6-K

I~'~I3 ~TATE~SECURI'TIE~ AI D EXCHANGE COMIvIISSIO~t"~ashn~gton, ~.C. 20549M:_ ~, sFor the month of IV~arc11202flcommission File Number 1-15242DE~.TT~~I ~I~ ~O O'~'if)I~t(Translation. of Registrant's Name Into English)I~~~ts~~e a~ ~t~e~g~~~~~~~~:~~~'~t~r~usa~~age 126032 '~-a~kf~a~~ ~ l~~r~~e~~ny(Address of Principal Executive Office)Indicate by check. mark whether the registrant files or will file annual reports under cover ofForm 20-F or Form 40-F: Form 20-F D Form 40-F ❑Indicate by check mark if the registrant is submitting the F~rin 6-K in paper as permitted byRegulation S-T Rule 101(b)(1): DIndicate by check mark if the registrant is submitting the Form 6-K in paper as permitted byRegulation S-T Rule 101(b)(7); ❑

~~, ;,~:This Report on Form 6-I~ captains as an exhibif 3~eu~.sci~e dank t~C~'s AnnualReport 2019. This Report on Form 6-I~ is being filed in paper format pursuant to Reg~.lationS-T Rule 101(b)(1). This Report on Form 6-K and the exhibit hereto are not in~~nded to beincorporated by reference into registration. statements filed by Deutsche ~3ank ACS under theSecurities Act of 1933.Exhibit 99.1: Annual Report 2019.This report contains forward-looking statements. Forward-looking statements arestatements that are not historical facts; tkey include statements about our beliefs andexpectations. Any statement in this report that states our intentions, beliefs, expectations orpredictions (and. the assumptions underlying diem) is aforward-looking statement. Thesesta#ements are based on plans, estimates and projections as fhey are Curren#ly available to themanagemen# of Deutsche Bank. Forward-looking statements therefore speak only as of thedate trey are made, and we undertake no obligation to update publicly any of them in light of~e~v information or future events.By their very nature, forward-looking statements involve risks and uncertainties. l~number of important factors could therefore cause actual results to differ materially fromthose contained in any forward-looking statement. Such factors. include the conditions in thefinancial markets in Germany, in Europe, in the United States and elsewhere from which wederive a substantial portion of our trading revenues, potential defaults of borrowers or tradingcounterparties, the implementation of our strategic initiatives, the reliability of our riskananagement policies, procedures and methods, and other risks referenced in our filings withtine U.S. Securities and Exchange Commission. Such factors are described in detail in our2019 Annual Report on Form 20-F, which was filed with the SEC on March 20, 2020, anpages 13 through 47 under the headrng "Risk Factors." Copies of this document are readilyavailable upon request or can be downloaded from www.deutsche-bank.com/ir.This report and other documents we have published or may publish contain non-GAAP financial measures. Non-GAAP financial measures are measures of our historical orfixture performance, financial position or cash flows that contain adjustments that exclude orinclude amounts that are included or excluded, as the case maybe, from the most directlycomparable measure calculated and presented in accordance wit11 IFRS in our financialstatements. Examples of our non-GAAP financial measures, and the most directlycompaz-able IFRS financial measures, are as follows:2

T~s~ t~~~~y ~~ ~~°~le F'~~t~~~~~~I~~~-~~ '~~~ae~~l i~Ie~s~~~Ie~st~~-~1Vet income attributable to Deutsche dankProfit (loss) before taxshareholders, Adjusted profit (loss) beforetaxRevenues excluding specific itemsNet revenuesAdjusted costs, Adjusted costs excluding~Ioninterest expensestransformation charges, Adjusted ec~stsexcluding transformation charges artd tl~eimpact of the Global 'rime Financetransfer to BNP ParibasNet assets (adjusted)Total assetsTangible shareholders' equity, I-averageTotal. silarehofderrs' equity (book value}tangible shax~eholdets' equity, Tangiblebook value, Average tangible book valuePost-tax return on average shareholders'Past-tom return on average shareholders'equity (based on Net income attributableequityto Deutsche Bank shareholders}Pflst-tax return an avera~,e tangible~°ost-tom return can a~rerage sharehc~ld~rs'shareholders' equitye cityTangible book value per basic shareBook. value per share outstandingoutstanding, Book value per basic shareoutstandingFor descriptions of non-GAAP financial measures and the adjustments made to themost directly comparable financial measures under IRS, please refer to "Suppleme~~taryInformation (Unaudited): Non-GAAP Financial Measures" on pages 431 through 439 of our2019 Annual Reporg (which Annual Report 2014 constitutes a part of our 2fl i 9 Annualdeport on Form 20-F}.When used with respect to future periods, our non-G~~I' financial measures are alsoforward-looking statements. We cannot predict or quantify the levels of the most directlycomparable financial measures under IFRS that would correspond to these measures forfuture periods. This is because neither the magnitude of such IFRS financial measures, northe magnitude of the adjustments to be used to calculate the related non-GAAP financialmeasures from such IFRS financial measures, can be predicted. Such adjustments, if any, willrelate to specific, currently unknown, events and in most cases can be positive ar negative, sathat it is not possible Eo predict w~iether, for a future period, the non-GAAP financial measurewill be -eater than or less than the related IFRS finasrcial measure.Regu~~t~ry filly loaded ~raeas~resOur regulatory assets, exposures, risk-weighted assets, capital and ratios thereof arecalculated for regulatory purposes and set forth throughout this report under the regulation onprudential requirements for credit institutions and investment firms ("CRR") and the Capital.Requirements Directive ("CRD") implementing Basel 3, which were published on June 27,2013 and which apply on and after January 1, 2014. CRR/CRD provides far "transitional" (or3

