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Deutsche BankDeutsche Bank A transformed bank Investor Relations Investor Deep Dive 2025 November 17, 2025
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Deutsche Bank Investor Deep Dive 2025 A transformed bank, James von Moltke 2 Sustainable profitability Foundational investments Positioned for growth
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Deutsche Bank Investor Deep Dive 2025 A transformed bank, James von Moltke 3 Delivered on our transformation objectives Enhanced business focus, through strategic portfolio adjustments and disciplined execution Executed transformation, strengthening our fundamentals and restoring profitability Rebuilt stakeholder confidence, positioning Deutsche Bank for sustainable value creation Embedded operational efficiency while investing in our foundations 2018 - 2022 2023 - 2025 PRESENT Restored profitability and strengthened foundations PAST Stabilization, business simplification and transformation Note: for footnotes and glossary on abbreviations refer to slides 19 and 20 respectively
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Deutsche Bank Investor Deep Dive 2025 A transformed bank, James von Moltke 4 Germany’s leading bank with global reach Global network with local expertise Deep understanding of clients’ needs Digital channels and personal advice Broad capabilities and solutions … serving clients at home and abroad since 1870 % change, as of Q3 2025 vs. FY 2021 Global Hausbank with four complementary businesses… +17% ~19m Private clients in Germany ~60 Markets covered globally ~€ 660bn Deposits ~€ 1.7tn Assets under Management1 +9%
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Deutsche Bank Investor Deep Dive 2025 A transformed bank, James von Moltke 5 Global Hausbank Clients Value proposition Key products Revenue contribution1 Revenue share1 Build wealth and secure lasting financial well-being Daily Banking | Wealth Advisory | Lending | Investment & Insurance | Bank for Entrepreneurs ~€ 12bn Private Enable growth and manage complex risks Advisory | Capital Markets | Cash Management | Payments | Risk Management Solutions | Lending Invest, fund, manage risks and safekeep assets Advisory | Capital & FIC Markets | Research | Structuring | Financing | Trust & Custody | Payments ~€ 10bn ~€ 10bn Corporates Institutions 80% 20% 60% 40% 20% 70%10% Corporate Bank Investment BankPrivate Bank Asset Management2 Offering broad capabilities and solutions
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Deutsche Bank Investor Deep Dive 2025 A transformed bank, James von Moltke 6 Significantly improved our financial profile 2025 FC12021 Revenues € 32bn€ 25bn Noninterest expenses € 21bn€ 22bn Pre-provision profit € 11bn€ 4bn Profit before tax € 10bn€ 3bn Strong core operating leverage… … creating value for shareholders 2021 2022 2023 2024 2025 FC Revenues ex-specific items Adjusted costs ~28% Indexed2 BuybacksDividends 2022-2025 2022-2026 57% 43% 2021 Q3 2025 24.73 30.17 TBV per share in € Cumulative distributions € 5.6bn3 >€ 8bn4+22%
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Deutsche Bank Investor Deep Dive 2025 A transformed bank, James von Moltke 7 Reshaped the revenue base 23% 5% 35% 28% 9% ~€ 6.6bn PB AM CB IB Other 44% 56% 2021 50% 50% 2022 47% 53% 2023 43% 57% 2024 46% 54% 2025 FC 25 27 29 30 ~32 Net interest income Noninterest revenues 0 5 10 2006 2025 Quarterly net revenues Four-quarter rolling average of net revenues Revenue mix in € bn Revenue volatility in € bn Revenue growth contribution 2021-2025 Start of transformation1 Improved business mix leading to lower revenue volatility Diversified franchise, with balanced revenue mix Delivered target growth with broad-based contributions ~6% CAGR
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Deutsche Bank Investor Deep Dive 2025 A transformed bank, James von Moltke 8 Improved efficiency and self-funded investments Noninterest expenses 2021 (1.5) Run-off items1 1.7 Investments & business growth 1.4 Inflation (2.5) Operational efficiencies 2025 FC 21.5 20.6 in € bn F2B process re-design Germany optimization Tech & infrastructure optimization€ 2.5bn Composition of operational efficiencies ▪ Reached targeted operational efficiencies of € 2.5bn, above initial target of € 2bn, across three key initiatives ▪ Closed-out significant legacy items leading to normalization of nonoperating costs and simplified reporting from Q1 2026 ▪ Self-funded foundational investments in technology, controls and business growth, while partly offsetting inflation 28% 28% 44% (4.2)%
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Deutsche Bank Investor Deep Dive 2025 A transformed bank, James von Moltke 9 Executed on foundational investments ▪ Strategic hires in Wealth Management coverage as well as in Corporate Bank and Investment Bank ▪ Investments in FIC franchise and payments platform in Corporate Bank to support long-term growth ▪ Enhanced 1st line capabilities and significantly up-tiered risk controls ▪ Invested in technology, skills and training to manage operational risks ▪ Closed out critical remediation programs to further enhance controls Business investments Compliance & controls Technology architecture & AI ▪ Achieved one of Europe’s largest IT platform consolidations, now serving around 19 million customers in Germany from a single platform ▪ Simplified technology architecture, incl. migration to Google Cloud ▪ Laid the foundation for scalable AI adoption through shared assets Set the basis for stable revenue growth Targeted investments and structural improvements in key functions Foundation for scale, speed and smart innovation
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Deutsche Bank Investor Deep Dive 2025 A transformed bank, James von Moltke 10 Further strengthened balance sheet in all dimensions 2021 2022 2023 2024 2025 FC 13.2 13.4 13.7 13.8 ~14 RWA in € bn Strong capital position, with higher buffer over requirements Stable liquidity position through active B/S management Growing stable deposit franchise, refinancing long-term debt 2021 2022 2023 2024 2025 FC 207 219 219 226 ~240 HQLA in € bn LCR in % Deposits in € bn Long-term debt outstanding in € bn 2021 2025 FC 604 ~670 2021 2025 FC 144 ~118 CET1 ratio in % 352 360 350 357 ~355 133 142 140 131 (18)% ~140 +11%
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Deutsche Bank Investor Deep Dive 2025 A transformed bank, James von Moltke 11 Enhanced risk profile Loan book2 23% 52% Investment Bank Corporate BankPrivate Bank 23% 8% Germany EMEA ex-Germany North America Asia 3% Other € 476bn€ 476bn Regional split in € bn 25% 2010 2015 2020 2025 0 50 100 150 200 Height of euro crisis Start of Covid-19 Regional banks crisis “Liberation Day” Start of Ukraine war ▪ Well-diversified loan book with extensive collateral and active hedging ▪ Well-established risk management and control processes with granular and stable risk appetite ▪ Diligently monitoring emerging risks and potential concentrations with regular stress testing ▪ Structural reduction of VaR and enhanced market risk management capabilities support earnings stability 1-day Value at Risk1 in € m 21% Business split in € bn 45%
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Deutsche Bank Investor Deep Dive 2025 A transformed bank, James von Moltke 12 Foundations set for improved shareholder value ▪ >13% used as divisional hurdle rate for SVA- positive contribution to drive Group threshold, offsetting drag from corporate center ▪ Adopted SVA as central steering tool to measure business value creation; built analytical and reporting capabilities ▪ Focus on sharpening business footprint, product pricing, disciplined capital allocation, front-to-back expense management and RWA optimization >13% RoTE 10-13% RoTE <10% RoTE Equity allocation and return on tangible equity by business unit1,2 2025 FC
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Deutsche Bank Investor Deep Dive 2025 A transformed bank, James von Moltke 13 Sustainability successfully embedded ▪ Significant improvements in four key ESG ratings since 2021, leading in peer group3 ▪ Top 3 Green Bond house globally by volume facilitated4 ▪ € 440bn of cumulative sustainable financing and ESG investment volumes between 2020 and Q3 2025 ▪ Net Zero targets for eight carbon-intensive sectors announced and linked to Management Board’s long-term compensation targets 157 215 279 373 2021 2022 2023 2024 ~460 2025 FC Sustainable finance volumes2 S&P: 72 MSCI: AA Sustainalytics: 9.0 CDP: B1 Leading within peer group #2 of 217 for Diversified Banks Top 37% position in industry 15 of 17 categories scored A/A- Cumulative, in € bn; excl. DWS Multiple ESG rating upgrades since 2021
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Deutsche Bank Investor Deep Dive 2025 A transformed bank, James von Moltke 14 On track to deliver our 2025 targets and objectives 2025 FC Delivering sustainable profitabilityRoTE >10% Revenue CAGR ~6% Benefiting from a diversified business mix Cost/income ratio <65% Increasing cost efficiency CET1 ratio ~14% Fortifying capital base Distributions FY 2021-20251 >€ 8bn Delivering payout ratio of >50%
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Deutsche Bank Investor Deep Dive 2025 A transformed bank, James von Moltke 15 Ready to scale Improved business mix resulting in more balanced and stable revenue profile Right-sized operating costs while self-funding investments Closed significant legacy items, reducing tail risks Regained trust across market stakeholders, clients and employees Strengthened capital base, launching substantial shareholder distributions Built strong foundation to accelerate value creation through rigorous SVA-driven approach
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Deutsche Bank Investor Deep Dive 2025 A transformed bank, James von Moltke 16
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Deutsche Bank Investor Deep Dive 2025 A transformed bank, James von Moltke 17 Appendix
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Deutsche Bank Investor Deep Dive 2025 A transformed bank, James von Moltke 18 Risk focus areas Risk appetite Monitoring Hedging and collateral Stress testing Processes and control ▪ Group risk appetite calibrated to earnings capacity, capital adequacy and operational stability; appetite cascaded down to businesses ▪ Comprehensive credit and market risk limits across country, industry, asset class and single names to manage concentration risk ▪ Dynamic monitoring and management of emerging risks ▪ Daily liquidity risk monitoring across key currencies, entities, businesses and products ▪ Comprehensive monitoring of non-financial risks ▪ Hedging mainly via € 56bn1 CLO and CDS to reduce single name concentration risks ▪ Further risk mitigation through asset and structural collateral ▪ Market risk hedge strategies regularly adjusted to ensure effectiveness ▪ Regular stress tests across range of scenarios and severities ▪ Scenario analysis tests emerging risks and supports control assessments in NFR ▪ Well-established risk management and control processes ▪ Continuous adaptation of information security controls based on evolving threat landscape ▪ Regular staff training on risk culture, conduct and integrity Actively managing our risks
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Deutsche Bank Investor Deep Dive 2025 A transformed bank, James von Moltke 19 Footnotes Note: Throughout this presentation, figures are rounded and totals may not sum due to rounding differences and percentages may not precisely reflect the absolute figures; forward-looking financials are based on 2025 Forecast and 2026 to 2028 Plan based on September 2025 FX rates, if not stated otherwise; performance indicators 2025-2028 refer to FY 2026, FY 2027 and FY 2028 Slide 4 – Germany’s leading bank with global reach 1. Includes client assets in the Private Bank and Assets under Management in Asset Management. The reported figures reflect the aggregation of both businesses and may include some double counting Slide 5 – Offering broad capabilities and solutions 1. Based on 2025 Forecast 2. Share for Institutions represents combined share for Institutions and Corporates Slide 6 – Significantly improved our financial profile 1. Numbers are rounded to € bn 2. Indexed at FY 2021, at 100% 3. Distributions paid in 2022-2025 4. Distributions paid after 2025 include the announced dividend of € 1 in respect of FY 2025 and potential share buybacks Slide 7 – Reshaped the revenue base 1. 31 December 2019 Slide 8 – Improved efficiency and self-funded investments 1. Run-off items include the 2021 onerous contract provision, the wind-down of CRU legacy portfolios and the reduction in bank levies, litigation costs and restructuring and severance expenses over the period 2021 to 2025 Slide 11 – Enhanced risk profile 1. 99% confidence level 2. Based on Q3 2025 results Slide 12 – Foundations set for improved shareholder value 1. Relative area sizing represents average tangible shareholders’ equity 2. Impact from Corporate & Other excluded Slide 13 – Sustainability successfully embedded 1. For an A-Rating with CDP it needs a public submission, which we have done for CDP 2025. Results are expected by YE 2025 2. Defined in Deutsche Bank’s Sustainable Finance Framework and ESG Investments Framework (both published on our website) 3. Deutsche Bank defined peer group: BNP Paribas, UBS, Barclays, Société Générale, HSBC, Goldman Sachs, Citi, Morgan Stanley, Bank of America, J.P. Morgan 4. Source: Bloomberg, Global Green Bond Principles excluding self-led as of 12 Nov 2025 Slide 14 – On track to deliver our 2025 targets and objectives 1. Distributions in respect of FY 2021-2025, including € 1 dividend per share in respect of FY 2025 and potential share buybacks in 2026 in respect of FY 2025 Slide 18 – Actively managing our risks 1. As of Q3 2025 results
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Deutsche Bank Investor Deep Dive 2025 A transformed bank, James von Moltke 20 Glossary AI Artificial Intelligence AM Asset Management B/S Balance sheet CAGR Compound annual growth rate CB Corporate Bank CET1 ratio Common equity tier 1 ratio CDP Carbon Disclosure Project CRU Capital Release Unit CDS Credit default swap CLO Collateralized loan obligation EMEA Europe, Middle East and Africa ESG Environmental, social and governance F2B Front-to-back FC Forecast FIC Fixed Income & Currencies FX Foreign Exchange FY Full year HQLA High-quality liquid assets IB Investment Bank LCR Liquidity coverage ratio M&A Mergers & Acquisitions NFR Non-financial risk PB Private Bank Ro TE Post-tax return on average tangible shareholders’ equity RWA Risk-weighted assets SVA Shareholder value add Tech Technology TBV Tangible book value VaR Value at Risk
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Deutsche Bank Investor Deep Dive 2025 A transformed bank, James von Moltke 21 Speaker biography – James von Moltke James von Moltke has been a member of the Management Board since July 1, 2017. He is the Chief Financial Officer. He has been President since March 25, 2022. With effect from July 1, 2023, he took on responsibility for the Asset Management segment (DWS). Before joining Deutsche Bank, he served as Treasurer of Citigroup, managing its capital and funding as well as liquidity and interest rate risk. He started his career at Credit Suisse First Boston in London in 1992. In 1995, he joined J.P . Morgan, working at the bank for 10 years in New York and Hong Kong. After working at Morgan Stanley for four years, where he led the Financial Technology advisory team globally, von Moltke joined Citigroup as Head of Corporate M&A in 2009. Three years later he became Global Head of Financial Planning and Analysis. In 2015, he was appointed Treasurer of Citigroup.
