462	1,803	366	98	4,791	661	5,452		965	1,206	1,587	390	224	4,372	317	4,689
transformation charges

1. Defined on slide 28

Deutsche Bank	Q1 2021 results	30
Investor Relations	28 April 2021

Adjusted costs excluding transformation charges

In € m, unless stated otherwise

excluding transformation	charges
Adjusted costs
Reconciliation adjusted costs excluding transformation charges to adjusted costs

			Q1 2021	Q1 2020	YoY		Q4 2020	QoQ
	Compensation and benefits		2,589	2,675	(3)%		2,404	8%
	Information Technology		887	911	(3)%		895	(1)%
	Professional service fees		206	220	(6)%		268	(23)%
	Occupancy, furniture and equipment expenses		367	389	(6)%		398	(8)%
	Communication, data services, marketing		117	142	(17)%		142	(18)%
	Other		585	612	(4)%		579	1%
	Adjusted costs ex bank levies		4,751	4,948	(4)%		4,686	1%
	Bank levies		571	503	13%		3	n.m.
	Adjusted costs ex transformation charges		5,322	5,452	(2)%		4,689	14%
	Compensation and benefits		2	-	n.m.		2	(6)%
	Information Technology		44	72	(39)%		69	(36)%
	Professional services		7	3	110%		4	62%
	Occupancy		62	8	n.m.		130	(52)%
	Communication, data services, marketing		1	0	n.m.		1	121%
	Other		0	1	(32)%		1	(52)%
	Transformation charges		116	84	38%		207	(44)%
	Adjusted costs		5,439	5,536	(2)%		4,896	11%

Note: Per definition of Adjusted costs, compensation and benefits excludes severance. For reported compensation and benefits (which includes severance) and for general and administrative expenses (which includes IT costs, professional service fees, occupancy, furniture and equipment expenses, communication, data services and other), see the consolidated statement of income in the Q1 2021 Financial Data Supplement

Deutsche Bank	Q1 2021 results	31
Investor Relations	28 April 2021

Adjusted profit (loss) before tax (PBT)

In € m

			Q1 2021
		Specific	Transfor-	Goodwill	Restructuring
	Reported PBT	mation	Adjusted PBT
		revenue items	charges(1)	impairments	& severance
CB	229	-	11	-	25	266
IB	1,490	15	13	-	7	1,526
PB	274	(24)	36	-	11	297
AM	183	-	1	-	6	190
C&O	(178)	-	43	-	8	(127)
Core Bank	1,999	(9)	104	-	57	2,151
CRU	(410)	(2)	12	-	0	(400)
Group	1,589	(11)	116	-	58	1,752
			Q4 2020
		Specific	Transfor-	Goodwill	Restructuring
	Reported PBT	mation	Adjusted PBT
		revenue items	charges(1)	impairments	& severance
CB	151	16	15	-	19	200
IB	601	22	22	-	6	651
PB	15	22	49	-	135	222
AM	157	-	4	-	5	165
C&O	(333)	-	77	-	2	(254)
Core Bank	591	61	166	-	166	984
CRU	(417)	7	41	-	6	(363)
Group	175	67	207	-	172	621

Q1 2020

	Specific	Transfor-	Goodwill	Restructuring
Reported PBT	mation	Adjusted PBT
	revenue items	charges(1)	impairments	& severance
121	-	26	-	10	157
637	(36)	14	-	(2)	614
143	(16)	15	-	66	207
110	-	0	0	7	118
(40)	-	0	-	3	(37)
971	(52)	55	0	84	1,059
(765)	(24)	29	-	3	(756)
206	(76)	84	0	88	303