"phase-i~~"} r~€Ies, under w~iich capital i~7struments ~I~at a~•e no Ioag~;er eligihle under tie newrules are permitted to be phased out as the new rules an regulatory adjustments are p~lased in,as well as regarding the risk weighting of certain categories of assets. Unless otherwise noted,cur ~RR/CRD sole€ncy measures set for~l~ in this document reflect these transitional rules.~hle also set forth in this report such CRRICRD measures an a "fu11y loaded" basis, reflectingfull applicatian of the final CRI~/~RI~ frameworl~ without consideration of the transitionalprovisions under CRI2./CRD, except as described in respect of the applicable measure.Measures calculated pursuant to our fully loaded methodoloby are non-GAAP financial~neas~res.e believe that these "fatly loaded" calculations provide useful nr~orrnatio~~ ~oinvestors as they reflect our progress against the regulatory capital standards and as many ofour competitors have been describing calculations on a "fully loaded" basis. As ourcompetitors' assumptions and estimates regarding "fully loaded" calculations may ~~ry,l~o~~ever, our- "fiz11y loaded" measures may not be comparable v~ith similarly labelledmeasures used by cur competitors.for descriptions of these fully loaded CRR/CRD measures and the differences fromthe most directly comparable measures under the CRR/CRI7 transitional rules, please refer to"Management Report: Risk Report: Risk and Capital Performance: Capital, Leverage Ratio,'I'Lt~ ~ af~d ~~~EL," on pages 97 through 1 I 1 of our finnual Repo~-~ 2f319, i particular thesubse~~;t~,~ ~iie~•ec~f e~~iigled "L3e~~etopr er~t of Q n Fu~~ds". "I3ev~lop~net~t cif Risk-~+Ieight~dAssets" and "Leverage Ratio', and to "Supplementary Information (Unaudited): Non-Gt~l1PFinancial Measures: Regulatory fully Ioad~d measures" an page 439 of our Annual Report201.9.When used with respect to future periods, our fully loaded CRRJCRD measures arealso forward-looking statements. We cannot predict or quantify the levels of the most directlycomparable transitional CRR/CRD measures that would correspond to these fully loadedCRR/CRD measures for future periods. In managing our business with the aim of achievingtargets based. on fully loaded CRR/CRD measures, the relation between the fully loaded andtransitional measures will depend upon, among other things, management action taken inlight of future business, economic and other conditions.

~'ursuant to the requ ~em~nts of'the Securities Exchange Act ~f 1 34, ~l~e registranthas duly caused. this report. to be signed on ids behalf by the undersigned, thereunto dulyautk~oz-ized.DEUTSCHE BA\ IC E~KTIENGESELLSCHAFTDate; TV~arch 25, 242£3 _~By:.Name: Serdar ~ezkanTitle. 1~lanaging Director~--~ . _ aBy: _Name. ' ~seph . I~ap_cTitle: I1lanaging Director and Seniorcounsel0

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~:r~~Omena~~~~~~,~~~~,~~~o~~€(iGetter Prom the Chairman of the Ma~ac~e€~r~r?e ec~Ercf '-v~ar~agement BoardV€IReport of the SupErv€nary E3csardXvSupervisory Board~V#siStrategy1 —CombinedManagement Report2 €~~a ;rating and financiaS reviEw3a C7ut!ocsk42 Risks and opportunities~9 €disk r~~ert.~2 Compensotfo.~ report2~5 Corporate res~son~'€'e~ility2{l~ Employees21~ 1r2terna3 contra! aver [inarFcial r~po~€i¢ag212 informatian pursuant to sectiovr 315a (1 } of the Gerrn~n Cr~reamerciafCarte antf explaa~t~C€~ey report216 Cc~r?aaraie governar€ce st~[e~ent pursuant to sectia~s 285E and "st 5dcif tE~e ~5eem~rE Ca~z~meresal Cade2~7 Sta~da(~ne pare€zt crrn~sany ir7formation (HGB? ~:.,.2 -- Gansc~lidatec! Financial Sfiatements224 Corssaiidated statement cri incosr~e225 Cer~salidated statement of comprehensive incame226 Cr~r~sv€idated balance sheet227 Consolidated statement of cf~~,nges in equity233 Consolidated statement of crash Flaws235 Cotes to the consalidatEci fs`sze¢7ciei sEa~ernerris274 bates to the ecrnsolida;ed inca~ne stagmen?281 dates tc thc; canscrli~atecE baEance sheet337 ~tdd~ti€~na! r~ctes39E C~s~~irmetiors3 — Carpor~te governance Statement/Corporate Governance Report406 €vlanagement Board and Supervisory Baard421 Reporting and transparency42Z Related part~transactians422 Auditing and conFro!Iing425 C~mpl€a ce tPaith the German Gcsrparate Governance Cads1 •• !431 Non-GAAP finanei~i measures446 €3eclaration of baeklnc~441 Group five-year retard442 Imprintf p~ubiicatiars

ilf Letter from the Chairman of theManagement BaardV Management BoardVII Report of the Supervisory BoardXV Supervisory BoardXVfll Strategy...