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Deutsche Bank Investor Deep Dive 2025 A transformed bank, James von Moltke 22 Cautionary 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 most recent SEC Form 20-F. Copies of this document are readily available upon request or can be downloaded from investor-relations.db.com Non-IFRS Financial Measures This document contains non-IFRS financial measures. For a reconciliation to directly comparable figures reported under IFRS, to the extent such reconciliation not provided herein, please refer to the Financial Data Supplement which is available at investor-relations.db.com. When used with respect to future periods, non-GAAP financial measures used by Deutsche Bank are also forward-looking statements. Deutsche Bank cannot predict or quantify the levels of the most directly comparable financial measures under IFRS that would correspond to these measures for future periods. This is because neither the magnitude of such IFRS financial measures, nor the magnitude of the adjustments to be used to calculate the related non-GAAP financial measures from such IFRS financial measures, can be predicted. Such adjustments,if any, will relate to specific, currently unknown, events and in most cases can be positive or negative, so that it is not possible to predict whether, for a future period, the non-GAAP financial measure will be greater than or less than the related IFRS financial measure. For the comparative figures and ratios provided in this presentation, as well as their respective reconciliations, please refer to the published reports for the relevant reporting periods ESG Classification Sustainable financing and ESG investment activities are defined in the “Sustainable Finance Framework” and “Deutsche Bank ESGInvestments Framework” which are available at investor-relations.db.com. Given the cumulative definition of the sustainable financing and ESG investment target, in cases where validation against the Frameworks cannot be completed before the end of the reporting quarter, volumes are disclosed upon completion of the validation in subsequent quarters. For details on ESG product classification of DWS, please refer to the section “Sustainability in Our Product Suite and Investment Approach – Our Product Suite” in DWS Annual Report 2024
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Deutsche BankDeutsche Bank Scaling the Global Hausbank Investor Relations Investor Deep Dive 2025 November 17, 2025
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Deutsche Bank Investor Deep Dive 2025 Scaling the Global Hausbank, Christian Sewing 2 Unique Global Hausbank positioning Value through focus Elevated returns
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Deutsche Bank Investor Deep Dive 2025 Scaling the Global Hausbank, Christian Sewing Becoming the European Champion From defense… … to offense 2018 - 2022 2023 - 2025 FUTURE 2026 - 2028 2028+ PRESENT Restored profitability and strengthened foundations Long-term The European Champion Mid-term Accelerating value creation PAST Note: for footnotes and glossary on abbreviations refer to slides 22 and 23 respectively 3
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Deutsche Bank Investor Deep Dive 2025 Scaling the Global Hausbank, Christian Sewing Adapting to a world in transition Redefined globalization Increasing regionalization reshaping trade flows and supply chains Europe as a capital destination Stability, structural reforms and fiscal measures enhancing Europe’s investment appeal Geopolitical uncertainty Geopolitical realignment resulting in volatility and shifts in economic order Elevated event risks Higher frequency of high-impact events: natural, technological, political Demographic change Wealth and private pension accumulation driven by aging population Technology and AI adoption AI redefining client demands, operating models and labor dynamics Clients need a reliable & trusted partner with global reach, extensive capabilities & financial resilience 4
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Deutsche Bank Investor Deep Dive 2025 Scaling the Global Hausbank, Christian Sewing Power of Global Hausbank aligned to evolving needs 5 Evolving client needs matched by Global Hausbank offering Europe as a capital destination Demographic change Technology and AI adoption Elevated event risks Redefined globalization Geopolitical uncertainty Asset protection and growth Asset and Investment Management Secure and efficient capital mobility Payments and Servicing Financial and strategic advice Advisory Financial risk management across asset and risk types Global Markets Expertise FinancingFunding for business transformation
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Deutsche Bank Investor Deep Dive 2025 Scaling the Global Hausbank, Christian Sewing Four leading businesses set to benefit from opportunities 6 Transformed bank set to drive operating leverage and unlock value Client-centric culture of accountability and collaboration Global network benefits more relevant than ever Growth in areas core to Global Hausbank Scaling and optimizing in areas with leading positions Strengthening of advisory offerings and digital client channels Dedicated to our clients’ lasting success and financial security at home and abroad Investment Bank Private clients Corporates Institutions #1 European Investment Bank1 Leading global FIC and focused advisory house Corporate Bank #1 German Corporate Bank Unique global network Private Bank #1 Private Bank in Germany Largest Eurozone global Private Bank Asset Management Germany’s #1 Asset Manager Full Active, Passive and Alternatives offering Scaling the Global Hausbank
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Deutsche Bank Investor Deep Dive 2025 Scaling the Global Hausbank, Christian Sewing Accelerating value creation with three levers Applying SVA methodology to steer strategic and financial decisions Long-term vision anchored in client-centric purpose and strong culture Strict capital discipline Enforce strict return hurdles, strengthen active balance sheet management and eliminate inefficiencies Scalable operating model Move to integrated and automated processes, invest in technology, AI and innovation and develop talent Financial resilience Substantial capital and liquidity buffers | Balance sheet strength | Enhanced risk management and controls | Sustainable profitability Focused growth Capture organic opportunities and accelerate growth in most value-accretive areas with compelling strategic positioning >13% in RoTE 2028 7
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Deutsche Bank Investor Deep Dive 2025 Scaling the Global Hausbank, Christian Sewing 8 Driving growth in most value-accretive areas Integrate Global Hausbank offering in seamless client experience Capitalize on leading position in home market Leverage strengths and capabilities to benefit from a world in transition Scale focused growth areas1 ▪ Asset Gathering (in PB and AM) ▪ Payments and Servicing (in CB) ▪ Advisory (across all divisions) Leverage leading positioning and platforms2 ▪ Global Fixed Income and Currencies markets ▪ Debt Financing and Lending Objectives Focused growth and value accretion Sustained growth and market share capture Group revenue CAGR 2025-2028 >5% Focused growth
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Deutsche Bank Investor Deep Dive 2025 Scaling the Global Hausbank, Christian Sewing 9 Management actions to grow focus areas Attract new clients by leveraging Global Hausbank strengths Drive innovation and develop new products to meet evolving client needs Deepen share of client wallet by connecting client needs across divisions Improve client experience with user-friendly interfaces and processes Deposit volume growth across PB and CB+€ 100bn Cumulative long-term net flows AM1>€ 160bn Investment banking market share2>3% Total PB client assets€ 1tn Cumulative sustainable and transition finance volume3€ 900bn Management actions Select 2028 performance indicators by 2030 Focused growth
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Deutsche Bank Investor Deep Dive 2025 Scaling the Global Hausbank, Christian Sewing 10 Leader in Germany set for further growth Opportunities to further improve ▪ Capture benefits from investments made across core banking technology integration and client coverage ▪ Upgrade retail and corporate platform to drive growth and improve efficiency Strong and scaled platform ▪ Trusted partner with deep roots in German economy and society ▪ Natural gateway to and from Germany and Europe ▪ Superior deposit base as a stable, low-cost funding source Private Bank #1 PB in Germany ~19m private clients Asset Management Germany’s #1 Asset Manager Corporate Bank #1 German CB All 90 DAX & MDAX bank with DB Investment Bank #1 German franchise Leader in home market Set to grow market share from own strengths in all divisions Focused growth
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Deutsche Bank Investor Deep Dive 2025 Scaling the Global Hausbank, Christian Sewing 11 Capturing macro tailwinds at home Ready to seize opportunitiesMacroeconomic tailwinds Impulse from fiscal stimulus € 400bn incremental until 20282 Long-term transformation € 1tn incr. spending until 20354 Broad economic momentum +1ppt GDP growth 2026 vs. 20251 Private sector investments >€ 700bn from ‘Made for Germany’3 ▪ Accelerated asset gathering via deposit campaigns ▪ Conversion to discretionary and pension investment solutions Private Bank ▪ Grow in sectors benefiting from environment, e.g., defense, infrastructure ▪ Major expansion in SSA issuance volumes Investment Bank ▪ Expansion in capex and opex financing ▪ Positioning to meet liquidity, payments and FX needs Corporate Bank ▪ Growth in private markets ▪ Broadening of savings plans and scaling of ETFs Asset Management Focused growth
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Deutsche Bank Investor Deep Dive 2025 Scaling the Global Hausbank, Christian Sewing Revenue/RWA1 ratio uplift 2025-2028 +100bps 12 Objectives Capital productivity levers Business-led decisions based on SVA ▪ Strict pricing and return hurdles ▪ Re-allocation of capital away from below-hurdle sub-portfolios Active balance sheet management ▪ Increased capital optimization actions, including SRTs Enhanced capital returns Eliminate capital drags Increase shareholder returns Improve capital deployment Clear path to greater capital productivity Strict capital discipline
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Deutsche Bank Investor Deep Dive 2025 Scaling the Global Hausbank, Christian Sewing Driving capital productivity across divisions ▪ Optimize mortgages and consumer finance ▪ Focus on capital-light lending in Wealth Management Private Bank ▪ Re-allocate capital within Financing to higher-return areas ▪ Increase balance sheet velocity Investment Bank ▪ Optimize Trade Finance & Lending ▪ Re-deploy capital into higher-return opportunities Corporate Bank Asset Management ▪ Deploy seed capital to drive organic growth in Alternatives ▪ Selectively pursue inorganic opportunities Additional capital productivity improvement via select exits of sub-scale offerings and geographies 13 Strict capital discipline
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Deutsche Bank Investor Deep Dive 2025 Scaling the Global Hausbank, Christian Sewing Cost/income ratio in 2028 <60% 14 Objectives Optimization levers Scale and operating leverage Lean and adaptable AI-driven and innovative Integrated and automated Investments unlocking further efficiencies ▪ Shift investments towards growth and efficiency ▪ Drive targeted programs to deliver ~€ 2bn1 gross efficiencies ▪ Simplify organization & develop talent deeply dedicated to our purpose Scalable operating model
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Deutsche Bank Investor Deep Dive 2025 Scaling the Global Hausbank, Christian Sewing 15 Scaling platforms to generate operating leverage Enhanced client experience with comprehensive digital journeys and self-service capabilities Simplified organization with clear accountabilities, driving faster decision-making; increased employer attractiveness through upskilling and development of talent Clear capability model with enterprise-wide delivery platforms, front-to-back optimized processes and automated controls Clients Integrated, scalable and AI-enabled technology stack based on hybrid cloudTechnology Capabilities & processes People Private Bank Asset Management Corporate Bank Investment Bank Scalable operating model
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Deutsche Bank Investor Deep Dive 2025 Scaling the Global Hausbank, Christian Sewing 16 Significant potential from deploying AI at scale First wave Next wave – becoming a truly AI-powered bank State-of-the-art technology foundations Organization and governance for scale Risk and control environment defined Workforce mobilization well underway Established foundations People Clients Capabilities & processes Deliver hyper-personalization & agentic integration Capture generational workforce opportunity Enable zero-touch operations Scale predictive risk management and controls Enhance client experience Benefit from productivity tools Leverage use cases at scale Augment controls with AI Scalable operating model
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Deutsche Bank Investor Deep Dive 2025 Scaling the Global Hausbank, Christian Sewing 17 Accelerated value creation through disciplined execution 2021 2025 2028 ambition % of equity1 in areas exceeding business hurdle rate >70% ~40% ~20% Focused growth Strict capital discipline Scalable operating model Portfolio value accretion Management team fully committed to and incentivized on SVA generation Priorities by businesses Drive operating efficiencies in retail, scale Wealth Management and optimize capital usage Private Bank Re-balance towards advisory and corporate relationships and retain leading position in FIC, while closing competitive gaps Investment Bank Scale fee-based platforms, optimize capital consumption and unlock structural efficiencies Corporate Bank Position as Gateway to Europe, expand regionally and drive digital disruption and growth priorities Asset Management
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Deutsche Bank Investor Deep Dive 2025 Scaling the Global Hausbank, Christian Sewing 18 >13% RoTEas key milestone with further upside Firmly committed to our targets Significant further upside ▪ Global Hausbank more relevant than ever ▪ Clear strategic levers in our control ▪ Full focus on SVA and distributions ▪ Aligned incentives to ensure delivery ▪ Upside from Germany’s transformation and stimulus ▪ Significant further value from AI ▪ Ready to leverage European capital markets (SIU) ▪ Potential from regulatory level playing field >13% in RoTE 2028
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Deutsche Bank Investor Deep Dive 2025 Scaling the Global Hausbank, Christian Sewing 19 Our long-term vision The European Champion European leadership across key segments Market-leading returns Deep and scaled global presence and network AI-powered and innovation-focused bank
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Deutsche Bank Investor Deep Dive 2025 Scaling the Global Hausbank, Christian Sewing 20
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Deutsche Bank Investor Deep Dive 2025 Scaling the Global Hausbank, Christian Sewing Appendix 21
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Deutsche Bank Investor Deep Dive 2025 Scaling the Global Hausbank, Christian Sewing Footnotes Note: Throughout this presentation, figures are rounded and totals may not sum due to rounding differences and percentages may not precisely reflect the absolute figures; forward-looking financials are based on 2025 Forecast and 2026 to 2028 Plan based on September 2025 FX rates, if not stated otherwise; performance indicators 2025-2028 refer to FY 2026, FY 2027 and FY 2028 Slide 6 – Four leading businesses set to benefit from opportunities 1. In DB perimeter, IBCM and FIC, excluding Equities Sales and Trading Slide 8 – Driving growth in most value-accretive areas 1. Includes select business units across Private Bank, Asset Management, Corporate Bank and the Investment Bank which have been grouped under Asset Gathering, Payments and Servicing and Advisory 2. Includes select business units across Private Bank, Corporate Bank and the Investment Bank which have been grouped under Global Fixed Income and Currencies markets and Debt Financing and Lending Slide 9 – Management actions to grow focus areas 1. Net flows excluding flows from Cash and advisory 2. Relates to Investment Banking & Capital Markets 3. Cumulative figures include sustainable and transition financing as well as ESG investment activities, as defined in Deutsche Bank’s Sustainable Finance Framework, Transition Finance Framework, and ESG Investments Framework, all of which are published on the bank’s website Slide 11 – Capturing macro tailwinds at home 1. See slide ‘Key macro assumptions underpinning planning’ in ‘Accelerating value creation’ presentation 2. € 400bn based on special fund (‘Sondervermögen Infrastruktur und Klimaneutralität’) spending until 2028 and planned German defense spending above the debt cap 3. Investments by 105 initiative members from 2025-2028 in Germany, including already planned and new capital expenditures, spending on research and development and commitments from international investors 4. € 1tn based on € 500bn special fund (‘Sondervermögen Infrastruktur und Klimaneutralität’) and German defense spending above the debt cap aligned to NATO target Slide 12 – Clear path to greater capital productivity 1. Excluding operational risk RWA Slide 14 – Investments unlocking further efficiencies 1. To be achieved by 2028 Slide 17 – Accelerated value creation through disciplined execution 1. Average tangible shareholders’ equity 22
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Deutsche Bank Investor Deep Dive 2025 Scaling the Global Hausbank, Christian Sewing Glossary AI Artificial Intelligence AM Asset Management Bps Basis points CAGR Compound annual growth rate Capex Capital expenditure CB Corporate Bank DB Deutsche Bank ETF Exchange Traded Funds FIC Fixed Income & Currencies FX Foreign Exchange GDP Gross domestic product Opex Operational expenditure PB Private Bank Ro TE Post-tax return on average tangible shareholders’ equity RWA Risk-weighted assets SIU Savings and Investment Union SRT Significant risk transfer SSA Sovereign, Supranational, and Agency SVA Shareholder value add 23
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Deutsche Bank Investor Deep Dive 2025 Scaling the Global Hausbank, Christian Sewing Speaker biography – Christian Sewing Christian Sewing, born in 1970, has been a member of the Management Board of Deutsche Bank since January 1, 2015. He has been Chief Executive Officer since April 2018. He joined the bank in 1989. He has been on the Management Board since January 2015, initially responsible for the bank’s Legal, Incident Management Group and Group Audit, until July 2015, when he assumed responsibility for Deutsche Bank’s Private & Commercial Bank until April 2018 when he became Chief Executive Officer. He was Head of Group Audit from June 2013 to December 2014, prior to which he held a number of management positions in Deutsche Bank’s Risk Management unit. From 2012 to 2013, he was Deputy Chief Risk Officer. From 2010 to 2012, he served as the bank’s Chief Credit Officer. He has worked in Frankfurt, London, Singapore, Tokyo and Toronto. From 2005 until 2007, Christian Sewing was a member of the Management Board of Deutsche Genossenschafts-Hypothekenbank. He has been the President of the German Banking Association since July 2021 and from March 2023 to February 2025, he also was the President of the European Banking Federation. 24