1. Defined on slide 28

Deutsche Bank	Q1 2021 results	32
Investor Relations	28 April 2021

Last 12 months (LTM) reconciliation

In € m

		Q2 2019	(1)	Q3 2019	(1)	Q4 2019	(1)	Q1 2020	Q2 2020	Q3 2020	Q4 2020	Q1 2021		Q1 2020	Q1 2021
						LTM(2)	LTM(3)
Revenues
Core Bank	5,982		5,483		5,528		6,407	6,353	5,974	5,518	7,152		23,400	24,998
CRU	221		(220)		(180)		(57)	(66)	(36)	(65)	81		(236)	(87)
Group	6,203		5,262		5,349		6,350	6,287	5,938	5,453	7,233		23,165	24,911
Revenues ex. specific items
CB		1,289		1,324		1,286		1,325	1,341	1,255	1,242	1,313		5,224	5,151
IB		1,741		1,757		1,497		2,318	2,661	2,365	1,915	3,112		7,313	10,054
PB		2,026		2,023		1,982		2,151	1,934	2,029	1,986	2,153		8,183	8,102
AM		594		543		671		519	549	563	599	637		2,326	2,347
C&O		223		(84)		44		43	(173)	(243)	(163)	(74)		226	(652)
Core Bank	5,873		5,564		5,479		6,355	6,312	5,968	5,579	7,142		23,272	25,002
CRU	221		(120)		(164)		(81)	(44)	(34)	(59)	79		(144)	(57)
Group	6,094		5,444		5,315		6,275	6,269	5,935	5,520	7,222		23,128	24,945
Adjusted costs ex. transformation charges
Core Bank	(4,733)	(4,683)	(4,603)	(4,791)	(4,493)	(4,481)	(4,372)	(4,900)		(18,809)	(18,246)
CRU	(612)		(557)		(499)		(661)	(430)	(336)	(317)	(422)		(2,329)	(1,505)
Group	(5,345)	(5,240)	(5,102)	(5,452)	(4,923)	(4,816)	(4,689)	(5,322)		(21,138)	(19,751)
Profit (loss) before tax
Core Bank	(180)		327		(435)		971	749	910	591	1,999		683	4,249
CRU	(766)		(1,014)	(858)		(765)	(591)	(428)	(417)	(410)		(3,403)	(1,845)
Group	(946)		(687)		(1,293)	206	158	482	175	1,589		(2,720)	2,403
Adjusted profit (loss) before tax
Core Bank	842		645		467		1,059	931	1,209	984	2,151		3,012	5,275
CRU	(418)		(729)		(713)		(756)	(511)	(383)	(363)	(400)		(2,615)	(1,657)
Group	424		(84)		(246)		303	419	826	621	1,752		396	3,618

1. 2019 figures based on reporting structure as disclosed in 2020 annual report
2. Q1 2020 LTM figures refer to the sum of Q2 2019, Q3 2019, Q4 2019 and Q1 2020
3. Q1 2021 LTM figures refer to the sum of Q2 2020, Q3 2020, Q4 2020 and Q1 2021

Deutsche Bank	Q1 2021 results	33
Investor Relations	28 April 2021

Transformation-related effects

In € bn

Deferred tax asset valuation 2.8

adjustment

	Goodwill	1.0
	impairment(1)
Pre-tax	Restructuring
0.7
& Severance(2)
items
	Real estate charges	0.1
	Software	1.0
	impairment(3)
	Other
			0.0
			2019

0.0
			0.1
0.7
	0.4
0.2		0.2
		0.2
		0.2
								0.1
		0.2
0.1
		0.1
2020	2021		2022

						2019 - 2019 - 2022	% of total
					Q1 2021		expected
			Q1 2021	cumulative cumulative	2019 -
			expenses		expenses	Q1 2021
		Deferred Tax Asset		-		2.8		2.9		97%
		valuation adjustment
	Nonoperating costs(4)	Severance		0.1		1.5		1.9		76%
		Goodwill impairment		-		1.0		1.0		100%
		Restructuring &
	Transformation charges(5)	Real estate charges		0.1		0.4		0.5		79%
		Software impairment/		0.0		1.2		1.4		87%
		accelerated amortization
		Other		0.0		0.2		0.4		38%
	Total transformation-related effects						87%