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~;•..°3; .'E~utscheBank .iAnciu~[Repot2~3't~~~;rat~:'f~lar~ae.rnent E~oa.rd.~;Christian Sewing, ~ ~ ~7C)t~ianagement Board in care re~a~t~r~~ year.since.January z, 20,15chnsnan,sew~ng `.;:Cha.rrman of;the M.anagemen~ ~c~ardChairman of the. Managen~e~tt aaa~ct+;Gaith Ritchie*K1CI V011 ~Q~'!C, ~{~P1J'.. (until July 3?,20191 ~.President(untfEJu~y7,26t9} 1since.November ?„ z~i15tcari von..~tanrPresidentPresident tChief.Administrative Officer {~€zti(,i~[!y?, Zf7~~}Fabrizio camped€E:...:.fsince Navc:«~beF 1 20+97 ;:~.~c'~~3CIZt0 G~tll~~~~f, * ~ ~7~Frank Kuhr~kesrs~ce ~loVernber 2, 2019.Stuart Lewts '.Chiefi Transformatron Officersylvie MaYnera~'tunlilJuly .w%Q3i~C~tI~C ~Uf'ICl~CB, 'F ~~~7games van It~oktkestnceJs3nuary.l, 2019Werner Stemmu3derChief Operating Q€feverFrank strau~3K `(unnlJ.uly3t.2€~~9f ;:~~:'Bernd Leukert, # 1967`,smce,January..1, 2020GhiefTechnology, Data and Ir~t~a~v~~€~,n C7fficerstu~rt Lewis, *~~~~since June 1, 2012Chief Risk OfficerJames vc~n (~lCaltke, ~ 1969since July ~, 2€317Chief Fin~nr,€aI OfficerChristiana Rile}t, X197$since January t, 2(720.Regional CEO forAmericasV1/erner Ste'rr~mulCer, * 1954.::s€nceAugysf ~, 2f}16Fiec~iOnal. CEO tc~r.'sia.,;'cEmpEoyeerepresentatiyes~/

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~eu~che Bankes~~ts o~ ~per~~i~r~sCondensed ConsolidatLd StaPe~}~en~ of Incarn~_..... _._ .._...zurs-i~ X49_.. _.723Ne ~~ ~rv.~-.;ron for credrt losses13,Q26X2,66"-79.520——f~32u0r,r~~~~~o__~sss>Ta no ~.~come9,41692,1~~~~ 07u~~[,709'.4,To'...22.44124,7"((°)11,14212,253 ....._1.037644-iotalnoninterestexpenses25,07623.4Ei2,695~ i,6i5 'r f <-'-(5Profit (loss) before tax{2,634)1,3301,228(3,965) WM 10382,630Profit loss)(5,265)341(735)(5,606) N/hfi T,077N/M~125(5, 390)32II(5,7t8j

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r~eutsche wankfilet Inte~~esf fncome and Chet Gains (Losses} e , Finar~cia! P~sseTslLiabili~ies <` ~~ ,,-~ ~ 4' ro c~P,,Prozit or doss~~, ~ __ _ --13:749193Total nef interest inc~ine and net gains Qoe ~ '~ j onfinancial assetslliabiiities at fair valve through profit or loss 13,943 14,524 15,304 (582) (4j (779) (51?~reakdovan by Corporate Division:'2,6fi0542.4.09487- 146 _.-1,536Total nel interest incoi~~e and nc-f gains (losses) onYinancia! asse4sfiiabilities at fair value through profit or loss 13,943 14,52? 15,304 (582} (4) (773) (5)

D~utsCh=Bank ._._.~ ~ sion for Credit LassesRernaini~~tg I~oninterest income20i59,5202u00NiF___ 170(669)-..___.Total remaining noninterest income 3,2221C,79211,144(1,57u~(15)t352j t3)-- ~--- 327--_._3.298_- -.._._....._3173,9433,7144,320219E1596) (Sw)1.SOt_.._. 637Total 2,737 -...2.5~~:_ ..._(°~~) (~'~f3,440Total c :~ ~~~s ar~d fee income 9,52070,0311,002(519){5)(963'7 (9)20`,z

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Ceutsche San'rc ,...201$~loninterest Expenses_ . __...__._.._.._2c~r'~1,i412.253 -__.6~~ 4 .,To ~penses25,Q7H 2.461 24.6~t5 1,Gi5 7 (7,'234) (S,4,814 ..._ __.. ,__. _ _.._. _ ..____ _..i,720 -._.___.,._ _..._. ..._..1.4131,32478E619256251 ..~ -- ....__t071 .._.. __To. :_;expenses12,253 11,973 966 9 (687) (G)20~~2Cic-r.

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~ie~ ct~e Bane'~ ...~ FSS _. .,~ ~~U _~~.IVt' :'~:5,G04~,JbiS,G4JL,33LLUOia5~.^,Pr.. itosses286i0~3421(14)0-~~3Nc `_-TOial nOninieieSt ex erasesp4,8426,4018:168t ] 113,39755625.076Nancontroiling interestsG2d('Oj152t('r73fGProfit [loss} before tax137433(2B5j468(3,177)(229j(2,634]