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Deutsche Bank Investor Deep Dive 2025 Scaling the Global Hausbank, Christian Sewing Cautionary 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 most recent SEC Form 20-F. Copies of this document are readily available upon request or can be downloaded from investor-relations.db.com Non-IFRS Financial Measures This document contains non-IFRS financial measures. For a reconciliation to directly comparable figures reported under IFRS, to the extent such reconciliation not provided herein, please refer to the Financial Data Supplement which is available at investor-relations.db.com. When used with respect to future periods, non-GAAP financial measures used by Deutsche Bank are also forward-looking statements. Deutsche Bank cannot predict or quantify the levels of the most directly comparable financial measures under IFRS that would correspond to these measures for future periods. This is because neither the magnitude of such IFRS financial measures, nor the magnitude of the adjustments to be used to calculate the related non-GAAP financial measures from such IFRS financial measures, can be predicted. Such adjustments,if any, will relate to specific, currently unknown, events and in most cases can be positive or negative, so that it is not possible to predict whether, for a future period, the non-GAAP financial measure will be greater than or less than the related IFRS financial measure. For the comparative figures and ratios provided in this presentation, as well as their respective reconciliations, please refer to the published reports for the relevant reporting periods ESG Classification Sustainable financing and ESG investment activities are defined in the “Sustainable Finance Framework” and “Deutsche Bank ESGInvestments Framework” which are available at investor-relations.db.com. Given the cumulative definition of the sustainable financing and ESG investment target, in cases where validation against the Frameworks cannot be completed before the end of the reporting quarter, volumes are disclosed upon completion of the validation in subsequent quarters. For details on ESG product classification of DWS, please refer to the section “Sustainability in Our Product Suite and Investment Approach – Our Product Suite” in DWS Annual Report 2024 25
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Deutsche Bank Private Bank Investor Relations Investor Deep Dive 2025 November 17, 2025
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Deutsche Bank Investor Deep Dive 2025 Dark Blue Odyssey Blue Bright Blue Mid Blue Lightest Blue Deep Blue Mid Grey Light Grey White Light Blue Private Bank, Claudio de Sanctis 2 Largest Eurozone global Private Bank Leading operating leverage € 1 trillion Client assets by 2028
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Deutsche Bank Investor Deep Dive 2025 Dark Blue Odyssey Blue Bright Blue Mid Blue Lightest Blue Deep Blue Mid Grey Light Grey White Light Blue Private Bank, Claudio de Sanctis by geography Germany International markets ~9.7~32 Group by business Personal Banking Wealth Management3 3 Private Bank at a glance Deep German foundation, strong international reach Leading lending and investment advisory capabilities Asset gatherer and value multiplier for Deutsche Bank Group Net revenues 2025 FC, in € bn #1 In all German client segments with ~19m clients1 ~€ 0.8tn Client assets2 #1 Eurozone global Private Bank Note: for footnotes and glossary on abbreviations refer to slides 19 and 20 respectively
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Deutsche Bank Investor Deep Dive 2025 Dark Blue Odyssey Blue Bright Blue Mid Blue Lightest Blue Deep Blue Mid Grey Light Grey White Light Blue Private Bank, Claudio de Sanctis 4 Focused strategy where we can compete to win Rapid scaling with asset gathering Wealth Management Focused growth and AI-led transformation ▪ Global Hausbank for European family entrepreneurs ▪ Go-to bank for investment needs of European affluents ▪ U/HNWI focused global wealth manager ▪ Deutsche Bank: Hausbank for financial advice ▪ Postbank: Digital-first everyday banking Personal Banking
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Deutsche Bank Investor Deep Dive 2025 Dark Blue Odyssey Blue Bright Blue Mid Blue Lightest Blue Deep Blue Mid Grey Light Grey White Light Blue Private Bank, Claudio de Sanctis 84 74 2023 2025 FC Deep business transformation driving operating leverage 77 63 2023 2025 FC 96 81 69 2021 2023 2025 FC Private Bank Personal Banking Wealth Management (13)ppts (10)ppts (12)ppts 4.6 ~3.9 3.2 ~2.8 5 Cost/income ratio in % Noninterest expenses in € bn Cost/income ratio1 in % Noninterest expenses in € bn Cost/income ratio1 in %
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Deutsche Bank Investor Deep Dive 2025 Dark Blue Odyssey Blue Bright Blue Mid Blue Lightest Blue Deep Blue Mid Grey Light Grey White Light Blue Private Bank, Claudio de Sanctis 6 Strong asset gathering and profitability turnaround (2) 10 2021 2025 FC 14 20 24 2023 2024 2025 FC 148 159 176 2023 2024 2025 FC 9% CAGR Private Bank Personal Banking Wealth Management Return on tangible equity in % Assets under Management in € bn Net new assets in € bn 4% avg. annual NNA/AuM
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Deutsche Bank Investor Deep Dive 2025 Dark Blue Odyssey Blue Bright Blue Mid Blue Lightest Blue Deep Blue Mid Grey Light Grey White Light Blue Private Bank, Claudio de Sanctis 7 Focused growth by client acquisition and deeper engagement ~€ 50bn New deposits2 >70% New business via digital and remote channels3 Product revenue CAGR 2025-2028 Performance indicators 2025-2028 Personal Banking Acquire clients with deposits and new account models with tiered pricing Deepen relationships via AI-driven client insights and digital-first service Engage clients long term with discretionary and pension investment solutions Scale multi-channel advisory by upgrading remote and digital services Investments Lending Banking products1 (incl. deposits) Focused growth
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Deutsche Bank Investor Deep Dive 2025 Dark Blue Odyssey Blue Bright Blue Mid Blue Lightest Blue Deep Blue Mid Grey Light Grey White Light Blue Private Bank, Claudio de Sanctis 8 Accelerate front-to-back cost transformation 2025 FC Existing New Invest- ments and inflation 2028 6074 Benefits from existing programs ▪ Sales network optimization and digitalization ▪ Head office restructuring ▪ Platform consolidation Benefits from new programs ▪ Automation in call centers & operations ▪ New operating model and AI-led front- to-back process redesign1 Investments in digital marketing, branch modernization and remote advisory capabilities Programs 100+ Announced branch reductions by end of 20262 ~35% Cost benefits underway from existing programs 2x Digital marketing investments Cost/income ratio in % Noninterest expenses in € bn Performance indicators 2025-2028 Personal Banking Scalable operating model
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Deutsche Bank Investor Deep Dive 2025 Dark Blue Odyssey Blue Bright Blue Mid Blue Lightest Blue Deep Blue Mid Grey Light Grey White Light Blue Private Bank, Claudio de Sanctis 9 Launch a new AI-enabled operating model Simplify product, process and IT landscape Deploy (agentic) AI to support customer demand and drive front-to-back streamlining in business, IT & infrastructure Roll out modern, scalable and robust core banking platforms € 300m Run-rate savings by 20282 ~€ 600m Technology spend cumulative to 20281 30% Reduction in KYC manual handling time enabled by AI 60% Decrease in mortgage handling time with AI instant decisions 15 to 2 Modern core banking platforms >80% Inbound inquiries assisted via personalized, conversational AI Performance indicators 2025-2028 and beyond Personal Banking Scalable operating model
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Deutsche Bank Investor Deep Dive 2025 Dark Blue Odyssey Blue Bright Blue Mid Blue Lightest Blue Deep Blue Mid Grey Light Grey White Light Blue Private Bank, Claudio de Sanctis 10 Optimize and re-deploy capital 2025 FC Net release in PeB Net growth in WM 2028 Launch new securitizations in retail lending enabled by a true sale platform Exit or optimize non-SVA-accretive portfolios Drive capital-light growth led by investment and deposit solutions Re-allocate capital to self fund growth in Wealth Management Allocated tangible shareholders’ equity in € bn Performance indicators 2025-2028 ~15% Reduction of allocated tangible shareholders’ equity in Personal Banking >250bps Revenue/RWA1 ratio uplift Private Bank Strict capital discipline
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Deutsche Bank Investor Deep Dive 2025 Dark Blue Odyssey Blue Bright Blue Mid Blue Lightest Blue Deep Blue Mid Grey Light Grey White Light Blue Private Bank, Claudio de Sanctis 11 Rapidly scale franchise with asset gathering 2025 FC Market effect1 Client share Client acquisition 2028 2x DPM Assets under Management ~6% Average NNA/AuM p.a. 250+ Coverage hires Acquire U/HNW clients with top-talent hiring, focusing on Germany, Italy, UK, Middle East and Asia Launch digital investment proposition to grow European affluent client base Further activate clients with deeper advisory engagement and Bank for Entrepreneurs solutions Explore targeted inorganic opportunities in Europe 8% CAGR Client assets in € bn Performance indicators 2025-2028 of wallet Wealth Management Focused growth
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Deutsche Bank Investor Deep Dive 2025 Dark Blue Odyssey Blue Bright Blue Mid Blue Lightest Blue Deep Blue Mid Grey Light Grey White Light Blue Private Bank, Claudio de Sanctis 12 Invest in our offering to support growth Focus on discretionary solutions, widen SAA to broader client base with digital customization Strengthen One-Bank offering for Family Offices leveraging IB/PB capabilities Expand DPM offering with private markets allocation developed with best- in-class partners Grow lombard lending to unlock investments Leading Eurozone fixed income and FX partner for Family Offices >2x Shareholder value add ~€ 300m Strategic investmentsInvestments Lending Banking products1 Product revenue CAGR 2025-2028 Performance indicators 2025-2028 Wealth Management Focused growth
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Deutsche Bank Investor Deep Dive 2025 Dark Blue Odyssey Blue Bright Blue Mid Blue Lightest Blue Deep Blue Mid Grey Light Grey White Light Blue Private Bank, Claudio de Sanctis Next generation banking with AI voice-enabled agent 13 Conversational banking for advisory 20282026 2027 Acting as an advisor and promoting products tailored to customer needs Mobile App AI assistance Voice-enabled context-aware banking Answering questions around usage and functionalities of the online/mobile app Provide answers on static information, e.g., account statements, available products AI-enabled customer feedback AI-assisted daily banking execution Collecting customer feedback and evaluating behavior to derive client satisfaction Executing daily banking transactions based on client instructions Private Bank Scalable operating model
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Deutsche Bank Investor Deep Dive 2025 Dark Blue Odyssey Blue Bright Blue Mid Blue Lightest Blue Deep Blue Mid Grey Light Grey White Light Blue Private Bank, Claudio de Sanctis 14 Bringing the Global Hausbank offering to Private Bank clients ▪ Bank for Entrepreneurs collaboration ▪ Joint client acquisition and development ▪ Access to cash management & trade/export finance Corporate Bank Investment Bank ▪ Tailored fixed income and FX solutions ▪ Corporate finance advisory for entrepreneurs ▪ Exclusive participation in FIC deals Asset Management ▪ Launch of digital investment solutions ▪ Joint development of pension investment products ▪ Speciality and bespoke offerings (incl. Alternatives)
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Deutsche Bank Investor Deep Dive 2025 Dark Blue Odyssey Blue Bright Blue Mid Blue Lightest Blue Deep Blue Mid Grey Light Grey White Light Blue Private Bank, Claudio de Sanctis 15 Our path forward 2028 ambitions ▪ Transform and grow Personal Banking 5-6% Revenue CAGR ▪ Scale up efficient Wealth Management franchise 60% Cost/income ratio ▪ Deliver scalable AI-enabled operating model >18% RoTE ▪ Strengthen Private Bank as profitable value multiplier € 1tn Client assets
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Deutsche Bank Investor Deep Dive 2025 Dark Blue Odyssey Blue Bright Blue Mid Blue Lightest Blue Deep Blue Mid Grey Light Grey White Light Blue Private Bank, Claudio de Sanctis 16
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Deutsche Bank Investor Deep Dive 2025 Dark Blue Odyssey Blue Bright Blue Mid Blue Lightest Blue Deep Blue Mid Grey Light Grey White Light Blue Private Bank, Claudio de Sanctis 17 Appendix
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Deutsche Bank Investor Deep Dive 2025 Dark Blue Odyssey Blue Bright Blue Mid Blue Lightest Blue Deep Blue Mid Grey Light Grey White Light Blue Private Bank, Claudio de Sanctis 18 Private Bank’s development across key financials Income statement, in € bn 2021 2022 2023 2024 9M 2025 Total net revenues 8.2 9.2 9.6 9.4 7.2 Provision for credit losses (0.4) (0.6) (0.8) (0.9) (0.4) Noninterest expenses (7.9) (6.9) (7.8) (7.3) (5.0) Profit (loss) before tax (0.1) 1.7 1.0 1.2 1.8 Resources Branches1 1,709 1,536 1,432 1,307 1,196 Employees (front-office & business- aligned operations, full-time equivalent) 28,032 26,871 26,263 24,895 23,911 Volumes and balance sheet, in € bn Assets under Management 554 543 579 634 675 Deposits 313 317 308 320 325 Loans (gross of allowance for loan losses) 254 265 261 257 248 Performance measures and ratios, in % Net interest margin 1.8 2.0 2.3 2.2 2.4 Cost/income ratio 96.2 75.0 81.0 78.1 69.6 Post-tax return on average tangible shareholders' equity (1.7) 9.2 4.8 5.1 10.5
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Deutsche Bank Investor Deep Dive 2025 Dark Blue Odyssey Blue Bright Blue Mid Blue Lightest Blue Deep Blue Mid Grey Light Grey White Light Blue Private Bank, Claudio de Sanctis 19 Footnotes Slide 9 – Launch a new AI-enabled operating model 1. Cumulative change-the-bank cash spend between 2026-2028; primarily related to Personal Banking 2. Primarily related to Personal Banking Slide 10 – Optimize and re-deploy capital 1. RWA excluding operational risk RWA Slide 11 – Rapidly scale franchise with asset gathering 1. Market effect based on Deutsche Bank macroeconomic outlook Slide 12 – Invest in our offering to support growth 1. Also includes Accounts, Cards and Mortgages Slide 18 – Private Bank’s development across key financials 1. Includes all branches, including those outside of Private Bank Note: Throughout this presentation, figures are rounded and totals may not sum due to rounding differences and percentages may not precisely reflect the absolute figures; forward financials are based on 2025 Forecast and 2026 to 2028 Plan based on September 2025 FX rates, if not stated otherwise; performance indicators 2025-2028 refer to FY 2026, FY 2027 and FY 2028 if not stated otherwise Slide 2 – Introduction Note: Client assets include Assets under Management and Assets under Custody but exclude Personal Banking sight deposits Slide 3 – Private Bank at a glance 1. Wealth Management: McKinsey, market share as % of total onshore market AuM; Personal Banking: Largest Private Bank based on number of clients in Germany excl. saving banks and cooperative banks; ~18m clients in Personal Banking Germany out of total ~19m clients in Germany 2. FY 2025 Forecast, of which € 0.7tn AuM (Personal Banking € 0.2tn AuM, Wealth Management € 0.5tn AuM) 3. Wealth Management & Private Banking segment has been renamed to Wealth Management Slide 5 – Deep business transformation driving operating leverage 1. Private Bank cost base fully allocated to Personal Banking and Wealth Management Slide 7 – Focused growth by client acquisition and deeper engagement 1. Also includes Accounts, Cards and other products, but excludes Retail Lending 2. Gross inflows from deposit campaigns 3. In Personal Banking Germany Slide 8 – Accelerate front-to-back cost transformation 1. See slide 9 for details 2. As announced in 2025
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Deutsche Bank Investor Deep Dive 2025 Dark Blue Odyssey Blue Bright Blue Mid Blue Lightest Blue Deep Blue Mid Grey Light Grey White Light Blue Private Bank, Claudio de Sanctis 20 Glossary AI Artificial Intelligence AuM Assets under Management Avg. Average Bps Basis points CAGR Compound annual growth rate DB Deutsche Bank DPM Discretionary portfolio mandates EMEA Europe, Middle East and Africa FC Forecast FIC Fixed Income & Currencies FX Foreign Exchange FY Full year IB Investment Bank KYC Know your client NNA Net new assets p.a. Per annum PB Private Bank PeB Personal Banking Ppts Percentage points Ro TE Post-tax return on average tangible shareholders’ equity RWA Risk-weighted assets SAA Strategic Asset Allocation SVA Shareholder value add Tech Technology U/HNW(I) Ultra-High-Net-Worth-Individual WM Wealth Management
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Deutsche Bank Investor Deep Dive 2025 Dark Blue Odyssey Blue Bright Blue Mid Blue Lightest Blue Deep Blue Mid Grey Light Grey White Light Blue Private Bank, Claudio de Sanctis 21 Speaker biography – Claudio de Sanctis Claudio de Sanctis was appointed as a member of the Management Board of Deutsche Bank on July 1, 2023, as Head of Private Bank. De Sanctis was responsible for the International Private Bank since its creation in June 2020, and at the same time he was also CEO of Europe, Middle East & Africa (EMEA). Since then, he has also been a Member of Deutsche Bank’s Group Management Committee. He had previously been Global Head of Deutsche Bank Wealth Management since November 2019 after joining the bank in December 2018 as Head of Deutsche Bank Wealth Management Europe. In addition, he was also the Chief Executive Officer of Deutsche Bank (Switzerland) Ltd from February to December 2019. Before joining Deutsche Bank, he was Head of Private Banking, Europe, at Credit Suisse, where he started in 2013 as Market Area Head Southeast Asia for Private Banking. Before then, he spent seven years at UBS Wealth Management Europe, most recently as Market Head Iberia and Nordics. Earlier in his career, he was at Barclays as Head of Key Clients Unit Europe in Private Banking focusing on UHNW clients. He also worked at Merrill Lynch Private Wealth Management EMEA. De Sanctis holds a Bachelor’s degree in Philosophy from the University of La Sapienza in Rome.
