Deutsche Bank : Statements from shareholders as of 21 May 2021

Deutsche Bank

General Meeting 2021

 Statements

As of 21 May 2021

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The statements from shareholders currently submitted to us are presented below.

The statements are the authors' views as notified to us. We have also placed assertions of fact in the Inter- net without changing or verifying them.

It should be noted that questions, counterproposals and election nomination proposals are to be submitted only through the channels described in the agenda and, accordingly, questions, counterproposals and election nomination proposals contained in the published statements will not be considered.

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Statements

Shareholder Peter Schmidt

Dear Dr. Achleitner, dear Mr. Sewing,

To begin with I would like to thank you and the Bank's employees for your tireless efforts this past year under what for the most part must have been difficult conditions caused by the pandemic. To ride out the crisis year so well and maintain a relatively low overall level of credit losses was by no means a foregone conclusion. Congratulations are also in order for the very successful start to 2021. Mr. Lewis - your Chief Risk Officer - and his team have my utmost respect and esteem. The fact that Deutsche Bank suffered no losses whatsoever from the Archegos collapse again demonstrates how well it seems to manage its financial risks.

In this context it would be highly desirable for you to give more details during the AGM into the succession planning for Mr. Lewis' position. To be specific, please give your best answer to the following questions:

• What progress has been made in finding a suitable successor?
• When can we expect a clear road map and a decision?
• Do you anticipate being able to fill the role from within or will it be an outside hire? If your preference is to bring someone in from outside, it would be desirable to ensure an adequate transition period.
• Going forward, will the role mainly be based in Frankfurt or are you planning for it to remain in London?

I should nevertheless be permitted one point of criticism. Looking just at the issue of costs and the notion of "tighten- ing one's belt", I find it highly questionable and open to scrutiny that the Management Board has again grown to the size it has. The Supervisory Board should by all means support you, Mr. Sewing, and your team in implementing the strategy, but do so many Management Board positions really have to be filled or newly created? It would be a very welcome step if the Supervisory Board were to present a plan to this meeting or at the latest the AGM in 2022 setting out the long-term strategy for Management Board positions and submit it for shareholder approval. Looking at the announcements made to date on this issue it seems that another new Management Board position is in the pipeline, potentially for an independent chief HR officer. If the aim is to create a new independent position at short notice, plans should at least be in place to carry out restructuring elsewhere before increasing the number of Management Board members again.

On a different note I think that the new virtual AGM format has been a complete success, including where answering questions is concerned. In my opinion there has been a real substantive improvement. In the interests of cost effi- ciency, consideration should also be given to perhaps switching to a hybrid model going forward, in other words alternating each year between a virtual AGM and one held in person. On that subject, I would like to propose specifically that the costs "saved" on the AGM in 2021 be donated to charity or a foundation, for example one acting in the public interest or supporting the environment, culture, education, integration or health.

To conclude, please continue to pursue your ambitious goals and do not let yourselves be distracted by setbacks like the recent less positive news about money laundering. In this area, too, I hope that the Bank can achieve the same level of success it has had managing financial risks.

Overall, it seems to me that our Bank is on the right track.

With kind regards and best wishes for the health and success of everyone at Deutsche Bank!

Peter Schmidt

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Shareholder Roland Portmann

Dear Sir/Madam,

First of all, I am pleasantly surprised by the company's positive development in the past fiscal year. For that I would like to thank and congratulate you. Keep it up.

However, to ensure that this positive development continues - which is something we all hope for, both in the interests of the shareholders and with regard to Germany as a business and financial center - it would certainly be beneficial to significantly pare down the Management Board and the Supervisory Board. I consider this a necessary step to having strong and efficient teams that in the future will be able to once again develop DEUTSCHE BANK positively in terms of revenue and profits, without being too greatly distracted by internal friction and unwieldy consensus build- ing.