Deutscl ~ Sank.:~.',1 f@VE~iU6:;`J.Zb..t'Q~..F -~- <`~`i~/_Q~~.i, _:iiir~rovisian for credit losses1~576(1'{3i~j9525Noninteres;expenses"i tai nortinterest expenses,~4b -.. ---E 59' ...7,533 7.735„ 3G9 - -—4~",23,Aii1Nonconfroiling interests024(0) ~5if10~-0Profii (loss) before taxf,273850701 368(1,435)(433)x,330Net rever,c<sd 370v3uou.~5<1.532 _.~ ~tiq_.~JJ~JLU.1t~i!Provision for credit losses4T51325(~.. t10(0)525Noninterest expensesTotal nonmteres, expenses3,8766.7278,1431,759 3 567582<4,u95Noncontroliinginterests02E(12ji 0(i5)0Profd {Io s o~fore tax1,4531,498275732 (1,633](1,105)1,228

t7eu-; ,f re Bank ...__..C}I'~Ol"~Y2 ~r7Y1~4...,2Q'4....._......T3.842_.. __._ _ _.._ .. --.....___.....1,4ZL__ ____ _ ..__.. ..otai ret revenues5,2645,263 n S,-o _._.. ~U t ~ ~ 3) (-~~'rnvisionforcred(tlesses28&"45 q;<. ?~jq ,~.'.,iJcn_-.,,.-,..esf exoen~^s_ ._____ ...._. i,644__.__._._._.3.169..._....._..........492_...137'~ota~ non~nterest expenses4,8423,fivo 3.E~u 9y6t6 (3UjNoncontrailing inferesfs00 C GN/~ 0 N:'.'.profit (lossj before tax4371,273 1,455 (i,i36j(89j (786) (13J228L.i1E3v.~8.. _..

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L';: UISChe ~2:. .,~.,l~vesimer~t Banff~o,s_.__5,53--. _.____1231:i~f_.._ _-.AEG_i ,60$----__.._---_. ___ _._(179}...,.7.461-i o' ~::-t revenues6,961_..._..E,3U::_:1Gu~....._ _.__.._..t ~ ~..-(836)--10)Pr~~-.:-..:_ n for rredit losses1097G5.~~5z7937Nc' _-. _ _xPense=.2,468x.753._. .. ..._..._._096STotal noninterest expanses6,4016 557G,«.-~. 1:;~,~;(210;,_,;,Noncontroliina Interests2Q242"(Aj(18){2)(8)Profit (lossj before tax43385&1.h9::-(49){642)3`C' f503__ 70 ._ _..__;.CA?g_.......__..__

D.n..'.sche wankPrivate Bankzo,sNe'--~--—__5.116- - ---._. ._.....—---1.442_.__. __.—...._.1.687_. ......_.._T~f ~ ~ ~r -~~iues8,245&,6418.7,2l3~J6)(5j{y15.1332.925187Prc. - c ~ r i -!r r342347325~5:(1)22 7t~o~3:519-- -----3.978545126Total no~~~n~- ~ ~ -xF- --8,1£87 Sy38 i435?5i3(550)Noncontr - - -{O)(0~(~2~(G}N[h4t2 (100jProt c = i - r; ~_,x(265J701275(966}NftJ426 155283..-230- __.._......_.. _. __..__..._ _.-.._-----4874--37,2&6 __...._.......

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.utsche Bar^ z..Asst P~ana~er~erf,a7~2,141 _____... _'Os..._._...__. _.._ :.--nu=s2,3322''..~,:r,IY,Provisior.~"creditlosses1tt}(1i2 NiRl~(Oj67Noniniai._s~ ~:.-..;;,noses__.832__ _ .._ ___...&51D_._..29hi u ai nOninte.e.st expE.,,,es1,7195,7,s~..._ ~i~ice._ _.... l~'~~tom,Nonccntroiling inferesfs162851~8 80E3NIM?rofit {loss3 before tax49836873299 27(364j(50`TO768253.924— --.. ____

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~~ctiSCi`r~ 6'aSlkG`2~9tli:,c 2S Oi [)BCBl71h2l .~.+l 2~~~,:-- L.S~;)4bl;.~a i -it .'_ ,;Gt~~iV~ vBalance as of December 31, 201877 22746~63~58 112 81 X64C~pifal Release UnitT6~9Net revenues208_ .__.._.. _ _ _ _Provlslon for credit losses(fi4)(36} 1 TO ';+MNoninteres' ~:-x~'-roses___-. _.....__.44`s-- 2.811_.G143_— ...— _etal noninterest ~xpens<s3,397y„54y 3,S6f 4g i (298) ~_;Noncontroifing interests'I1 0 1 t3G 0 58Profit flossy before tax(3,179)(1,435j (1,633) (1742) X21 ~9a, ~j2~2S91,2Q5..__ _._ --i 7G

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~~.- . scl-.._ BaakCorporate f~ QtiYrer (GEC?)_ ._za,e~aet5ue595&(1'L~~(53'u~~~2QProvision for credit (ossas0i(0)(0)(SA)1NIM,~.'oninterest expenses~.L.H3eil~ °<D. ~..,..40;expenses566429b82135v2(T61}(2S)Nc _ ~~~2sts(973)(109;(16)(64)5&(93)NltvtPr r: -ax{229)~'33}(1,105j204{A7j672{6T)27,679""-

Deuische Bank ..,....~'P~1c~I~CI~~ ~OSIIiO~I,s: s:_____. _.—.______...._._ 6ec 3t ZG1Si472`L8t 4,~7G53Q,733 _ .__._.---.. ..146.87b332.939SG.SO i- 45,.503 -..__..429,84 r ----130.16163,401Tota~assets _.._ 1,237,674 135::,.7 (50.463) ~-;;Liabilities and EquiiyDec 3i. 207G_57220&_ __ ___.3.37A40~A48- -...-37,0u5316.50850.332... --- -... 5218-. _...___..____._._ .— 136 473_ _.113.7cg__ _71,2877otd .aoGit~es1,235,515 1 279,400~4~ 88~~Total equity82,160 68.737(6,578] (10)Tofal liabilities and equity4,297 674 i 348,137{50 463) (4}— - ~.,,~,r~,