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Deutsche Bank Investor Deep Dive 2025 Dark Blue Odyssey Blue Bright Blue Mid Blue Lightest Blue Deep Blue Mid Grey Light Grey White Light Blue Private Bank, Claudio de Sanctis 22 Cautionary 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 most recent SEC Form 20-F. Copies of this document are readily available upon request or can be downloaded from investor-relations.db.com Non-IFRS Financial Measures This document contains non-IFRS financial measures. For a reconciliation to directly comparable figures reported under IFRS, to the extent such reconciliation not provided herein, please refer to the Financial Data Supplement which is available at investor-relations.db.com. When used with respect to future periods, non-GAAP financial measures used by Deutsche Bank are also forward-looking statements. Deutsche Bank cannot predict or quantify the levels of the most directly comparable financial measures under IFRS that would correspond to these measures for future periods. This is because neither the magnitude of such IFRS financial measures, nor the magnitude of the adjustments to be used to calculate the related non-GAAP financial measures from such IFRS financial measures, can be predicted. Such adjustments,if any, will relate to specific, currently unknown, events and in most cases can be positive or negative, so that it is not possible to predict whether, for a future period, the non-GAAP financial measure will be greater than or less than the related IFRS financial measure. For the comparative figures and ratios provided in this presentation, as well as their respective reconciliations, please refer to the published reports for the relevant reporting periods ESG Classification Sustainable financing and ESG investment activities are defined in the “Sustainable Finance Framework” and “Deutsche Bank ESGInvestments Framework” which are available at investor-relations.db.com. Given the cumulative definition of the sustainable financing and ESG investment target, in cases where validation against the Frameworks cannot be completed before the end of the reporting quarter, volumes are disclosed upon completion of the validation in subsequent quarters. For details on ESG product classification of DWS, please refer to the section “Sustainability in Our Product Suite and Investment Approach – Our Product Suite” in DWS Annual Report 2024
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Deutsche BankDeutsche Bank Asset Management Investor Relations Investor Deep Dive 2025 November 17, 2025
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Deutsche Bank Investor Deep Dive 2025 Asset Management, Stefan Hoops 2 Germany’s #1 Asset Manager Gateway to Europe Growth in ETFs and Alternatives
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Deutsche Bank Investor Deep Dive 2025 Asset Management, Stefan Hoops 3 Asset Management at a glance All-in-one platform managing >€ 100bn in each asset class Global Asset Manager with regional diversification Equal split across client types and distribution channels 36% 20% 13% 11% 11% 10% 46% 28% 20% 5% 51%49% Germany EMEA ex-GY Americas APAC Retail Institutional Passive FI MA/SQI Cash & Adv. Equity Alts Fund manager EMEA by AuM3 #5 German retail fund manager1 #1 European ETF manager by AuM2 #31,054 1,054 1,054 Asset classes Q3 2025, in € bn Regions Clients Assets under Management Note: for footnotes and glossary on abbreviations refer to slides 13 and 14 respectively
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Deutsche Bank Investor Deep Dive 2025 Asset Management, Stefan Hoops 4 Significantly improved financial profile 2022 2025 FC 2.7 ~3.1 ~80% ~20% 2022 2025 FC 1.8 ~1.8 Discipline-based3 Volume-based DWS noninterest expenses in € bn Build Seed-funding areas with high potential Growth Expanding true areas of strength Value Maintaining leadership in mature markets Reduce Re-allocating resources to priority growth areas Market growth potential Capabilities ▪ Divested sub-scale businesses and self funded priority growth areas ▪ Growth investments led to significant net new asset gathering (NNA/average AuM) growth above peer average in last 3 years1 ▪ Active cost management since 2022 resulting in expected 2025 DWS cost/income ratio of <60%, which is within top quartile of peer group2 ▪ Substantially improved profitability with expected DWS profit before tax increase of ~50% versus 2022 Strategy announced at DWS’ 2022 Capital Markets Day led to significant progress +14% (3)% DWS net revenues in € bn Strict capital discipline
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Deutsche Bank Investor Deep Dive 2025 Asset Management, Stefan Hoops 5 Well positioned to capture future growth Market drivers DWS positioning 2025 2028 ~139 ETF supermarket in Europe, thematic ETFs in APAC and AmericasETFs Proven infrastructure and real estate business; build-out of private creditPrivate markets Strong digital partnerships; broadening savings plans and scaling of Active ETFsDigital distribution #6 third-party insurance asset manager2; expansion of solutions businessInstitutional Asset management industry growth driven by distinct drivers, and DWS can address all of them 8% CAGR Industry Assets under Management1 in € tn Focused growth
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Deutsche Bank Investor Deep Dive 2025 Asset Management, Stefan Hoops 6 Focused growth with management actions ConnectingTheDotsacross priorities with clear and tangible management actions ▪ Infrastructure acceleration and investments for European transformation ▪ Expansion of private credit offerings in partnership with CB and IB ▪ Opening of new branches in strategically relevant regions ▪ Further build-out of market leadership in Germany, with focus on pensions ▪ Build on strategic partnership in China with Harvest Fund Management ▪ Enter strategic collaboration with Nippon Life India Asset Management ▪ Digital Assets: develop services around stablecoin and on-chain products ▪ Embedded Investment Solutions: establish API platform and ecosystem ▪ Artificial Intelligence: build data platform and tools for portfolio managers FUTURE OF FINANCE Manage and lead the disruption in asset management TOP 5 IN TOP 5 Become a top-5 (foreign) asset manager in the top- 5 economies GATEWAY TO EUROPE 1st point of contact for investors wanting to invest in Europe Focused growth
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Deutsche Bank Investor Deep Dive 2025 Asset Management, Stefan Hoops 7 Scalable operating model Measures to scale operating model… … will bear fruit in the upcoming years Continued investment into growth while only allowing increase of volume-based costs Optimized platform Self- funded growth Profiting from operating leverage with incremental revenue directly being net income accretive AM cost/income ratio through to 2028 <60% AM profit before tax CAGR until 2028 ~10% Near-shoring and internalization Built up AM enabling functions Quadrupled graduate intake Substantial hires in Alternatives Expanded Xtrackers platform Invested in digital capabilities Scalable operating model
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Deutsche Bank Investor Deep Dive 2025 Asset Management, Stefan Hoops 8 Leveraging the Global Hausbank Significant competitive advantage for AM by unlocking Global Hausbank’sfull potential ▪ #1 retail distribution partner ▪ Joint development of innovative products ▪ Launch of digital investment solutions Private Bank Corporate Bank ▪ Cross-selling opportunities to corporate clients ▪ Joint development of solutions for pensions ▪ Access to asset-based finance and SME origination Investment Bank ▪ Cross-selling opportunities to institutional clients ▪ Private credit partnership ▪ Leverage of structuring capabilities
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Deutsche Bank Investor Deep Dive 2025 Asset Management, Stefan Hoops 9 Our path forward 2028 ambitions ▪ Strong business momentum driven by operating leverage ▪ Clear strategic priorities defined for the years ahead: ▪ Becoming the Gateway to Europe >€ 160bn Long-term net flows1 (2026-2028) ~5% Revenue CAGR ~10% Profit before tax CAGR ▪ Diversified and proven business model with broad set of capabilities ▪ Being a top-5 (foreign) AM in the top-5 world economies ▪ Leading the digital disruption in Asset Management >40% RoTE
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Deutsche Bank Investor Deep Dive 2025 Asset Management, Stefan Hoops 10
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Deutsche Bank Investor Deep Dive 2025 Asset Management, Stefan Hoops 11 Appendix
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Deutsche Bank Investor Deep Dive 2025 Asset Management, Stefan Hoops Income statement, in € bn 2021 2022 2023 2024 9M 2025 DWS revenues1 2.7 2.7 2.6 2.8 2.3 Noninterest expenses 1.6 1.8 1.8 1.8 1.3 DWS profit before tax 1.1 0.9 0.8 1.0 0.9 Funding charges & other2 0.1 0.1 0.2 0.1 0.1 Noncontrolling interests 0.2 0.2 0.2 0.2 0.2 Asset Management profit before tax 0.8 0.6 0.4 0.6 0.7 Ratios (DB AM), in % 2021 2022 2023 2024 9M 2025 Cost/income ratio 61.7% 70.9% 76.6% 68.8% 61.1% Post-tax return on average tangible shareholders’ equity 25.8% 17.0% 12.2% 18.0% 25.4%3 AuM & Flows, in € bn 2021 2022 2023 2024 9M 2025 Assets under Management 928 821 896 1,012 1,054 Net flows 48 (20) 28 26 40 Management fee margin (bps) 27.8 28.1 27.1 26.1 25.1 Asset Management’s development across key financials 12
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Deutsche Bank Investor Deep Dive 2025 Asset Management, Stefan Hoops Footnotes Note: Throughout this presentation, figures are rounded and totals may not sum due to rounding differences and percentages may not precisely reflect the absolute figures; forward-looking financials are based on 2025 Forecast and 2026 to 2028 Plan based on September 2025 FX rates, if not stated otherwise Slide 2 Source: 2024 IPE TOP 500 Asset Manager Ranking, June 2025 Slide 3 – Asset Management at a glance 1. Source: German Retail Fund Ranking - BVI Market Analysis as of August 2025 2. Source: ETFGI European ranking as of September 2025 3. Source: Broadridge, GMI funds, combined Mutual Funds and ETF AuM (excl. Fund of Funds) Q2 2025 Slide 4 – Significantly improved financial profile 1. Based on FY2023 – 9M 2025, peer group (only considering Asset Management segments in case of broader financial institutions): Amundi, T Rowe Price, Affiliated Managers Group, BlackRock, Alliance Bernstein, State Street Investment Management, Federated Hermes, Janus Henderson, UBS, Morgan Stanley, BNP/AXA, PGIM, Invesco, BNY, Schroders, Natixis, Franklin Templeton, Aberdeen, AGI and PIMCO 2. Based on 9M 2025, peer group (only considering Asset Management segments in case of broader financial institutions): Amundi, T Rowe Price, Affiliated Managers Group, BlackRock, Alliance Bernstein, JP Morgan, State Street Investment Management, Federated Hermes, Janus Henderson, UBS, Morgan Stanley, BNP/AXA, PGIM, Invesco, BNY, Natixis, Franklin Templeton, AGI and PIMCO 3. Including external-driven costs (for additional details see ‘DWS Group – Q3 2024 results’, October 23, 2024) Slide 5 – Well positioned for future growth 1. Outlook based on DWS analysis 2. Source: 2024 TP GA Manager – IlRO 2025 Slide 9 – Out path forward 1. Net flows excluding flows from Cash and advisory Slide 12 – Asset Management’s development across key financials 1. Net of provision for credit losses 2. DB funding charges allocated to DB segments, accounting differences & timing in the DWS statutory financial statements 3. Including assignment of full regulatory capital minority interest benefit to the AM segment (which was previously held in C&O); 9M 2025 pro-forma RoTE would be 42.8% 13
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Deutsche Bank Investor Deep Dive 2025 Asset Management, Stefan Hoops Glossary Adv Advisory Alts Alternatives AM Asset Management APAC Asia Pacific API Application programming interface AuM Assets under Management Bps Basis points CAGR Compound annual growth rate CB Corporate Bank C&O Corporate & Other DB Deutsche Bank EMEA Europe, Middle East and Africa ETF Exchange Traded Funds FC Forecast FI Fixed Income FX Foreign Exchange GY Germany IB Investment Bank MA Multi Asset NNA Net new assets Ro TE Post-tax return on average tangible shareholders’ equity SME Small & medium enterprises SQI Systematic Quantitative Investments 14
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Deutsche Bank Investor Deep Dive 2025 Asset Management, Stefan Hoops Speaker biography – Dr Stefan Hoops 15 Dr Stefan Hoops is Chief Executive Officer of DWS Group. He directly oversees DWS’ Alternatives business, and is also responsible for Audit, Communications and Corporate Strategy and M&A. Hoops first joined Deutsche Bank Group in Fixed Income Sales in 2003. Between 2006 and 2007 he worked for Lehman Brothers in Germany. In 2008, he moved to Deutsche Bank’s Credit Trading in New York and took on various leadership roles within Global Markets in the United States and Germany in the following years, including Global Head of Institutional Sales. In October 2018 he was named Head of Global Transaction Banking. From 2019, he headed Deutsche Bank‘s Corporate Bank, which encompasses all of Deutsche Bank‘s corporate and commercial client activities. In 2022, he joined DWS Group as Chief Executive Officer.