Note: Estimated restructuring and severance, impairments, deferred tax valuation adjustments and other transformation charges in future periods are preliminary and subject to change. Non-tax items are shown on a pre-tax basis. Defined on slide 28

1. Non tax-deductible
2. Excludes H1 2019 Restructuring & Severance of € 0.1bn, prior to the strategic announcement on 7 Jul 2019
3. Includes accelerated software amortization
4. Excluded from adjusted costs. Definition of adjusted costs detailed on slide 28
5. Included in adjusted costs

Deutsche Bank	Q1 2021 results	34
Investor Relations	28 April 2021

Deposit charging

In € bn, unless otherwise stated

Quarterly charging revenues, in € m

				80
	69		7
	3
32	66	74
Q1	Q4	Q1
2020	2020	2021

Charging agreements(1)	Q1 2021 deposits by	- Performing well against updated
			total client holdings(2)
							revenue targets due to higher
					140		than expected client acceptance
				132		- More than 85% of volumes in
		95					scope of charging agreements
	87					currently in the Corporate Bank,
	12			61	>€ 100k
			increasingly protecting the
	9
						franchise against potential
			>€ 1m	91
					further interest rate headwinds
~40							- Private Bank priority remains to
	78	83					advise clients on suitable
				79	<€ 100k	investment alternatives. With
				41			deposit charging above € 100k
			<€ 1m			already in place for new
							accounts, individual solutions for
Q1	Q4	Q1		CB	PB		existing accounts now targeted
		by year end 2021
2020	2020	2021
Private Bank		Corporate Bank

1. Total Euro current account balances of Corporate Bank and Private Bank deposits with implemented charging agreements. Individual charging thresholds apply
2. Euro current account deposits only. End of period balances

Deutsche Bank	Q1 2021 results	35
Investor Relations	28 April 2021

Indicative divisional currency mix

Q1 2021

Net revenues

Other (1)	17%		10%	8%	13%
21%
	4%
		0%
			19%
USD	13%					20%
GBP	0%				12%	1%
		37%
		0%	86%
EUR	70%				61%	67%
		42%

Total noninterest expenses

		14%	8%	5%	13%
	16%
Other (1)		4%
	1%
					25%	18%
	15%
USD
	32%
	5%
GBP					16%	18%
			87%
EUR	64%	41%
			53%
					51%
		14%

CB

IB

PB

AM

Group

CB

IB

PB

AM

Group

Note: Classification is based primarily on the currency of DB's Group office in which the Revenues and Noninterest expenses are recorded and therefore only provides an indicative approximation

1. Primarily includes Singapore Dollar (SGD), Indian Rupee (INR) and Hong Kong Dollar (HKD)

Deutsche Bank	Q1 2021 results	36
Investor Relations	28 April 2021

Net interest income sensitivity

Hypothetical +100 bps parallel shift impact, in € bn

First year

				0.8
		0.5	0.4
		Retail	Non-retail	Group
	Maturity
EUR	> 3M	0.3	0.1	0.3
≤ 3M	0.2	0.2	0.4

USD	> 3M		0.0	0.0	0.1
≤ 3M		0.0	0.1	0.0

Second year

				1.3
		0.8
			0.5
		Retail	Non-retail	Group
	Maturity
EUR	> 3M	0.5	0.2	0.7
≤ 3M	0.3	0.2	0.4
USD	> 3M	0.1	0.1	0.2
≤ 3M	0.1	0.1	0.0

Note: Estimates are based on a static balance sheet, excluding trading positions & DWS, and at constant exchange rates. The parallel yield curve shift by +100 basis points assumes an immediate increase of all interest rate tenors and no additional management action. Figures do not include Mark-to-Market / Other Comprehensive Income effects on centrally managed positions not eligible for hedge accounting. Unchanged rates impact estimated as delta between annualized last quarter's NII and first and second 12 months' NII forecast under unchanged interest rates respectively