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~eufsc~~ Bank~~3C~~ e GLob~~ Economyi hE Giobai Economy Outiookzezo=Global EconomyGDP 2.~ .,Inflation 3.1 3.0 -0.5Eurczone EconomyGDPInfiaiionUS. EconomySDPInflationJapanese EconomyGDPInflationAsian Economy'GDPInflationa~a,a(o.sj. z0.4t`1t02)O.G1.~2.3S.St.~(1.5)070.40,54.25,33.62.84.63.n

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;utsct•~ 5a^kis arc ~~pt c~~r~rir~vKey risk ~_-;etrics_~ _. :.;~~ ;z~~ ~ ~~~~Q39 ;1~Economic Capital fidequacy Ra!io31.12.2099Leverage Ratio {fully-loaded)31.122019Total loss absorbing capacity (TIAC)31.12.2019 (Risk 1Neighted Asset b2sed937.122015 (Leverage Exposure based}! icc dity Coverage Ratio31.122019€ 6Y3~ ~45~:=v`'~.i~ii iE C:' r°:SS~iS?3.~°a31.122019c324.ObnTo2a3 Econo~irie Ca~itati6"s !o2.t22Gi9€~~2t~nLeverage Exposure42 °031422099~ 5,168 bnMinimum requirement for o~~n funds and eligibleliabilities Qf+hREL)94.67 J3T.R2201951.57 U/9.62 l..Stressed ¢het Liquidity Position {sPd~F'}14f °Ir;39.122018~ 24.3 bn

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ft.-. sch= BtP,isk r~,anageent aovers~ance s~ruetur~ ofi the ~eiaische Bank Graupmss;:Ir ~.nciai Risk ~. i~tt~ RC , ~~a c-, _ _. ^o IC ~~::chc dank Group and estak'sPres ~ cross-risk ~r holm ~~c~~pec ` ii~E "s~_ ,an 'a ~i~e i'auk;. ErciEa~in~ ca~duc~ aF~~ iE~ar~eiai c;~irne E~s~~_ ~ is ~~~r.aa ?c ~ei~ne ~~re ~~Ur Mirka^ci~i risK a~;~re~r`,Ee;t-~eu~o~'k, io ~r~oiior anc c~ntroi _hE efie ti c~ s< cf i~~ve r~ rF `~a ci ( r:sk operatny r~ WE ~erd~-~ ~dencies u~,in~aen b~asine~s d : suns a u coE~~ .uric :~n ~~cf ~a ~ t : ~ ioN ~c n~ e~cn-f~nancia~ Asks releuent for il~e Gra~rnsiit~. Ii. ~ < i

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Deutsche dankOverview total capital requiremen~s and capital bui~ers2Gi9a4.56 °'~- __250.---0.08g`:> _ .....2.00 l2.00-".._...2.00 !0.00 %,2.75 °~S _~ibfai CET 1 requirement from Pillar 7 arod 2'17.83 f 1 t587ofal Tier 1 requirement hom Pillar 1 and 213.33 °l0 13.08 lTotsl capital requirement from Pillar 1 and 21&.33 f 15.08~; ~~<

e;. ;che Bak _.~..O:~~n Funds Template (incl. R~lA and capital ratios)c~v ~ , zoisc~sarcr~r~Bey-a~z~E~c~wcFt~C., _.,~~~u~ Eu~.~~•, .:~ ,~,k- ~ ..~i,~~~. r.-.tn uc-~~ end i _...., ~;--45,7SC45,75 - ...._.._..~-14,814-.--14,814..537X37_.~(5,3BQ)15.380)------- 837837---.__Common Equity Tier t {CCI capi4ak before regulatory adjustments56,6iB55,57863.041~3,6A iCommon Equity Tie _ ~ ' 3C regulatory adjustments_._.._. _..._~ 11,738}(1.738).._.(150)- ---(i50)-_-(6:5 i 57(6.515)(i.126j(1,126)J(259}(259)(8921(852}(15)(15)G6(319)(319)----t~:a~7~~i,ar)7ofa1 regulatory adjustments to Common Equity Tier 1 (CET 1} capital(12,430)('f 2,430)(15,555)(i5,555jCommon Equify Tier 9 (CET t} capital44,1484,14847,4884?.48ldditional Tier 1 ".T1 j capiFal~. insiruments4,6764,~~GNRJi1,813Addition. :°~::nents4,6766,4894,6767.685fidditior ,.~ ~ ..~_. NIMNItJ~00Total regulatory adjustments to Additional Tier 1 (A?1) capital{B9j(91)(SOj(80)HUtl:'~.nnal Tier t (AT1) capital4,5846,3974,5y57,604Tier 1 capital (Ti =CET 1 ~ AT1}48,73350,64652,08256,091Tier 2 (T2} capital7,77035,9579:27 i6,202Total capital (TC = T1 + T2)5S,b03'56,50361,29261,292?otai risk-weighted assets324,045324,095350,432350,432Capital ratios13.6i3.67 5.015.6...,._......