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Deutsche Bank Investor Deep Dive 2025 Asset Management, Stefan Hoops Cautionary 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 most recent SEC Form 20-F. Copies of this document are readily available upon request or can be downloaded from investor-relations.db.com Non-IFRS Financial Measures This document contains non-IFRS financial measures. For a reconciliation to directly comparable figures reported under IFRS, to the extent such reconciliation not provided herein, please refer to the Financial Data Supplement which is available at investor-relations.db.com. When used with respect to future periods, non-GAAP financial measures used by Deutsche Bank are also forward-looking statements. Deutsche Bank cannot predict or quantify the levels of the most directly comparable financial measures under IFRS that would correspond to these measures for future periods. This is because neither the magnitude of such IFRS financial measures, nor the magnitude of the adjustments to be used to calculate the related non-GAAP financial measures from such IFRS financial measures, can be predicted. Such adjustments,if any, will relate to specific, currently unknown, events and in most cases can be positive or negative, so that it is not possible to predict whether, for a future period, the non-GAAP financial measure will be greater than or less than the related IFRS financial measure. For the comparative figures and ratios provided in this presentation, as well as their respective reconciliations, please refer to the published reports for the relevant reporting periods ESG Classification Sustainable financing and ESG investment activities are defined in the “Sustainable Finance Framework” and “Deutsche Bank ESGInvestments Framework” which are available at investor-relations.db.com. Given the cumulative definition of the sustainable financing and ESG investment target, in cases where validation against the Frameworks cannot be completed before the end of the reporting quarter, volumes are disclosed upon completion of the validation in subsequent quarters. For details on ESG product classification of DWS, please refer to the section “Sustainability in Our Product Suite and Investment Approach – Our Product Suite” in DWS Annual Report 2024 16
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Deutsche BankDeutsche Bank November 17, 2025 Investor Relations Investor Deep Dive 2025 Corporate Bank
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Deutsche Bank Investor Deep Dive 2025 2Corporate Bank, Fabrizio Campelli Best positioned to capture German opportunity Leverage global network capabilities Scalable platform ready to grow
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Deutsche Bank Investor Deep Dive 2025 by geography GermanyEurope Americas APAC & MEA ~7.4~32 Group by businessCorporate Treasury Services Business Banking 3 Corporate Bank at a glance Global connectivity empowering cross- border trade and capital flows Services platform enabling cross-divisional monetization and meeting future client needs Clear leader in Germany, at the heart of our Hausbank offering to corporate clients Net revenues 2025 FC, in € bn #1 World‘s Best Corporate Trust Bank2 #1 Transaction Bank Asia Pacific3 #1 EUR Clearer1 Institutional Client Services Note: for footnotes and glossary on abbreviations refer to slides 18 and 19 respectively Corporate Bank, Fabrizio Campelli
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Deutsche Bank Investor Deep Dive 2025 4 A unique network proposition >50 #1 emerging markets awards across CB4 140+ Correspondent network countries ~60 Local market presence #1 Non-local bank in 18 APAC / MEA markets5 >40% Clients outside Germany3 #1 USD clearer among Eurozone banks2 >€ 250tn Annual cross-border payment volume Cross-border payments ~€ 4.0tn Assets under Custody in 30 markets7 Local market expertise >33% Corporates and FI clients with cross-border revenues Global corridors Gateway to Germany #1 Germany in-/out-bound Trade Finance and Cash Management6 Leading European Corporate Bank with global reach Global network with deep local knowledge1 Cross-border powerhouse Corporate Bank, Fabrizio Campelli
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Deutsche Bank Investor Deep Dive 2025 5 Foundations established for growth +15% Deposits Executed Cash platform upgrades +70% Assets under Custody4 Established strategic Custody partnership +~15% Revenue-generating staff Expanded client footprint +3,600 Large Corps + FIs Accelerated targeted client acquisition 2021 NII expansion2 Growth 2024 NII contraction & episodic impacts3 Growth 2025 FC 5.2 7.5 7.4 4% CAGR +7 ppts DB vs. revenue pool growth1 8% CAGR Performance indicators 2021-2025 Increased business momentum Platform investments – positioned to scale Revenues in € bn 10% CAGR Corporate Bank, Fabrizio Campelli
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Deutsche Bank Investor Deep Dive 2025 6 Strategy 2028: European cross-border powerhouse Performance indicators 2025-2028 ▪ Invest in new client solutions: products, scaled payments, faster execution through AI ▪ Double down on process efficiency: end-to-end process re-design ▪ Risk management: continued focus on risk and controls <20% Marginal cost/income ratio Scalable operating model ▪ Optimize capital: re-allocation of TF&L RWA into areas with higher returns ▪ Adopt client-level SVA: relationship driven SVA analytics and plans ▪ Drive balance sheet velocity: distribution-led structuring, de-risking strategies ~€ 1bn SVA accretion Strict capital discipline ▪ Scale up current footprint: Corporate MNC, Institutional & NBFI platforms ▪ Strengthen Germany: fiscal expansion ▪ Invest in acquiring clients: SME, MidCaps, FinTech and exporters ▪ Further leverage the Global Hausbank: cross collaboration with IB, PB and AM ~8% Revenue CAGR Focused growth Corporate Bank, Fabrizio Campelli
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Deutsche Bank Investor Deep Dive 2025 7 Leverage platform to accelerate growth 3.1 1.3 0.8 2021 4.2 1.9 1.3 2025 FC 2028 5.2 7.4 CTS ICS BB ▪ Expand Business Banking omni-channel and digital capabilities ▪ Roll out coverage model to European MidCaps ▪ Push for European trade corridors and fast-growing segments Invest in acquiring clients +15% Revenue CAGR with FinTech & NBFIs ~25% Revenue growth in Germany 2x USD clearing market share +200k New Business Banking clients ▪ Hire +10% coverage & sales to deepen MNC product density ▪ Deepen EUR clearing; regain market share in USD clearing ▪ Scale institutional issuers and NBFI partners Scale up current footprint Strengthen Germany ▪ Re-align to support fiscal expansion, defense & infrastructure ▪ Renew focus on senior leadership and talent Performance indicators 2025-2028 Scaled growth Defined strategic actions Revenues in € bn ~8% CAGR Corporate Bank, Fabrizio Campelli Focused growth
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Deutsche Bank Investor Deep Dive 2025 8 Leveraging the Global Hausbank 13k+ Large Corps 19k+ Mid- Caps 11k+ Inst. & Govt. ~25k Clients jointly covered ~800k SMEs +~80% CB revenues with FIs2 +~45% FIC products sold to CB clients3 +~20% # of clients with 6+ products1 Performance indicators ▪ Unified coverage tooling from 10 to 1 CRM system ▪ Expanded joint CB-IB coverage of corporate clients ▪ Integrated FX services into all CB clients IB shared clients Asset Management ▪ CB-AM origination opportunities, e.g., in Alternative assets ▪ Tokenized Money Market Fund solutions with AM ▪ Joint CB-PB lead generation with entrepreneurs ▪ B2B2C solutions on card issuance with PB Private Bank Corporate Bank, Fabrizio Campelli
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Deutsche Bank Investor Deep Dive 2025 Scaling up our operating model 2021 2025 FC 2028 88% 62% <55% <20% Marginal CIR 9 Continuous innovation Operating leverage ▪ Transformation in Digital Finance (DL T, Tokenization, Stablecoins) ▪ Cloud-based technology platform enabling scale ▪ AI-driven portfolio monitoring capability, embedded in CRM system ▪ End-to-end process re-engineering ▪ Integration of bank-wide Payment & Lending platforms ▪ Growth underpinned with continued control enhancements ▪ Digitization of client processes and workflows ▪ Reduced time for SME & MidCaponboarding & credit decisions by >95% ▪ Digital self-service capabilities & 100% API access to offerings Client experience +30ppts Apps to cloud ~20% Reduction in apps 100% AI core processing systems2 +40% Client STP >€ 1.4bn technology spend1 ~€ 1.1bn Revenue growth >€ 180m Run-rate savings3 Tech enabled benefits in 2028 Cost/income ratio improvement Performance indicators 2028 Corporate Bank, Fabrizio Campelli Scalable operating model
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Deutsche Bank Investor Deep Dive 2025 10 Continued innovation to align to client needs Future investments Current proposition ▪ Global network, local knowledge ▪ Bank-wide solutions ▪ Treasury, Investor and Issuer ▪ FastT rack onboarding & conversion ▪ From founding to IPO ▪ Global Risk & Regulatory Advisory ▪ AI-led onboarding automation ▪ DB powered multi-bank integrator ▪ Expansion into key NBFI centers ▪ Custody platform uplift ▪ T okenized offering acceleration ▪ B2C Commerce Solutions Example client solutions Treasury solutions, payments, liquidity One of Europe’s largest loyalty programs Advisory, Risk Management, Financing Leading domestic custody provider Virtual accts & infrastructure scale Digital asset custody, safekeeping Fin T ech, Platform & Digt. EconomyGlobal Custodians & NBFICore corporate franchise Corporate Bank, Fabrizio Campelli
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Deutsche Bank Investor Deep Dive 2025 Optimize and re-deploy capital 11 ▪ Optimize client-level capital through SVA analytics to improve or exit non-SVA accretive portfolios ▪ Maximize relationship lending book returns ▪ Re-allocate sub-hurdle TF&L RWA to growth and support Germany ▪ Grow structured trade and lending products ▪ Increase balance sheet velocity through distribution, syndication and SRTs 2021 2025 FC TF&L optimization Redeploy- ment OpRisk 2028 65 74 2021 2025 FC 2028 4% 15% > 20% RoTE in % Revenue/ RWA ratio1 ~€ 1bn SVA accretion >(15)% of CB RWA 9% 12% 15% Marginal revenue/ RWA ratio1 Optimized RWA allocation Disciplined capital deployment RWA in € bn Strong contribution to Group SVA Corporate Bank, Fabrizio Campelli Strict capital discipline
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Deutsche Bank Investor Deep Dive 2025 12 Our path forward 2028 ambitions ▪ Clear strategy to deliver growth, leveraging global network capabilities and our strengths across the Hausbank ▪ Uniquely positioned to capture German opportunity ▪ Technology-led transformation and capital optimization drive scalability ~8% Revenue CAGR <55% Cost/income ratio >20% RoTE ▪ Fundamentally transformed business platform poised for growth Corporate Bank, Fabrizio Campelli ▪ Product offering critical to all clients of the bank
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Deutsche Bank Investor Deep Dive 2025 13Corporate Bank, Fabrizio Campelli
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Deutsche Bank Investor Deep Dive 2025 14 Appendix Corporate Bank, Fabrizio Campelli
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Deutsche Bank Investor Deep Dive 2025 Europe Germany APAC & MEA Americas Integrated payment, liquidity and FX solutions in >130 currencies Global financing and support working capital needs Cross-border correspondent network with multi- currency clearing Debt & equity capital markets, custody, clearing and fund services Omni-channel SME offering across 3 brands, delivering standardized Cash and Lending product suite 15 Corporate Bank at a glance Accounts Payments Lending Corporate Cash Management Trade Finance & Lending Institutional Cash Management Trust & Securities Services Business Banking € 1.3bn 2025 FC Rev ~9% ’25-’28 CAGR Institutional Client Services € 1.9bn 2025 FC Rev ~5% ’25-’28 CAGR Corporate Treasury Services € 4.2bn 2025 FC Rev ~9% ’25-’28 CAGR Europe Germany APAC & MEA Americas Germany Revenues by region (2025 FC) Corporate Bank, Fabrizio Campelli
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Deutsche Bank Investor Deep Dive 2025 16 Supporting Germany’s growth ▪ Successful recent positioning of DB as bank of choice for European Defense clients ▪ Dedicated Public Sector Coverage & Sales teams ▪ Superior positioning as only German bank with strong capital markets access Public Sector ▪ Coverage of full Corporate spectrum and value chain: Business Banking to MNCs, at home and abroad, basic accounts to solutioning for complex transaction needs ▪ Existing access to clients at all levels: C-suite to treasury operations Corporates ▪ Strong relationship with largest, most active Alternative Asset Managers ▪ Proven ability, aligned with IB, to mobilize private capital into strategic sectors (e.g., infra., defense, ESG) ▪ Trusted partner for fund-level financing, hedging and servicing solutions ▪ Luxembourg build-out to serve European funds in flight FIs / NBFIs Corporate Bank, Fabrizio Campelli
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Deutsche Bank Investor Deep Dive 2025 17 Corporate Bank’s development across key financials Ratios, in % Cost/income ratio 88.2% 66.1% 59.9% 67.4% 61.7% Post-tax return on average tangible shareholders’ equity 3.5% 11.1% 18.5% 12.7% 16.0% Balance sheet, in € bn Total assets 246 258 264 280 289 Deposits 270 289 289 313 305 Loans (gross of allowance for loan losses) 122 122 117 117 118 Income statement, in € bn 2021 2022 2023 2024 9M 2025 Total net revenues 5.2 6.3 7.7 7.5 5.6 Provision for credit losses (0.0) 0.3 0.3 0.3 0.1 Noninterest expenses 4.5 4.2 4.6 5.1 3.4 Profit (loss) before tax 0.6 1.8 2.8 2.1 2.0 Corporate Bank, Fabrizio Campelli
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Deutsche Bank Investor Deep Dive 2025 18 Footnotes Note: Throughout this presentation, figures are rounded and totals may not sum due to rounding differences and percentages may not precisely reflect the absolute figures; forward-looking financials are based on 2025 Forecast and 2026 to 2028 Plan based on September 2025 FX rates, if not stated otherwise; performance indicators 2025-2028 refer to FY 2026, FY 2027 and FY 2028 Slide 3 – Corporate Bank at a glance 1. Based on SWIFT volumes 2. IJ Global Awards 3. The Asian Banker Transaction Finance Awards 2025 – World’s Best Trade Finance Bank in Asia-Pacific Slide 4 – A unique network proposition 1. Note: Accessible correspondent markets highlighted in light blue in the map 2. Based on SWIFT volumes 3. Corporate and FI clients 4. Awarded #1 bank in a transaction banking research report or award pitch/poll results, e.g., Euromoney, The Asset, The Asian Banker, Global Custodian 5. Awarded #1 bank in at least one category in 18 different APAC & MEA countries in a transaction banking research report or award pitch/poll results, e.g., Euromoney, The Asset, The Asian Banker, Global Custodian 6. Internal analysis on Cash Management and Trade Finance products based on multiple internal and third-party inputs 7. Assets under Custody refers to the total value of financial assets that DB holds as a custodian that are managed & safeguarded on behalf of its clients in TSS Slide 5 – Foundations established for growth 1. DB outperformance versus industry revenue pools H1 2024-H1 2025. Source: Coalition Greenwich Global Competitor Analytics for H1 2025. This analysis is based on DB’s product taxonomy and organization structure excluding Lending and Business Banking, and DB’s own revenue numbers. Disclaimer: All information is strictly confidential and not to be reproduced or shared further without the explicit consent of Crisil Coalition Greenwich 2. Net interest income (NII) benefits from rising interest rates, net of the interest hedging effects, and excluding the impact of higher business volumes and deposit pricing discipline 3. Net interest income (NII) headwinds from lower interest rates, net of the interest hedging effects, and including certain episodic client perimeter reductions, but excluding the impact of higher business volumes 4. Assets under Custody growth in the TSS - Securities Services business line Slide 8 – Leveraging the Global Hausbank 1. 2021 to August 2025 increase in number of clients with 6+ more products across IB and CB underlying 16 product groups, product threshold >€ 25k 2. 2021 to August 2025 increase in Corporate Bank revenues with Financial Institutions group sector, excluding Business Banking 3. 2021 to September 2025 increase in IB-FIC products sold to all Risk Management Solutions covered Corporate clients Slide 9 – Scaling up our operating model 1. Cumulative change-the-bank cash spend between 2026 – 2028 2. Core processing systems for Payments & Liquidity, Lending, Trust & Security Services; AI includes genAI, RPA, ML, etc. 3. FY 2028 targeted reduction in run-the-bank costs versus FY 2025 Slide 11 – Optimize and re-deploy capital 1. Excluding operational risk RWA Corporate Bank, Fabrizio Campelli