Deutsche Bank	Q1 2021 results	37
Investor Relations	28 April 2021

Litigation update

In € bn, period end

Litigation provisions(1)

1.0	1.1	1.0	0.8	0.8
Q1 2020	Q2 2020	Q3 2020	Q4 2020	Q1 2021

Contingent liabilities(1)

2.0	2.1	2.1	2.2	2.2

Q1 2020

Q2 2020

Q3 2020

Q4 2020

Q1 2021

• Provisions remained stable quarter on quarter, with new provisions being offset by provision releases as a result of settlement payments and favorable court rulings
• Contingent liabilities remained stable quarter on quarter. Contingent liabilities include possible obligations where an estimate can be made and outflow is more than remote but less than probable for significant matters

Note: Figures reflect current status of individual matters and provisions. Litigation provisions and contingent liabilities are subject to potential further developments

1. Includes civil litigation and regulatory enforcement matters

Deutsche Bank	Q1 2021 results	38
Investor Relations	28 April 2021

Provision for credit losses and stage 3 loans

Provision for credit losses, € m

Stage 3 at amortised cost, € bn

Private Bank		Investment Bank
Corporate Bank		Capital Release Unit

					761
						29
		506	364
			14
		243				273	251
					144
						7
							53			30
											73
		106				41			69
					225
		139	174	173					0					98
																		(7)
													(21)
															(20)
Provision for
Q1	Q2		Q3		Q4		Q1
credit losses
(bps of loans)(1)	2020													2021

PB (ex-POCI)		CRU (ex-POCI)
CB (ex-POCI)		Purchased or Originated Credit Impaired (POCI)
IB (ex-POCI)

Group Stage 3	2.2%		2.8%		2.9%		2.9%		2.8%
loans at
amortized						12.6					12.5
cost %(2)			12.4		12.4
	10.1	2.0			2.0				1.7			1.6
						0.3
	0.4
	0.4
			0.4
											2.1
	2.1	1.7				2.0			2.0
		0.5											2.4
	0.8	2.4	2.5			2.3
	2.0
	4.8	5.8	5.7			6.0		6.0

Coverage	Q1	Q2	Q3	Q4	Q1
2020				2021
Ratio (3,4)

Group		46		67		25		23		6		Group		39%		33%		33%		34%		34%
CB		35		46		14		26		(7)		CB		47%		43%		42%		46%		45%
IB		123		172		28		17		0		IB		18%		17%		16%		14%		14%
PB		24		39		30		29		16		PB		39%		32%		35%		35%		36%

Note: Provisions for credit losses in the Corporate & Other and Asset Management segments are not shown on this chart but are included in the DB Group totals

1. Quarterly provision for credit losses annualized as bps of average quarterly loans gross of allowance at amortized cost
2. IFRS 9 stage 3 assets at amortized cost including POCI as % of loans at amortized cost (€ 440bn as of 31 Mar 2021)
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 1.6% as of 31 Mar 2021

Deutsche Bank	Q1 2021 results	39
Investor Relations	28 April 2021

Loan book

In € bn, period end

Corporate Treasury Services

Business Banking

Investment Bank

International

Private Bank

Private Bank

Germany

Capital Release Unit

Other (1)

459

109

21

87

76

152

103

Q1 2020

442

99

21

80

75

155

103

Q2 2020

433

94

21

73

76

158

8 3

Q3 2020

432

94

21

69

77

161

8 3

Q4 2020

440

96

21

71

80

162

7 3

Q1 2021

Note: Loan amounts are gross of allowances for loan losses

1. Mainly includes Corporate & Other and Institutional Client Services

Deutsche Bank	Q1 2021 results	40
Investor Relations	28 April 2021

Loan book composition

Q1 2021, IFRS loans: € 440bn

	Capital Release Unit Other (1)
	IB Other(2)
	1%
Leveraged Debt Capital Markets	6%
Asset Backed Securities		2%
1%			German Mortgages
IB - Commercial	5%
Real Estate	4%			33%