tee. '.-che BarkReconcilioiion of shareholdErs equity to O:h.n Funds;"Der. i C7o -._.__-:.. -.areho3de s ay~~,~~ K,~~ accenting Laiance sheet55,857-- =~95(i?6}`21~zzo1i67055,7A162.40283700Ca c~a ~ - ;rei bafore regulatory adjustments56,57963,041(1,738)"-(i50} -.....------ - -----O(6,5i5)(1,445) -..___{892j0--- -----(i 692) ~~-~--Co ~ ~ - - —4A,14847_x86peaelopmenf of Ouvn Funds_. _ . _r ~eWe nront"._end;4er, 31, ZO',:;~u ~ ,y Tier 1 (CET 1) capdal - openmo amount47,48650.808253. _ ... .— -- ----- —..__._._.. (6.873) ..___.._11i550{234) __.__.___.___....2.0511.6321082190'-Q-- -(319)__ _(341jCommon Equi-ti~ ~ ~r t (CET 1 j capifal -closing amount44,1 t841,486Additione~ Tier ! ~~.`"+~ Capital -opening amount7,6046, 23___--0_ _._._.._.._ _......,__(1.210)__.0G3;,dditionai Tier 1 (AT1 j Capital -dosing amount6,3977,604Tier 1 capital50,54655.01Tier 2 (T2) capital -closing amount5,9576.202Total regulatory capital56,50361,292

~Je~~ts~`:~e BankRisk :sighted assets b;~ risk fiype and business die~ision_ _.__ .Total 58,b22 118,62275,4a2~ 5 52745,874~8 029324 0157ot~al 68,162 124,41069:308 10 36572 1~416 04535G 432Development of risk-v~~eighted assets for Credit Risk including Counterparty Credit RiskCec 3t zOt9Czpii~! __._.___—._.______.Credlt risk RNArequirert~ntsCre ~ -~~.-;k F:;'A balance. beginning of year212,82717,0262 4,14_' s 3,3,192255-_ _ ._ ..__~ ....._^~— (4,700)(376--~-4,867389-~-._..—._._.__.._.7,6932152,069166413Credit risk RV~~A balance: end of year221,06017,685212.82717,026

D<u,s ,z Ba .,.O. vd'nich: Developn~enC o. risk-~r~eighted assePs for Counterparty Crsdit Riskc~~ s zc~,.~ ycz~,~t ~ —._ ~~Counre~par[y credit risk RVJ„balance, beginning of yea;25,2822,023 ..._.____0:708}(T37i8[&2J(507J(41jC~03202"000Counterparty credit risk R~A~A balance, end of year23,6989,896 25.282 2.023Development of risk-weighted assets for Credit Valuation AdjustmentOec 3i. 2Qi9 —._.._.C2pilalCVR RWF:requirementsCVk RVJ:; balar~ca, t,eguuw~y of year 7,997640 ti.45~ °~ ~;6__-~.__..—._.._ _._._..... _. (1.423)(i 1.4)00_-- —00___.___ ---_ _ _._.... {1,891)(159)_....... — 0000 ...._._.CVA RVJA balance. end of year 4,68337ta 7.55 640

~Jc itsche Ba~ikAAn - <-t n~k F A haiance, beginning of year 4,00J~C, R,a. ,5u ~ ~~ ~&5 ` '7rMarket risk RWA balance, end ofi year 5,36816,ti26 10,0685,6?3 57,535 3A03Development of risk-weighted assets for operational riskDec3i. 20M19OGer;icnai riskC2pit21~_- -RW:,requiremL-ntsiiperationalrisk R`.NF.balance-..beginning of year91,9897,359 9i b'.- ~."[y---- ---...- -----(8.185)(655) - -1,747140 -1,819150(14:768)(9,181)--_.._.._0000 —— - --- Operational risk RV~A balance, end of year72,6625,893 91,989 7,359

~e~isei'.~ Bankeconomic Capital t~dequacyTo#ai economic cauital supply and demand~~i ,~-teconon,,,,capitalsupply_. _......,. __.___._ _...._.._..55:857953._(222) -~ -__._...__. (127).... (1.738)X7,029) ..._.__...(1.254j{Oj_ ~_~ __.._ __.___ {1,417) -3.732economic capftai supply67,581 5?.176Components of economic capital demand1 p, 757i 1, 7675,8136,374(5,535]Total economic capital demand29,176 26,108Economic capital adequacy ratio163 % 196 %

D~uische Bank

~iea:sch,~ dankSummary recanciliaiion of accountirg assets ann lev ratio Gxposur~s8.7..._ ._. 1,168 _ ..._.._.4250.59:1684.3Qescription of the fiaciars that had an impact on the lev~raae rafio ire 2019

peutsc47e wank~VI, t~~_^'.~C}EdIFGiTit',,15TLRC RequirementsNIREL ratio developmentTLAC ratio development

~i2ufsche E:.+:~k ...Elea 31. 2U f2 ..-__. .. ._..44.148o.3c7~5,9571 f;5.973----- 56.5155,803192,322 716,890G912,322 116,8902.856115,478 ~1i,9i03?4,0151,168,040995:5139.626.OQ --_..._._._..45,63942.233 -._..__.._..._.__.11.57ssa29.763 ~- -

Cieutscr:- 5ani~Cred i Risk Exposure

~eu?sche dank ....P~iaximum Exposure to Credit Risk5 oral cuff balance sheet 20~,07~ 205,218PJ~aximum exposure to credit risk 1,508,520 985,04931267 244,0982&A2630y,3922G3,1S0 119,7321254384.166- 1,6221.2672.8897h,tl ii 1,122ty.J~.i30,447 383,u6341,670725,780