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Deutsche Bank Investor Deep Dive 2025 Glossary AI Artificial Intelligence AM Asset Management APAC Asia Pacific API Application Programming Interface AuC Assets under Custody BB Business Banking B2B2C Business-to-Business-to-Consumer B2C Business-to-Consumer CAGR Compound annual growth rate CB Corporate Bank CIR Cost/income ratio CRM Client Relationship Management / Credit Risk Management CTS Corporate Treasury Services DB Deutsche Bank DL T Distributed Ledger Technology ESG Environmental, Social & Governance FC Forecast FI Financial Institutions FIC Fixed Income & Currencies FX Foreign Exchange FY Full year IB Investment Bank ICS Institutional Client Services IPO Initial Public Offering MEA Middle East and Africa ML Machine learning MNC Multi-National Corporates NBFI Non-Bank Financial Institutions NII Net interest income OpRisk Operational risk PB Private Bank Ppts Percentage points Rev Revenues Ro TE Post-tax return on average tangible shareholders’ equity RPA Robotic process automation RWA Risk-weighted assets SME Small & medium enterprises SRT Significant risk transfer STP Straight Through Processing SVA Shareholder value add TF&L Trade Finance & Lending TSS Trust and Securities Services UK United Kingdom 19Corporate Bank, Fabrizio Campelli
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Deutsche Bank Investor Deep Dive 2025 20 Speaker biography – Fabrizio Campelli Fabrizio Campelli is the head of the Corporate Bank and Investment Bank since May 2021. He joined the Management Board in November 2019 in his former role of Chief Transformation Officer, responsible for transformation and Human Resources. He took on additional responsibility at Management Board level for Deutsche Bank in the UK and Ireland (UKI) in August 2021, and the Americas region in May 2025. Campelli previously spent four years as the Global Head of Deutsche Bank Wealth Management. Before that he was Head of Strategy & Organisational Development as well as Deputy Chief Operating Officer for Deutsche Bank Group and a member of the Group Executive Committee of Deutsche Bank. He joined Deutsche Bank in 2004 after working at McKinsey & Company in the firm’s London and Milan offices, focusing on strategic assignments mainly for global financial institutions. Corporate Bank, Fabrizio Campelli
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Deutsche Bank Investor Deep Dive 2025 21 Cautionary 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 most recent SEC Form 20-F. Copies of this document are readily available upon request or can be downloaded from investor-relations.db.com Non-IFRS Financial Measures This document contains non-IFRS financial measures. For a reconciliation to directly comparable figures reported under IFRS, to the extent such reconciliation not provided herein, please refer to the Financial Data Supplement which is available at investor-relations.db.com. When used with respect to future periods, non-GAAP financial measures used by Deutsche Bank are also forward-looking statements. Deutsche Bank cannot predict or quantify the levels of the most directly comparable financial measures under IFRS that would correspond to these measures for future periods. This is because neither the magnitude of such IFRS financial measures, nor the magnitude of the adjustments to be used to calculate the related non-GAAP financial measures from such IFRS financial measures, can be predicted. Such adjustments,if any, will relate to specific, currently unknown, events and in most cases can be positive or negative, so that it is not possible to predict whether, for a future period, the non-GAAP financial measure will be greater than or less than the related IFRS financial measure. For the comparative figures and ratios provided in this presentation, as well as their respective reconciliations, please refer to the published reports for the relevant reporting periods ESG Classification Sustainable financing and ESG investment activities are defined in the “Sustainable Finance Framework” and “Deutsche Bank ESGInvestments Framework” which are available at investor-relations.db.com. Given the cumulative definition of the sustainable financing and ESG investment target, in cases where validation against the Frameworks cannot be completed before the end of the reporting quarter, volumes are disclosed upon completion of the validation in subsequent quarters. For details on ESG product classification of DWS, please refer to the section “Sustainability in Our Product Suite and Investment Approach – Our Product Suite” in DWS Annual Report 2024 Corporate Bank, Fabrizio Campelli
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Deutsche BankDeutsche Bank November 17, 2025 Investor Relations Investor Deep Dive 2025 Investment Bank
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Deutsche Bank Investor Deep Dive 2025 2 Re-positioned IBCM business The European Investment Bank powerhouse World-class FIC franchise Investment Bank, Fabrizio Campelli
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Deutsche Bank Investor Deep Dive 2025 by geography Europe APAC & MEA Americas ~11.5~32 Group by business IBCM 3 Investment Bank at a glance Re-positioned: Investment Banking & Capital Markets at the core of Global Hausbank World-class Fixed Income & Currencies franchise delivering efficient, diversified growth Two aligned and globally recognized segments delivering ~1.5ppts RoTE increase since 20211 Net revenues 2025 FC, in € bn #1 European FIC House globally3 #1 World’s Best FX Bank4 #1 IB in Germany2 FIC Financing FIC Markets FIC Investment Bank, Fabrizio Campelli Note: for footnotes and glossary on abbreviations refer to slides 19 and 20 as well as 21 respectively
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Deutsche Bank Investor Deep Dive 2025 +5ppts 4 Business transformed and positioned for growth IBCM +8ppts2 Sole advisor roles Focus on M&A growth +10ppts Cross-border deals3 Cross-border development +100bps4 UK, GY, APAC, Latam T argeted investments, incl. Deutsche Numis FIC >150bps Macro market share5 Diversification of business +95% Revenue/unit of VaR7 Disciplined capital and risk management Enhanced connectivity across bank +35% CB/FIC x-sell productivity6 Investment Bank, Fabrizio Campelli Strong performance vs. market Driven by targeted franchise actions Revenues in € bn 2021 IBCM 21-22 IBCM 22-25 FIC Markets FIC Financing 2025 FC 9.6 11.5 DB outperformance vs. industry1 +26 ppts Performance indicators 2021-2025
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Deutsche Bank Investor Deep Dive 2025 5 Strategy 2028: The European IB powerhouse Investment Bank, Fabrizio Campelli Scalable operating model ▪ T ech-led innovative solutions enhancing client service and execution ▪ AI-enabled front-to-back automation and end-to-end process re-design ▪ Continued control enhancements underpinning growth <30% Marginal cost/income ratio Strict capital discipline ▪ Disciplined capital utilization to support target growth areas ▪ Leverage leading capabilities and investor network to distribute risk ▪ Focus on client-level SVA accretion through newly developed analytics ~€ 1bn SVA accretion ▪ Re-position IBCM: grow Advisory and ECM and maintain strength of Debt ▪ Enhance leading FIC franchise: leverage existing platforms, deepen US ▪ Further leverage the Global Hausbank: cross collaboration with CB, PB and AM ~5% Revenue CAGR Focused growth Performance indicators 2025-2028
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Deutsche Bank Investor Deep Dive 2025 Re-positioned IBCM – The leading European franchise A balanced franchise Advisory/ ECM1 (% total) 31% 39% 39% ~50% Fee pool (€ bn)2 112 73 87 Deliver growth and market share improvement Investment Bank, Fabrizio Campelli 2021 2022 2025 FC 2028 2.6 1.0 1.9 >15% CAGR ▪ Build on leadership position in Germany ▪ Invest in core geographies (UK, EMEA, APAC) – target top 5 ▪ Focus US offering on global clients and cross-border Focused global offering >3% IBCM global market share ▪ Position Advisory at center of client relationships ▪ Build on strength of DCM/LDCM ▪ Increase client coverage in target fee pools Deepen corporate relationships >€ 5bn Incremental fee pool covered 6 ▪ Invest in target sectors: Industrials, FIG, Healthcare, Tech ▪ Leverage corporate relationships and lending ▪ Build on cross-border strength ▪ Strengthen Equity distribution and leading Research Build Advisory and ECM ~150bps M&A & ECM market share growth Performance indicators 2025-2028 Revenues in € bn Focused growth
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Deutsche Bank Investor Deep Dive 2025 7 FIC franchise – Client-led, diversified, disciplined, resilient Improved return on tangible equity Investment Bank, Fabrizio Campelli 2021 2022 2023 2024 2025 FC 7.0 8.9 7.9 8.5 9.5 181 2021 20251 ~355 2021 2025 FC 8% 13% ~35% Revenue growth FIC Financing FIC Markets Credit Rates GEM GFX ~5% RWA growth 39 27 2021 20251 ~95%~(30)% Diversified revenue streams Disciplined risk management Capital efficiency Revenues in € bn VaR1 in € m Revenues/VaR1 in € m Efficient revenue growth 2021-2025 Focused growth
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Deutsche Bank Investor Deep Dive 2025 EMEA #2 #1 APAC #3 #3 Americas #7 #5 8 Leveraging existing leading FIC platform for efficient growth Ranking1 Grow Americas ▪ Largest regional opportunity ▪ Close competitive gaps, e.g., US Flow Credit, Securitized Products, Latam Invest into Financing ▪ Re-allocation of capital into higher-return areas ▪ Disciplined & targeted deployment of new capital Top-tier EMEA and APAC ▪ EMEA and APAC franchises well positioned ▪ Invest further into core platform and develop integrated client solutions (HausFX) ▪ Deepen product density with priority clients ▪ Systematic and tiered coverage at every decision- making level Deepen client relationships +15% CB-originated client revenues2 + >100bps Institutional client wallet share #5 FIC Americas rank3 Investment Bank, Fabrizio Campelli 2021 2025 FC 2028 7.0 9.5 2.8 4.3 3.5 6.0 FIC Financing FIC Markets ~3% CAGR Revenues in € bn Continued growth Clear strategic priorities Performance indicators 2025-2028 Focused growth
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Deutsche Bank Investor Deep Dive 2025 9 Leveraging the Global Hausbank Investment Bank, Fabrizio Campelli ▪ Complete corporate value chain coverage– Advisory, Risk Mgmt. ▪ Innovative product embedment into client workflows – FX4Cash ▪ Financing full client-capital needs – Structured Finance solutions ▪ Asset generation and joint development of DWS funds ▪ Private credit cooperation agreement ▪ Corporate Finance advisory for entrepreneurs ▪ Lead generation for U/HNW individuals ▪ FIC structured note issuance ~2.4x Volume of structured note issuance to PB2 +€ 1bn AuM Jointly-marketed European direct lending fund3 ~45% # of CB clients served by IB1 Performance indicators CB shared clients Asset Management Private Bank
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Deutsche Bank Investor Deep Dive 2025 10 Scale up operating model through technology and innovation Investment Bank, Fabrizio Campelli 2021 2025 FC 2028 63% ~58% <55% AI & emerging tech ▪ Single digital client portal for CB and FX products ▪ Expansion of integrated FX workflow solutions across DB ▪ Continued enhancement of FIC electronic trading capabilities Operating leverage & efficiency ▪ Front-to-back process re-engineering at scale ▪ Cloud-native architecture with legacy apps decommissioning ▪ Preventative controls to support safe and efficient growth ▪ AI-powered new products and client insights platform ▪ Banker/trader workflow automation and efficiency tooling ▪ Invest in tech talent and capability Continued innovation Performance indicators 2025-2028 >40% T ech estate on cloud >50% STP fund onboarding ~15% App reduction 100% AI-enabled engineers >€ 1.0bn technology spend1 <30% Marginal CIR >€ 1bn Revenue growth >€ 120m Cost efficiencies Tech enabled benefits in 2028 Cost/income ratio improvement Scalable operating model
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Deutsche Bank Investor Deep Dive 2025 11 Innovation-led client solutions dbSyndicate Investment Bank, Fabrizio Campelli Solution Multi-channel platform (web, mobile) accessing FX and CB products FX-as-a-Service offering, automating clients’ full FX trade workflows Debt issuance platform, improving workflows, execution risk, transparency Capability ~135k Annual active users1 ~80k Client FX transactions per day2 ~€ 1tn 2024 volume5 >25k 2024 transactions STP’ d ~1.8k Clients onboarded3 +~10% 2025 volume4 Future investment ▪ Single web portal integrating CB and FX applications ▪ dbWelcome (KYC workflow) ▪ New asset classes, tokenized issuance ▪ AI for analytics and client experience ▪ Partnerships to enhance client adoption, scale distribution ▪ Product development
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Deutsche Bank Investor Deep Dive 2025 12Investment Bank, Fabrizio Campelli Deploy capital at a high marginal rate of return ▪ Re-allocate capital to FIC Financing and within Financing to higher-yielding portfolios ▪ Grow capital-light franchises – Advisory, ECM ▪ Enhance client-level SVA with analytics and further optimization of relationship lending book ▪ Increase balance sheet velocity via SRTs and syndication RWA in € bn RoTE in % 2021 2025 FC Optimization Growth A B A: FRTB B: OpRisk 2028 141 144 2021 2025 FC 2028 9% 11% > 14% ~€ 1bn SVA accretion 7% 8% >13% Revenue/ RWA ratio Marginal revenue/ RWA ratio1 Optimized RWA allocation Disciplined capital deployment Strong contribution to Group SVA Strict capital discipline
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Deutsche Bank Investor Deep Dive 2025 13 Our path forward 2028 ambitions ▪ Re-positioned IBCM franchise – focusing on capital- light strategic advisory products ▪ Selective investments consolidating world-class FIC franchise position ▪ Platform transformation and innovation to drive competitiveness and efficiency ~5% Revenue CAGR <55% Cost/income ratio >14% RoTE ▪ Well-diversified, cycle-resilient businesses with stable revenue growth ▪ Disciplined capital utilization driving significant SVA improvement Investment Bank, Fabrizio Campelli
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Deutsche Bank Investor Deep Dive 2025 Deutsche Bank Investor Deep Dive 2025 14Investment Bank, Fabrizio Campelli
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Deutsche Bank Investor Deep Dive 2025 15 Appendix Investment Bank, Fabrizio Campelli
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Deutsche Bank Investor Deep Dive 2025 16 Investment Bank at a glance Mergers, acquisitions, public take-overs & full-suite of strategic advisoryAdvisory Primary equity products from IPOs to structured transactions, supported via Research & enabled by Equity Distribution Equity Origination Risk management solutions and liquidity provision across FX, Rates, Credit, and Emerging Market products Structuring, underwriting and syndication of a range of products for issuer clients; and financing and risk solutions across all credit asset classes, predominantly on a collateralized basis FIC Financing Fixed Income & Currencies € 9.5bn 2025 FC Rev ~3% ’25-’28 CAGR Investment Banking & Capital Markets € 1.9bn 2025 FC Rev >15% ’25-’28 CAGR Revenues by region (2025 FC) Europe APAC & MEA Americas Europe APAC & MEA Americas Investment Bank, Fabrizio Campelli Investment grade debt, loan capital markets & private placements across developed and emerging markets Also includes high-yield issuance and debt financing Debt Origination FIC Markets
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Deutsche Bank Investor Deep Dive 2025 17 Examples of cross-divisional transactions: a deep and broad franchise € 2.85bn cross-border acquisition ▪ IB: Advisory ▪ IB : Bridge financing; Bond take-out ▪ IB and CB: FIC risk management € 14bn cross-border acquisition ▪ IB: Advisory ▪ IB: FIC senior and credit facilities, and FX hedging ▪ CB: Lending, Trust & Security Services € 2.2bn cross-border acquisition ▪ CB: Cash Management, Trade Finance, Trust & Agency, Working Capital loan ▪ IB: Advisory ▪ IB: FIC risk management € 1.9bn railway project finance ▪ CB: Project Finance; Trade Guarantees, Cash Management, Trust & Security Services ▪ IB: Advisory and Mezzanine Financing; Hedge coordinator & deal-contingent swap provider Announced in September 2024 Announced in August 2025 Announced in July 2025 Announced in July 2025 Investment Bank, Fabrizio Campelli
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Deutsche Bank Investor Deep Dive 2025 18 Investment Bank’s development across key financials Income statement, in € bn 2021 2022 2023 2024 9M 2025 Total net revenues 9.6 10.0 9.2 10.6 9.0 Provision for credit losses 0.1 0.3 0.4 0.5 0.7 Noninterest expenses 6.1 6.5 6.8 6.7 5.0 Profit (loss) before tax 3.5 3.2 1.9 3.3 3.3 Ratios, in % Cost/income ratio 63.2% 64.4% 74.7% 63.1% 54.9% Post-tax return on average tangible shareholders’ equity 9.4% 9.6% 5.1% 9.4% 12.5% Balance sheet, in € bn Total assets 616 677 658 756 774 Loans (gross of allowance for loan losses) 93 103 101 110 111 Investment Bank, Fabrizio Campelli