Business Banking 5%

			22%						3%
Corporate Treasury								5%	International
							Mortgages
Services(3)
										3%	Consumer Finance
				1%		11%	Business Finance
					PB Other
						Wealth Management
Private Bank			Investment Bank		Corporate Bank
Capital Release Unit			Other

Note: Loan amounts are gross of allowances for loans

1. Mainly includes Corporate & Other and Institutional Client Services
2. Includes APAC Commercial Real Estate Business
3. Includes non-recourse Commercial Real Estate Business

• Well diversified loan portfolio
• 55% of loan portfolio in Private Bank, mainly consisting of German retail mortgages and wealth management
• 26% 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)
• 16% 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

Deutsche Bank	Q1 2021 results	41
Investor Relations	28 April 2021

Level 3 assets

As of 31 Mar 2021, in € bn

Assets (total: € 22bn)

Equity securities Mortgage backed securities

Other 1 1 0

Debt		8	Derivative
securities	4	Assets

					7
				Loans
Movements in balances
24	1	(3)
			0	22
		19
									18
		4							4	CRU
	31 Dec 2020 Purchases/	Sales / Settle- Others(2)	31 Mar 2021
			Issuances(1)	ments

• Level 3 is an indicator of valuation uncertainty and not of asset quality
• The decrease in Level 3 assets reflects:
• • Portfolios are not static with significant turnover during the year
• Variety of mitigants to valuation uncertainty
• • Prudent Valuation capital deductions(3) specific to Level 3 balances of ~€ 0.7bn
  • Uncertain inputs often hedged
  • Exchange of collateral with derivative counterparties

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 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)

Deutsche Bank	Q1 2021 results	42
Investor Relations	28 April 2021

Leverage exposure and risk weighted assets

CRD4, fully loaded, in € bn, period end

Leverage exposure

Risk weighted assets

			330
			66
	1,078	1,105
Trading assets	105	107	29
Derivatives(1)	141	148	27

Lending

428

436

116

Lending commitments(2)

	330
Operational Risk RWA	66
Market Risk RWA
23
Credit valuation		8
adjustments

Credit Risk RWA

233

Reverse repo /	101	109			38
securities	83	89
borrowed
			7
Cash and deposits	90	91		3
with banks (3)	131	126			43
	Other
		Q4 2020	Q1 2021	Q1 2021	Q1 2021

1. Leverage exposure for derivatives excludes receivable assets from cash variation margin posted in relation to derivatives, such receivables being included in Other. Excludes any derivatives related Market Risk RWA which have been fully allocated to non-derivatives trading assets
2. Includes contingent liabilities
3. Excludes € 85bn (Q4 2020) and € 101bn (Q1 2021) of certain central bank balances in line with the ECB's decision for Euro Area banks under its supervision dated 17 Sep 2020

Deutsche Bank	Q1 2021 results	43
Investor Relations	28 April 2021

Trading book Value at Risk

DB Group, 99%, 1 day, in € m, unless stated otherwise

Historical Simulation VaR
Quarterly average
∅ 35	∅ 82	∅ 73	∅ 46	∅ 43

140

120

100

80

60

40

20

0

Q1 2020

Q2 2020

Q3 2020

Q4 2020

Q1 2021

Note: Deutsche Bank received regulatory approval for the Value at Risk model for Risk Management and Capital to transition to Historical Simulation, as of 1 Oct 2020. Prior to Q4 2020 capital calculations were managed using a Monte Carlo VaR model

Deutsche Bank	Q1 2021 results	44
Investor Relations	28 April 2021

Corporate Bank at a glance

FY 2020 and Q1 2021 revenues ex specific items

FY 2020 Revenues

(share of total)

Institutional

Client Services

€ 1.3bn

(25%)

GTB

• 3.7bn
  (72%)

Corporate

Treasury Services

€ 3.1bn

(60%)