~ieuCs~ ~e BankTa- `..-.~ _. ,cis, Est o85.br~ &7~.~d7 ~y,ur„ 235.290 ~6.~6i ~61.u~4!;;[ai rmancial assets ac i:; ~ ::~..,e throughprofit or loss514,898- 250 476 116,610237367.32370' '~~.~anaa; assets at fair value thrau~hOC'.51,18251, i82 - x.4085202,OOSl oral oft-balance sheet263,654G2 ~~L- - 19,?53X0,025.;,:~18Maximum exposure to credit risk1,515,410992,628 279.550 373.18127,543680 173

~Je~atsci~e Bank.ir

Deutsche BankPu~ain Crean Exposure Gafe~ories 6y Business DivisionsTotalA33,II34 T2,346 3,T81 4,87a 21t,G4043,23228,03To;-~i=_300 8' - .:3 71,284t4?598,',,22?Total464:537 11,462 12,~4i 5,082 212,04951,60527,A97To'a.-- 68.7521.097J49,227

e7eutsGa.~ E3ankTotal 433,834 12,346 3.787 4,874 2~~ 440 4y,232 28,039 '.

Deutsche Bank71,284i,615Tot;='. ---8f - - 3~:~ 14:228

C~~ufsehe Ban!< ..._ ~.

Deutsch= 3ar. .To'..:. 5''''" 9. "... 4-, ""' 68,752 1,0°7 949:227

Deuisc ~ Bank . _..28.039Total433:83G.2,3463,1814,87211.4404,232<~n;

Ceutsche BankTot::'.983,22224- 3::~3 79.284i,4i5

~Jeutscne Bank27,4;7Total004,53711,46212J415,092212,Oa9Si,605

z~~u,sck Dank?or:'. 5 ' ~3 68.752 1.OS7 949.227

~~utsahF dan~Goss posifion, n ~ciifded and€a~~n exposure and neC e:-;::.sure Co certain aurozan~ counteies -Country o. DomiciSe Vie=~~Dec- UecL;e~..b~~cUecii,:c3t3i.31.37.,. i.3~.....,201920132052010?079ZQ1y'G, .cc~i37~.. 1.3~F?_404._-4~02282s;lG.. 42r-T0_ 5 i...437323i420776Irela~~d.-X02- 1,2807:2562v...3,50912,3640162,4332~53i2.988'270r494.1566"-3.3978,478Italy6,2603,30513,331~8,45`r9541,~J410385,3841,7°307,1545,3494S7- 8.20910,7159524.848pprtugal228- S4860...1 i20$1,3~J0026342._20370281856384-2087,217Spaln1,226~ 4,b1312,91+29,94825825,88801124:611~52335,2591.191- 4678,5142.53631013,019Total gross8,4525.674 8,0235.310 34,8533.,80028,44028,4844,0634.335 83,83279,6037oial Un6raver. contingentt233307 12,78313,7672,2602,33534E1~ 15,81~f17.225Tofalnet'T,5214,555 2,0192,080 21,53225,73413,26412,6804,Q~04,325 08,33848,775

s~cuische Sank -_, ..Sovereign credit risk exposure to certain eurozone countriesDec 3i, ?619Ffreira tiem. Nsl.. it30(t0 QI Fe1ti V,`-.10601~)if~Lt ~(~'JC C("i.Ci~F VeYEi~t~ i~` Nai SJVG~C^[~13 TEie; c`i1Gfrt(~2xpc5Ure` scvea n debt exposttrc sove~re;gn d~.uP~._.— 437 0 437 0265 S 2i0 26,170 (828) 5,341 33422E 54 281 51,222 (31) 1,491 1427otat 8.322 (809) 7,52'i 454 5,5E3 (1,0<-. 9G

Dei.'..- she BanE:htiain Corporate Sank. and investment Sank credit exposure categories according to our i~tem21 credity~orEhiness caeegories o. ourcqunterparties -gross__ _ _.2.077?oYal193,45610,5794,7?_k171J7446,92213,72239,108 71,853Total103.336 4,3881.1093257161,76453S1,293Tot=~;- 618537- 412,781.i ~

~e..~sche Bankmain Corporate and Investment Bank credii exposure categories according to our internal credity~orthiness categories o. ourcounterpariies —grossTotal 135,078 11,462 12,532 5,092 165,332 48,871 27,028To:-~'. - 88,451 1,032 11,34& 64,634 - 574,485Pliain Corporate and Investment Bank credit exposure categories according to our infernal creditvrortniness categories of ourcounterparties —netTotal 85.831 9,014 10,828 4,892 160.277 41.229 14,015

~eutscYi~ Benu

'z~eutsche Sank . -~_PE :~ o tgage loan-fo-value'PCB mortgage loan-to-value'