Yours faithfully,

Roland Portmann

Shareholders Siegfried and Renate Kottwitz

Dear Sir/Madam,

As you have already been made aware, we continue to feel cheated by Deutsche Bank (which has also been criticized publicly for its cash transactions) by the "db GeldmarktSparen" securities product that was recommended to us, and as such we feel that the lack of trust we have in your Bank compels us, before casting our votes, to acquaint ourselves as thoroughly as possible based on all available reports and any other documents with the matters to which the individual agenda items pertain. And because a printout from the Internet is out of the question, we request that you send us a hard copy of these documents without delay.

We are probably not the only ones who will be taking our business elsewhere due to Deutsche Bank's actions that have given rise to criticism - and this will impact its financial situation and likely also affect every single shareholder. It is not just that Deutsche Bank's shares are currently valued at a disappointing €11.53 - the dividends are also mea- ger.

One reason for these low returns is probably that, like us, other customers have lost trust in Deutsche Bank and have taken their business elsewhere. Since losing trust in Deutsche Bank as a result of its actions, we have not just opened accounts at another bank - we have taken all of our banking business elsewhere, including moving our securities account to another bank, which represents a not inconsiderable portfolio of assets.

There is no point buying more shares in Deutsche Bank.

We would appreciate it if you could present this message to the Annual General Meeting.

Yours faithfully,

Siegfried Kottwitz

Renate Kottwitz

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Statement by Andreas Thomae, portfolio manager at Deka Investment for the shareholders represented by him

Regarding restructuring measures:

"Deutsche Bank has made good progress with its restructuring program. The risks in the Capital Release Unit have been further reduced and the costs were brought down according to plan. The Bank also benefited from the upswing in investment banking and gained further market share in the fixed income business. The management has done sterling work in the past twelve months."

Regarding strategy:

"The interaction between the Corporate Bank and the Investment Bank is working well and the focus on top customers and the global fixed income segment is paying off. Deutsche Bank can play to its strengths here."

"It was a good move for CEO Christian Sewing to now put Fabrizio Campelli in charge of the Investment Bank and turn his full attention to the next phase of the transformation with its focus on profitability."

"The Investment Bank has performed better in terms of growth than the Corporate Bank and the Private Bank. More work is needed here."

Regarding bonuses:

"Variable remuneration was up 29% in 2020, which is excessive in a year when the Bank just about generated €1 billion before taxes. A larger share of the bonuses were deferred, which will have a more pronounced impact on future earnings. The Bank has made strides in improving its operations, but bonuses should be paid out based on actual profits and not as a down payment for the future."

"The new system of Management Board remuneration is more transparent and includes clear ESG goals. That is a step in the right direction. Scrapping the functional allowances was overdue."

Regarding the Management Board:

"Extending the contracts with Christian Sewing until 2026 and Asoka Wöhrmann until 2024 gives the Bank greater stability for the next phase of its strategy implementation towards increased profitability."

Regarding the Supervisory Board:

"Supervisory Board member Alexander Schütz's conduct in the Wirecard matter was outrageous. His resignation was overdue."

"Frank Witter is a good choice to replace Alexander Schütz on the Supervisory Board."

Regarding the sustainability strategy:

"We are pleased that Deutsche Bank has formed a sustainability committee at Management Board level chaired by Christian Sewing. This - and joining the UN-convenedNet-Zero Banking Alliance - underscores how important the issue is."

"We welcome Deutsche Bank's desire to increase the transparency of its CO2 reporting by 2022 and its commitment to becoming carbon neutral by 2050 at the latest to meet the climate goals of the Paris Agreement."

"The target of over €200 billion in sustainable finance and investments now already by 2023 instead of 2025 is ambitious but the intention is good. Customers will receive solid support and sound advice as they transition towards increased sustainability. The Bank and its ESG products should benefit from this."

Regarding the coronavirus crisis/credit losses:

"With its moderate credit risk profile, Deutsche Bank weathered the pandemic extremely well. It has demonstrated that its risks are under control. This was emphasized once again recently by the fact that, unlike its competitors, the Bank avoided any losses on the Archegos hedge fund.

Capital:

"With a capital ratio of 13.7%, Deutsche Bank stands on a very solid foundation and emerged from the crisis in better shape than many had expected."

Yours faithfully,

Andreas Thomae