Institutional Cash

Management

Trust & Agency

Services

Securities Services

Corporate Cash

Management

Trade Finance &

Lending

Q1 2021 Revenues

(share of total)

Institutional

Client Services

€ 0.3bn

(25%)

GTB

• 0.9bn
  (70%)

Corporate

Treasury Services

€ 0.8bn

(61%)

Institutional Cash

Management

Trust & Agency

Services

Securities Services

Corporate Cash

Management

Trade Finance &

Lending

Commercial

Banking

€ 1.5bn	Business Banking
€ 0.8bn	Business Banking
(28%)
(15%)

Commercial

Banking

€ 0.4bn	Business Banking
€ 0.2bn	Business Banking
(30%)
(14%)

Deutsche Bank	Q1 2021 results	45
Investor Relations	28 April 2021

Assets under Management - Private Bank

In € bn

	Q1 2020	Q2 2020	Q3 2020	Q4 2020	Q1 2021
Assets under Management	442	471	477	493	519
Private Bank Germany	197	209	212	222	231
therein: Deposits (1)	106	106	107	108	109
therein: Investment products (2)	91	103	106	114	122
International Private Bank	245	263	265	272	288
by product:
Deposits (1)	58	57	57	56	57
Investment products (2)	187	205	207	216	231
by client segmentation:
IPB Personal Banking (3)	18	19	19	19	21
IPB Private Banking (4) and Wealth Management	227	244	245	252	267
by region: (5)
Americas	25	27	27	28	29
APAC	56	61	60	62	69
Germany	76	81	83	85	90
EMEA	45	48	48	49	51
Italy	31	33	34	35	36
Spain	12	13	13	13	13
Net flows - Assets under Management	0.7	5.9	4.6	4.6	10.5
Private Bank Germany	0.6	2.1	1.6	2.2	3.5
therein: Deposits (1),(6)	(0.8)	0.5	0.5	1.1	1.2
therein: Investment products (2),(6)	1.3	1.6	1.0	1.1	2.3
International Private Bank	0.2	3.8	3.1	2.4	7.0
by product:
therein: Deposits (1),(6)	(2.3)	0.1	0.9	0.3	0.4
therein: Investment products (2),(6)	2.4	3.8	2.2	2.1	6.6
by client segmentation:
IPB Personal Banking (3)	0.1	0.0	(0.0)	(0.0)	0.1
IPB Private Banking (4) and Wealth Management	0.1	3.8	3.1	2.4	6.9

1. Deposits are considered assets under management if they serve investment purposes. In the Private Bank Germany, IPB Personal Banking and IPB Private Banking, this includes time deposits and savings deposits. In IPB Wealth Management, it is assumed that all customer deposits are held with us primarily for investment purposes and deposits under discretionary and wealth advisory mandate type are reported as Investment products
2. Investment Products also include insurances
3. Including small businesses in Italy, Spain and India
4. Including small & mid caps in Italy, Spain and India
5. Regional view is based on a client view
6. Net Flows as reported also include shifts between deposits and investment products

Deutsche Bank	Q1 2021 results	46
Investor Relations	28 April 2021

Cautionary 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 12 March 2021 under the heading "Risk Factors." Copies of this document are readily available upon request or can be downloaded from www.db.com/ir.

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 Q1 2021 Financial Data Supplement, which is accompanying this presentation and available at www.db.com/ir.

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, from 2020, 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 March 31, 2021, application of the EU carve out had a negative impact of 316 million euros on profit before taxes and of 207 million euros on profit. For the same time period in 2020 the application of the EU carve out had a positive impact of 132 million euros on profit before taxes and of 70 million euros on profit post taxes. The Group's regulatory capital and ratios thereof are also reported on the basis of the EU carve out version of IAS 39. The impact on profit also impacts the calculation of the CET1 capital ratio and had a negative impact of approx. 6 basis points as of March 31, 2021 and a positive impact of about two basis points as of March 31, 2020. 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.

Deutsche Bank	Q1 2021 results	47
Investor Relations	28 April 2021