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Deutsche Bank Investor Deep Dive 2025 19 Footnotes (1/2) Investment Bank, Fabrizio Campelli Note: Throughout this presentation, figures are rounded and totals may not sum due to rounding differences and percentages may not precisely reflect the absolute figures; forward-looking financials are based on 2025 Forecast and 2026 to 2028 Plan based on September 2025 FX rates, if not stated otherwise; performance indicators 2025-2028 refer to FY 2026, FY 2027 and FY 2028 Slide 3 – Investment Bank at a glance 1. Investment Bank’s return on tangible equity: 2021: 9.4%, 2025 FC: ~11% 2. Source: Internal analysis using multiple third-party inputs 3. Source: Externally reported revenues for 9M 2025, in EUR terms 4. Source: Euromoney 2025 Awards for Excellence Slide 4 – Business transformed and positioned for growth 1. Source: (i) IBCM: 2022 vs. 2025 change in fee pool vs. DB Dealogic fees – fee pool based on Dealogic data (FY 2022) and internal analysis (FY 2025); and (ii) FIC: 9M 2025 vs. 9M 2021 average period on period percentage change of core peers vs. DB - based on externally reported revenues, in local currency terms 2. Oct YTD 2025 vs FY 2021 3. M&A deals; cross-border deal defined as one where the acquirer and target are headquartered in different countries (Oct YTD 2025 vs. FY 2021) 4. Combined market share 2022 to 2025 – reflecting period prior to investments (2022) vs. 31 Oct 2025. Source: Dealogic 5. Source: Coalition Greenwich Competitor Analytics. Share based on H1 2025 data for leading Index banks (Bank of America, Barclays, BNP Paribas, Citigroup, CS, Deutsche Bank (private), Goldman Sachs, HSBC, JPMorgan, Morgan Stanley, Société Générale, UBS). This analysis is based on DB’s product taxonomy and organization structure, and DB’s own revenue numbers. All information is strictly confidential and not to be reproduced or shared further without the explicit consent of Coalition Greenwich 6. Growth in average FIC client revenues per FTE generated by CB -dedicated coverage team between 2021-2025 FC 7. 1-day VaR, 99% confidence level, 9M 2025; FY 2025 FC revenue Slide 6 – Re-positioned IBCM – The leading European franchise 1. Business mix adjusted to reflect removal of LDCM write-downs, as well as the removal of 2021 SPACs revenues 2. Source: Dealogic, internal analysis Slide 7 - FIC franchise – Client-led, diversified, disciplined, resilient 1. 1-day VaR, 99% confidence level, 9M 2025; FY 2025 FC Revenue Slide 8 - Leveraging existing leading FIC platform for efficient growth 1. Source: Coalition Greenwich Competitor Analytics. 2025 ranks based on H1 2025 data for leading Index banks (Bank of America, Barclays, BNP Paribas, Citigroup, CS, Deutsche Bank (private), Goldman Sachs, HSBC, JPMorgan, Morgan Stanley, Société Générale, UBS). This analysis is based on DB’s product taxonomy and organization structure, and DB’s own revenue numbers. All information is strictly confidential and not to be reproduced or shared further without the explicit consent of Coalition Greenwich 2. Targeted increase in client revenues from dedicated FIC coverage team in Corporate Bank, Risk Management Solutions 3. Market rank aspiration based on Coalition Greenwich Competitor Analytics Slide 9 – Leveraging the Global Hausbank 1. September 2025 3-year trailing average – Large Corporates with revenues >€ 100k 2. 2021 to 2025 FC 3. Currently being marketed as of November 2025 Slide 10 – Scale up operating model through technology and innovation 1. Cumulative change-the-bank cash spend between 2026-2028
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Deutsche Bank Investor Deep Dive 2025 20 Footnotes (2/2) Investment Bank, Fabrizio Campelli Slide 11 - Innovation-led client solutions 1. Q3 2025 last twelve months, internal and external users 2. Q3 2025 YTD average - Client FX transactions priced and executed through Autobahn, (including UI, API, MDPs; excluding FX4Cash and Prime Brokerage) 3. L1 clients as of 12 Nov 2025 4. 2025 FC volumes vs 2024 volumes 5. FY 2024 sum of allocations on Bonds with DB involvement Slide 12 - Deploy capital at a high marginal rate of return 1. Change in revenues over change in RWA excluding FRTB and OpRisk between 2025 FC and 2028
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Deutsche Bank Investor Deep Dive 2025 Glossary 21 AI Artificial Intelligence AM Asset Management APAC Asia Pacific AuM Assets under Management CAGR Compound annual growth rate CB Corporate Bank CIR Cost/income ratio DB Deutsche Bank DCM Debt Capital Markets ECM Equity Capital Markets EMEA Europe, Middle East and Africa FC Forecast FIC Fixed Income & Currencies FIG Financial Institutions Group FRTB Fundamental Review of the Trading Book FTE Full-time equivalent FX Foreign Exchange FY Full year GEM Global Emerging Markets GFX Global Foreign Exchange GY Germany IB Investment Bank IBCM Investment Banking & Capital Markets IPO Initial public offering KYC Know your client Latam Latin America LDCM Leveraged Debt Capital Markets M&A Mergers & Acquisitions MEA Middle East and Africa OpRisk Operational risk PB Private Bank Ppts Percentage points Rev Revenues Ro TE Post-tax return on average tangible shareholders’ equity RWA Risk-weighted assets SPAC Special Purpose Acquisition Company SRT Significant risk transfer STP Straight through processing SVA Shareholder value add Tech Technology U/HNW Ultra-High-Net-Worth VaR Value at risk X-sell Cross-sell YTD Year-to-date Investment Bank, Fabrizio Campelli
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Deutsche Bank Investor Deep Dive 2025 22 Speaker biography – Fabrizio Campelli Fabrizio Campelli is the head of the Corporate Bank and Investment Bank since May 2021. He joined the Management Board in November 2019 in his former role of Chief Transformation Officer, responsible for transformation and Human Resources. He took on additional responsibility at Management Board level for Deutsche Bank in the UK and Ireland (UKI) in August 2021, and the Americas region in May 2025. Campelli previously spent four years as the Global Head of Deutsche Bank Wealth Management. Before that he was Head of Strategy & Organisational Development as well as Deputy Chief Operating Officer for Deutsche Bank Group and a member of the Group Executive Committee of Deutsche Bank. He joined Deutsche Bank in 2004 after working at McKinsey & Company in the firm’s London and Milan offices, focusing on strategic assignments mainly for global financial institutions. Investment Bank, Fabrizio Campelli
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Deutsche Bank Investor Deep Dive 2025 23 Cautionary 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 most recent SEC Form 20-F. Copies of this document are readily available upon request or can be downloaded from investor-relations.db.com Non-IFRS Financial Measures This document contains non-IFRS financial measures. For a reconciliation to directly comparable figures reported under IFRS, to the extent such reconciliation not provided herein, please refer to the Financial Data Supplement which is available at investor-relations.db.com. When used with respect to future periods, non-GAAP financial measures used by Deutsche Bank are also forward-looking statements. Deutsche Bank cannot predict or quantify the levels of the most directly comparable financial measures under IFRS that would correspond to these measures for future periods. This is because neither the magnitude of such IFRS financial measures, nor the magnitude of the adjustments to be used to calculate the related non-GAAP financial measures from such IFRS financial measures, can be predicted. Such adjustments,if any, will relate to specific, currently unknown, events and in most cases can be positive or negative, so that it is not possible to predict whether, for a future period, the non-GAAP financial measure will be greater than or less than the related IFRS financial measure. For the comparative figures and ratios provided in this presentation, as well as their respective reconciliations, please refer to the published reports for the relevant reporting periods ESG Classification Sustainable financing and ESG investment activities are defined in the “Sustainable Finance Framework” and “Deutsche Bank ESGInvestments Framework” which are available at investor-relations.db.com. Given the cumulative definition of the sustainable financing and ESG investment target, in cases where validation against the Frameworks cannot be completed before the end of the reporting quarter, volumes are disclosed upon completion of the validation in subsequent quarters. For details on ESG product classification of DWS, please refer to the section “Sustainability in Our Product Suite and Investment Approach – Our Product Suite” in DWS Annual Report 2024 Investment Bank, Fabrizio Campelli
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Deutsche BankDeutsche Bank Accelerating value creation Investor Relations Investor Deep Dive 2025 November 17, 2025
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Deutsche Bank Investor Deep Dive 2025 Accelerating value creation, Raja Akram 2 Invest to grow Discipline and focus Optimize capital deployment
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Deutsche Bank Investor Deep Dive 2025 Accelerating value creation, Raja Akram Taking the next step 3 FUTURE PRESENT PAST Mid-term Accelerating value creation Long-term The European ChampionNear-term Invest to grow 2028+2018 - 2022 2026 - 20282023 - 2025 Note: for footnotes and glossary on abbreviations refer to slides 31 and 32 as well as 33 respectively
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Deutsche Bank Investor Deep Dive 2025 Accelerating value creation, Raja Akram 4 Accelerating value creation with full focus on SVA Financial resilience Maintain strong capital position with CET1 ratio 13.5-14.0%2 as well as robust leverage ratio and liquidity position >13% Strict capital discipline +100bps Revenue/RWA1 ratio uplift 2025-2028 Scalable operating model <60% Cost/income ratio in 2028 Focused growth >5% Group revenue CAGR 2025-2028 Long-term vision anchored in client-centric purpose and strong culture in RoTE 2028
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Deutsche Bank Investor Deep Dive 2025 Accelerating value creation, Raja Akram 5 Unlocking shareholder value across divisions Global Hausbank Focused growth Strict capital discipline Scalable operating model RoTE 2028 ambition Investment Bank ▪ Reposition IBCM franchise towards capital-light strategic advisory products ▪ Enhance world-class FIC franchise through selective investments >14% Asset Management ▪ Scale European Infrastructure Business and build-out Private Credit ▪ Expand Xtrackers platform and scale digital distribution channels >40% Corporate Bank ▪ Leverage global network capabilities to drive growth ▪ Tech-led transformation and capital optimization drive scalability >20% Private Bank ▪ Scale Wealth Management franchise ▪ Transform and grow Personal Banking >18%
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Deutsche Bank Investor Deep Dive 2025 Accelerating value creation, Raja Akram 6 Consistent improvement in financial performance CIR in % >10 2025 FC 2026 2027 >13 2028 <65 2025 FC 2026 2027 <60 2028 32 2025 FC 2026 2027 ~37 2028 Net revenues in € bn RoTE in % Continued revenue momentum Delivering ~6% operating leverage in 2028 Increased profitability unlocks shareholder value >5ppts>5% CAGR >3ppts
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Deutsche Bank Investor Deep Dive 2025 Accelerating value creation, Raja Akram Focused growth to drive revenue momentum Private Bank Asset Management Corporate Bank Investment Bank 2025 FC 2028 32 ~37 Revenues from focused growth areas1 ~5.0 2025-2028 ~8% CAGR ~2.3 7 ~2.6 Net commission and fee income contribution2 in € bn 5% CAGR 2025-2028 7% CAGR 2025-2028 >5% CAGR Net revenues in € bn Incremental net revenues2 in € bn NII contribution2,3 in € bn Focused growth
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Deutsche Bank Investor Deep Dive 2025 Accelerating value creation, Raja Akram Expected uplift from NII 8 2025 FC Hedge rollover Growth in loans and deposits Other funding effects 2028 ~13.5 ~16 ▪ Rollover of existing long-term hedges at higher rates to contribute ~€ 1.2bn2 to NII growth ▪ Investments into banking book businesses support further loans and deposit growth ▪ Net interest income expected to contribute ~€ 2.3bn to revenue growth by 2028 ▪ Reduced funding costs in our trading businesses from term funding optimization Net interest income across key banking book segments1 and other funding in € bn Focused growth
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Deutsche Bank Investor Deep Dive 2025 Accelerating value creation, Raja Akram 9 Disciplined investing and effective cost control 2025 FC ~1.5 Incremental investments1 ~(2.0) Operating efficiencies2 ~1.8 Vol.-related growth & inflation 2028 20.6 ~22 ▪ Operating efficiencies more than offset investments and part of inflation ▪ Volume-related growth aligned to revenue trajectory ▪ Investment focus shifts from foundational enhancements to forward-looking capabilities ▪ Incremental investments support delivery of cost/income ratio of <60% in 2028 2% CAGR <60<65 Cost/income ratio in % Noninterest expenses in € bn Scalable operating model
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Deutsche Bank Investor Deep Dive 2025 Accelerating value creation, Raja Akram 10 2025 FC ~0.3 Tech & AI ~0.6 Business-led ~(0.6) Operating efficiencies2 Vol.-related growth & inflation 2026 20.6 ~21 Incremental investments1 ▪ Tech and AI drive efficiency gains and scalable operating model ▪ Investments set to deliver operating efficiencies as early as 2026 ▪ Stable cost/income ratio despite investments in 2026 ▪ Stable cost base, excluding business-led investments <65<65 Cost/income ratio in % 3% YoYΔ Noninterest expenses in € bn 2026 investments to fuel the next step Scalable operating model
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Deutsche Bank Investor Deep Dive 2025 Accelerating value creation, Raja Akram 11 Incremental investments to support efficiencies and growth ~1.5 ~2.0 >3.0 ▪ Even delivery throughout planning horizon ▪ Driven by process re- engineering and build-out of modern core banking architecture ▪ ~70% of cumulative revenue uplift from the PB and CB ▪ Benefits visible as early as 2026 and accelerating through 2028 ▪ ~70% of non-tech investments geared towards PB and CB ▪ Incremental tech investments are on top of current annual ~€ 2bn CtB cash spend Private Bank Corporate Bank Investment Bank Tech Infrastructure ~€ 0.9bn in 2026 ~€ 0.6bn in 2026 ~€ 0.9bn in 2026 Incremental investments1 Cumulative over 3 years, in € bn Operating efficiencies2 Cumulative over 3 years, in € bn Incr. revenues by 2028 Cumulative over 3 years, in € bn Scalable operating model
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Deutsche Bank Investor Deep Dive 2025 Accelerating value creation, Raja Akram 2025 FC Balance sheet management Business growth1 FRTB 2028 ~355 ~385 12 Net business growth SVA guiding principle to drive optimized capital usage Balance sheet management ▪ Re-deployment of financial resources into focus portfolios ▪ Selected exits of sub-scale offerings and geographies Regulatory ▪ FRTB go-live impact still included in 2027 ▪ No impact from CRR output floor until 20302 Business growth ▪ Focused growth in capital-accretive business units ▪ Revenue-driven increase in operational risk RWA Capital supply focus ▪ Minimize capital impact from ELSF deductions ▪ DTA deductions to reduce from continued profitability ~2.5% CAGR Risk-weighted assets in € bn Strict capital discipline
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Deutsche Bank Investor Deep Dive 2025 Accelerating value creation, Raja Akram SVA guiding principle to improve balance sheet velocity 13 +400bps Group Focused growth areas 2025 FC 2028 2025 FC 2028 +100bps +250bps on reported basis Managing net RWA growth ▪ Focus RWA growth on SVA-positive businesses ▪ Incentivize self-financing growth through re-deployment Asset rotation ▪ Expand SRT platforms to further asset classes and target 25% of additional capital relief until 2028 ▪ Create investment opportunities for capital-intensive assets Pricing discipline ▪ Enforce value-accretive pricing by using adequate hurdle rates ▪ Incentivize multi-product client relationships RWA profitability ▪ Efficiency measures support delivery of Rev/RWA1 by +100bps ▪ Uplift mainly driven by the focused growth areas Revenue/RWA1 ratio in % Strict capital discipline
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Deutsche Bank Investor Deep Dive 2025 Accelerating value creation, Raja Akram 14 SVA guiding principle to deliver higher shareholder returns 10-13% hurdle>13% hurdle <10% hurdle Disciplined application of capital productivity levers to result in >70% of capital in areas exceeding business hurdles, up from ~40% in 2025 Equity allocation and return on tangible equity by business unit1,2 2025 FC 2028 Strict capital discipline
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Deutsche Bank Investor Deep Dive 2025 Accelerating value creation, Raja Akram Maintaining financial resilience 15 Strong capital position ▪ Strong organic capital generation ▪ Preservation of robust CET1 ratio with strong buffers throughout Sound liquidity profile ▪ Ample liquidity reserves growing in line with business expansion ▪ High-quality funding base anchored by German retail deposits Robust risk management ▪ Continued strict underwriting standards ▪ Normalized CLP run rate of ~30bps expected1 Financial resilience
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Deutsche Bank Investor Deep Dive 2025 Accelerating value creation, Raja Akram 16 Optimized capital deployment Preserve capital and liquidity buffers through macroeconomic cycles Pursue inorganic opportunities only if strict strategic, financial & cultural criteria are met Increase shareholder rewards across both dividends and share buybacks Invest in high-value, accretive business growth
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Deutsche Bank Investor Deep Dive 2025 Accelerating value creation, Raja Akram 17 2025 FC 2026-2028 50% 60%Ordinary distributions1 Payout ratio2 Dividend per share € 1.00 Continuous growth Discretion to deploy and distribute excess capital when CET1 ratio sustainably >14% Extraordinary distributions1 Usage of excess capital Tangible book value per share Continuously growing TBVpS3 ~€ 30 >20% increase4 Increasing ordinary distributions to 60%
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Deutsche Bank Investor Deep Dive 2025 Accelerating value creation, Raja Akram 18 Further RoTEupside from our >13% target CapitalRevenue Cost Structural reforms following German fiscal stimulus ▪ Accelerated loan growth and increased capital markets activity ▪ Increasing private sector investments Further & faster evolution of AI ▪ Leaner, AI-augmented workforce via managed attrition strategy ▪ Deepened client relationships by embedding AI in go-to-market proposition Savings and Investments Union ▪ Accelerated demand for investment solutions drive higher fee income, client flows and AuM ▪ Simplification of securitization framework enables incremental balance sheet velocity Regulatory environment conducive to growth ▪ Simplification of prudential regulatory, supervisory and reporting frameworks ▪ Recalibrated capital buffers, FRTB delay and potential extension of transitional arrangements
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Deutsche Bank Investor Deep Dive 2025 Accelerating value creation, Raja Akram 19 Our targets and objectives for 2028 <60% Cost/income ratio >13% RoTE 13.5-14.0% CET1 ratio operating range1 Financial targets Capital objectives 60% Payout ratio Excess capital+
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Deutsche Bank Investor Deep Dive 2025 Accelerating value creation, Raja Akram 20
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Deutsche Bank Investor Deep Dive 2025 Accelerating value creation, Raja Akram 21 Appendix
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Deutsche Bank Investor Deep Dive 2025 Accelerating value creation, Raja Akram 22 Steady NII growth from long-term hedge portfolio ▪ Average hedge duration of ~4-5 years ▪ Current deposit hedge portfolio stands at ~€ 200bn but will change over time as a function of the evolution of the deposit portfolio ▪ Continuous growth results from hedge strategy; significant portion already locked in ▪ Structural NII benefit from growing hedge contribution over the planning horizon 2.5 Avg. yield, in % 2021 1.9% 2022 3.0% 2023 2.5% 2024 2.6% 0.6% 2.9 0.0 2025 2.7% 0.3% 3.1 0.3 2026 2.9% 1.0% 3.1 0.7 2027 3.0% 1.4% 2.8 1.3 2028 3.1% 1.0% 2.4 2.0 2029 3.2% 0.7% 2.1 0.0% 2030 1.3 1.0 1.8 2.4 2.83.4 3.9 4.1 4.5 4.9 2.9 0.8 0.6 0.9 1.2 1.5 1.7 1.9 2.1 2.2 Illustrative EUR roll-over benefit 10y EUR swap Yield of maturing EUR hedges Locked-in Roll-over Income from long-term hedge portfolio1 in € bn, unless stated otherwise %
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Deutsche Bank Investor Deep Dive 2025 Accelerating value creation, Raja Akram 23 ~(10) ~25 ~50 ~95 EUR ~5 ~15 ~20 ~30 ~5 ~25 ~25 ~30 USD Other ~(0) ~5 2025 ~65 ~(60) 2026 ~95 ~(100) 2027 ~155 ~(150) 2028 +25bps shift in yield curve -25bps shift in yield curve Net interest income sensitivity1 in € m Breakdown of sensitivity by currency for +25bps shift in yield curve in € m 2025 2026 2027 2028 2025 2026 2027 2028 2025 2026 2027 2028 Limited NII sensitivity – hypothetical +/-25bps shift in yield curve
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Deutsche Bank Investor Deep Dive 2025 Accelerating value creation, Raja Akram 24 Robust underlying growth in loans and deposits 2025 FC 2028 ~485 ~520 2025 FC 2028 ~670 ~765 Value-accretive pricing discipline and changes in portfolio mix drive targeted loan growth ▪ Corporate Bank to benefit from infrastructure and defence initiatives ▪ FIC Financing to benefit from loan opportunities in asset- backed financing across America and Europe ▪ Private Bank rebalancing loans from Personal Banking to Wealth Management Steady growth in franchise deposits enabling a restricted issuance plan ▪ Strong growth in leading German retail deposit franchise ▪ Investments in Corporate Bank franchise leading to stable corporate deposit growth Loans in € bn ~2% CAGR Deposits in € bn ~5% CAGR Corporate Bank Investment Bank Private Bank
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Deutsche Bank Investor Deep Dive 2025 Accelerating value creation, Raja Akram 25 ~€ 1.5bn incremental investments ~€ 1.0bn Business-led investments ▪ Scale Wealth Management through top-talent hiring focused on Germany, Italy, UK, Middle East and Asia ▪ Broaden client footprint and develop new client solutions in Corporate Bank ▪ Expand IBCM capabilities across select geographies and target sectors Incremental spend ~€ 0.5bn Tech investments ▪ Roll out modern and scalable core banking platform for Private Bank while upgrading multi-channel advisory ▪ Digitize and automate processes to enhance digital capabilities for Corporate Bank and Investment Bank ▪ Implement AI productivity tools across the franchise
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Deutsche Bank Investor Deep Dive 2025 Accelerating value creation, Raja Akram 26 ~€ 2.0bn of operating efficiencies Operating efficiencies ~€ 1.0bn Business-led F2B optimization ▪ Service-model digitization and build of modern core banking architecture ▪ Front-to-back optimization of the target operating model ~€ 0.4bnIT transformation ▪ Simplification of technology infrastructure including cloud and AI adoption ▪ Modernization of end-user technology and global IT service management ~€ 0.6bn Infrastructure-led process optimization ▪ Implementation of strategic transaction monitoring process ▪ Optimization of infrastructure processes and real estate footprint
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Deutsche Bank Investor Deep Dive 2025 Accelerating value creation, Raja Akram 27 Normalized CLP run rate of ~30bps 0 10 20 30 40 2015-2019 2020-2022 2023-2025 2026-2028 Ø20 Ø26 Ø35 ~30 Targeted run rate ▪ € 56bn1 of notional hedges2 to mitigate single name risks to rating-based thresholds ▪ Diligent portfolio steering to manage risk across country, industry, asset class and single names ▪ Targeted loan growth underpinned by strong underwriting discipline ▪ Lower CLP run rate supported by improved economic outlook for Germany, normalized CRE- related losses and wider portfolio composition Provision for credit losses in bps
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Deutsche Bank Investor Deep Dive 2025 Accelerating value creation, Raja Akram 28 Corporate & Other with range-bound impact ▪ C&O will continue to house central and funding impacts ▪ Valuation and timing differences will continue to be impacted by market moves, resulting in lower but still positive contribution ▪ Pre-tax loss expected to remain broadly stable at ~€ 0.2bn per quarter ▪ Continued focused delivery on portfolio simplification and reduction of legacy risks ▪ C&O continues to carry costs for group-wide infrastructure functions classified as ‘shareholder expenses’
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Deutsche Bank Investor Deep Dive 2025 Accelerating value creation, Raja Akram 29 Better returns on stable capital allocation ~19% ~39% ~24% ~4% ~14% 2025 FC ~18% ~38% ~20% ~3% ~21% 2028 ~59 ~66 Corporate Bank Investment Bank Private Bank Asset Management Corporate & Other ▪ Increase of average tangible equity by 4% CAGR post capital distribution driven by increased profitability ▪ Increase in C&O reflecting higher accrued equity for increased capital distributions and excess capital ▪ Capital allocation to operating businesses remains relatively constant; reduction in Private Bank allocation reflecting an optimized balance sheet profile ▪ Improved divisional RoTE profiles on broadly unchanged capital allocation ▪ Disciplined capital allocation maintained through planning horizon Average tangible shareholders’ equity in € bn
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Deutsche Bank Investor Deep Dive 2025 Accelerating value creation, Raja Akram 30 Key macro assumptions1 underpinning planning 2025 FC 2026 2027 2028 0.2 1.2 1.7 1.2 Germany Eurozone Global 1.1% 1.1% 1.5% 2.5% 2.1% 2.3% ECB deposit rate2 Expected YoY real GDP growth in % 1.3% 2.2% 2.00% 2.00% 2.25% 2.50% Broad economic momentum in Germany ▪ German economy expected to stabilize and grow by 1.2% in 2026 and 1.7% in 2027 ▪ Impact from fiscal expansion 2025-2028 expected to ramp up gradually Reforms to secure competitiveness in Europe ▪ EMU GDP expected to grow by 1.1% in 2025 and 2026, 1.5% in 2027 ▪ Europe to seize opportunities while aiming to close gaps in technology and defense to US and China Learning to live with global uncertainty ▪ Global economic growth expected to slow to 2.2% by 2028 as the growth cycle in China matures ▪ US economy to benefit from technology and AI–led investments, balancing political uncertainty
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Deutsche Bank Investor Deep Dive 2025 Accelerating value creation, Raja Akram 31 Footnotes (1/2) Slide 12 – SVA guiding principle to drive optimized capital usage 1. Includes € 11bn of higher operational risk RWA driven by higher revenues 2. Output floor (OF) mitigation expected to delay OF becoming binding to at least Jan 1, 2030 Slide 13 – SVA guiding principle to improve balance sheet velocity 1. RWA excluding operational risk RWA; ~€ 64bn operational risk RWA in 2025 and ~€ 75bn in 2028 Slide 14 – SVA guiding principle to deliver higher shareholder returns 1. Relative area sizing represents average tangible shareholders’ equity 2. Impact from Corporate & Other excluded Slide 15 – Maintaining financial resilience 1. See slide 27 for further details on CLP Slide 17 – Increasing ordinary distributions to 60% 1. Distributions to shareholders are subject to corporate decisions, shareholder authorization, meeting German corporate law requirements, and in the case of share buybacks additionally require prior supervisory approval 2. Payout ratio is defined as ordinary distributions (i.e. common share dividends paid and share buybacks for cancellation executed) in relation to prior period net income attributable to Deutsche Bank shareholders 3. Tangible book value per basic share outstanding; € 30.17 as of September 30, 2025 4. Increase between 2025 and 2028 Slide 19 – Our targets and objectives for 2028 1. With 200 basis points distance to the Maximum Distributable Amount (MDA) threshold as a floor Slide 22 – Steady NII growth from long-term hedge portfolio 1. Excluding equity; based on market-implied forward rates as of September 30, 2025 Note: throughout this presentation, figures are rounded and totals may not sum due to rounding differences and percentages may not precisely reflect the absolute figures; forward-looking financials are based on 2025 Forecast and 2026 to 2028 Plan based on September 2025 FX rates, if not stated otherwise; performance indicators 2025-2028 refer to FY 2026, FY 2027 and FY 2028 Slide 4 – Accelerating value creation with full focus on SVA 1. RWA excluding operational risk RWA 2. With 200 basis points distance to the Maximum Distributable Amount (MDA) threshold as a floor Slide 7 – Focused growth to drive revenue momentum 1. Includes select Business Units across Private Bank, Asset Management, Corporate Bank and the Investment Bank which have been grouped under Asset Gathering, Payments and Servicing and Advisory 2. Corporate & Other not shown 3. NII across key banking book segments and other funding Slide 8 – Expected uplift from NII 1. Key banking book segments are defined as Deutsche Bank business segments for which net interest income from banking book activities represent a material part of the overall revenue; excludes NII driven by accounting asymmetries 2. Based on market-implied forward rates as of September 30, 2025 Slide 9 – Disciplined investing and effective cost control 1. See slides 11 and 25 for details 2. See slides 11 and 26 for details Slide 10 – 2026 investments to fuel the next step 1. See slides 11 and 25 for details 2. See slides 11 and 26 for details Slide 11 – Incremental investments to support efficiencies and growth 1. See slide 25 for details 2. See slide 26 for details
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Deutsche Bank Investor Deep Dive 2025 Accelerating value creation, Raja Akram 32 Footnotes (2/2) Slide 23 – Limited NII sensitivity – hypothetical +/-25bps shift in yield curve 1. Based on balance sheet per August 31, 2025, vs. market-implied forward rates as of September 30, 2025 Slide 27 – Normalized CLP run rate of ~30bps 1. As of end of September, 2025 2. Across Credit Default Swaps and Collateralized Loan Obligations Slide 30 – Key macro assumptions underpinning planning 1. Based on consensus forecasts from Bloomberg Finance L.P. as per July 19, 2025 2. Policy rates as per August 19, 2025
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Deutsche Bank Investor Deep Dive 2025 Accelerating value creation, Raja Akram 33 Glossary AI Artificial Intelligence AuM Assets under Management Avg. Average Bps Basis points C&O Corporate & Other CAGR Compound annual growth rate CB Corporate Bank CET1 ratio Common equity tier 1 ratio CIR Cost/income ratio CLP Provision for credit losses CRE Commercial real estate CRR Capital Requirements Regulation CtB Change the bank DTA Deferred tax asset ECB European Central Bank ELSF Expected loss shortfall EMU European Monetary Union ETF Exchange Traded Funds F2B Front-to-back FC Forecast FIC Fixed Income & Currencies FRTB Fundamental Review of the Trading Book FX Foreign Exchange GDP Gross domestic product IBCM Investment Banking & Capital Markets Incr. Incremental NII Net interest income PB Private Bank Ppts Percentage points Rev Revenues RWA Risk-weighted assets Ro TE Post-tax return on average tangible shareholders’ equity SRT Significant risk transfer SVA Shareholder value add TBVpS Tangible book value per basic share outstanding Tech Technology Vol.-related Volume-related YoY Year-on-year Δ Delta Ø Average
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Deutsche Bank Investor Deep Dive 2025 Accelerating value creation, Raja Akram 34 Speaker biography – Raja Akram Raja Akram is the designated Chief Financial Officer and joined the bank in October 2025. He will join the Management Board in January 2026. Akram joins from Morgan Stanley where he served as Deputy Chief Financial Officer since 2020. He was also a member of the firm’s management committee and served on the supervisory board of Morgan Stanley Europe Holding Group. From 2006 to 2020, he worked for Citigroup, holding leadership positions in Finance across multiple geographies and businesses and also served as the Chief Accounting Officer and Global Controller.
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Deutsche Bank Investor Deep Dive 2025 Accelerating value creation, Raja Akram 35 Cautionary 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 most recent SEC Form 20-F. Copies of this document are readily available upon request or can be downloaded from investor-relations.db.com Non-IFRS Financial Measures This document contains non-IFRS financial measures. For a reconciliation to directly comparable figures reported under IFRS, to the extent such reconciliation not provided herein, please refer to the Financial Data Supplement which is available at investor-relations.db.com. When used with respect to future periods, non-GAAP financial measures used by Deutsche Bank are also forward-looking statements. Deutsche Bank cannot predict or quantify the levels of the most directly comparable financial measures under IFRS that would correspond to these measures for future periods. This is because neither the magnitude of such IFRS financial measures, nor the magnitude of the adjustments to be used to calculate the related non-GAAP financial measures from such IFRS financial measures, can be predicted. Such adjustments,if any, will relate to specific, currently unknown, events and in most cases can be positive or negative, so that it is not possible to predict whether, for a future period, the non-GAAP financial measure will be greater than or less than the related IFRS financial measure. For the comparative figures and ratios provided in this presentation, as well as their respective reconciliations, please refer to the published reports for the relevant reporting periods ESG Classification Sustainable financing and ESG investment activities are defined in the “Sustainable Finance Framework” and “Deutsche Bank ESGInvestments Framework” which are available at investor-relations.db.com. Given the cumulative definition of the sustainable financing and ESG investment target, in cases where validation against the Frameworks cannot be completed before the end of the reporting quarter, volumes are disclosed upon completion of the validation in subsequent quarters. For details on ESG product classification of DWS, please refer to the section “Sustainability in Our Product Suite and Investment Approach – Our Product Suite” in DWS Annual Report 2024