~a!~tsche'uark

Dcutsch~ Ban''~oYionai amounts o. derivatives on basis o9 clearing cFannel and type of derivative~.: ate related-_.Tot.:: - d~e~^u1= ' -_-2k~.Jc-...;,~~dot+ ~u~ r ielatad4,362,8669i3 352431,7695J0~.9877C c'-e67,OSS~s~4E~!~~~ -_ :late,:!,.., u~ ~,.c;~... :;ez related[az,i "~.0. ~-..,.~: ~. -- - --_-rr,;~-'; ~Cre is c~~ ~e= relatedTot,. ~rc ~r,atives relatedX02,'._ -)82 o4b~ X3310,24511,226,~8Y;Ccmo~-:;;;ity related:Tot. - - u~,ty related21,z,~.7~~~1,20728,61..:'S55s!~'.s6)Oth-~ rTotal Other2.6829GG8G,4~:;.36813TotaIOTCbasiness15 -10.158.6495,900,82431,710?~.:.3.094314.93018,164Total exchange-traded business4,302, 771.180,5236,2635,488.9632,6173:006(389jTotal20A~3,OD311,339,1725,507,08737,259,262335,711317,93617.775Positive market values after nettlna--- and cash collateral received----28.655--

deutsche Barkb reini u'_, ~r l ~ete relatedis ---.---31To~~ C_,« ency relaiea4,3uu,' -J,;;~r5,t3G4.~'.185,12h:-'~ -oAEa. ~.; ndex related:To:.. ..~ ......~tlex related ...._._ _. _._.__.._ ii/U,' ~"' s-t --._._..,ti~4_.__..~~,843~Ca __ . _.~~.;ies reiatetlTots ;r. i.~iveuves re(aCedi15,~~..i,o510. ',.6-:.- ~,i,,3&t,18%~,C~c~r,~~_::~, ~,:latedTot. ,-:~ i ciryrela«d;';. ".'--=~,,4~2... 3L.~o5~;::--~ ~;: i~Othe~Total Otheri7,08S2,55886197412263836~~Total OTC business17,416,24II11,619,7956,186,86635,222,909311.855292,74119,115Total exchanoe-traded business6,299,$961,925,36811,3418,236,60511,231iQC,68563Total23.716,14413,545.1636,198,20843,459,51432 ,086303,409X9,678Positive market values after nettingand cash collateral received----25,393--

Ci~a!sch~ 8;;...-~,`~~.{',,OIt1p051ii0tl Oi 6U( [CjUif)~ ~X'W7L5SUI"E_ ....C;t ., 3i. 20792.660 ..___...~~ -29 300 59 507T'1SJ~~ ~!~~t~'cl~!Overview of ffnanciai assets subject to impalementDec3i, 20 i9S age 3-~ ~ StagE 5Singe 25taue 5PGCIi DialCC5,36724,68Q7,5312,15068Q3285?94923A15364,G93Far ;:'. .:E th(sugF OCI45,05339723045,50346910035251,9305,E641,4240259,21£t28?91560342

Deutach~ BankBeience, beginning of year ....-.~~:> ~i]~ :-7,Im~.,;'.,.:l; --56Balance, end of reporting period- `.637,037 32,3357 452i 96s 678 78i_....j'.i

Deutsc(~e E2 .._

~~utsch~ EankFinancial assets at ar:~ortized ccst by business divisionTotal 645,95 24.680 '537 2,'50 68G,32fi 549 492 3,G15 36 4,093Total f?',0?' 32.335 ?,'`.:. 1.963 "3'"' 509 3,~" g a?~5

~~c. -sehe Bar..

s~eut<_chc Ba~~,

i?euisch2 B2nkiota! 037,031 32,335 7,452 1,963 6?8,787 509 501 3247 3 x,259Finar~ci~l asse4s a: amortized cost by rafing ci~,ssTotal 645,967 24,680 ? 531 2 150 680,328 549 492 3,015 36 4,093Total 637,037 32,335 7,52 1,963 678,787 509 504 3,247 3 4:259Collateral held against financial asseis at amortized cost in stage 3Dec 3i. 2Gt9Gross Carrying~lrrzrunt Coilatern! Guarantees-~1 Fissets at. ':'os. ~3taae 3) 7,53~f 2,865 243 7,452 2,714 221

P~lodified F~ssets P,rr~arYized CostDic 31. 2679-~~-- 5t<ge 3 ..5a~e 5 Stays ~ StaoE 3 PCCI 1bc.4 ~i 42 0 47Net irwc _al~uu yd~nllosses rc-coaa_Ed (~) {Q) (46) Q (45J ~; ; .,,,1 U (227}

Deutsrr- BarkDe>>eiopment or nominal amount and allowance .or credif lossesBa-,ning of year__~ 17i~ I ~GZ"~ 2Bai.,i :_e.~ . F i ~.. :,1323k3402S9 '..

CeuEse~.- ~~,rFarbomw financial assets at amortized cost-o;~;,.,c.. , _Tot21fcrborneloans aiarr~rtize~-PerformingNon-pertormingcost , ..Stage 2 Stzae 2Stzge 3.—__...~~985 311,22i2,243780 531,7142,55"[Total 1,765 902,9a0k,796 7,787104 2,950 4,841Development of forborne firanciai assets at amortizedcost--s —..—.--._.._._.'_..__._.—Dec 31. 2019 _ ~.-. ..._...._.__—___.__,~ ;._ beginning of period......_..__.__ .___.___.......__._.._.._..__...._._..._.____...._.._t4,841 5,uS3i .702(1,408) .— ____{342)iBalance end of period4,796 4,841

Deatscfie 82nk

De::sche BankT~~dfng ~larke~ R4sl~ ~x~~~~_{yes_... ~ . ~~~ _ _ ~..0 ..c. . v. _ . ~ ~~r E ~ ~ ,,e/~-',_.a-a~. ;isk o~ nur rrr..-;ing U Its "ter= ~Sisk'Fy~eac - zaZZ5 .. ~.~ 20.x._. .. — .::. .~ __3~.~ 23.9 .4.0one :: 17.4 5.7 ~.t u. _..._ (' ". iDevelopment oz value-at-risk b;r risk types in 201°k,~G.,~-.-..„~ ~, _,v .., r_r, _. ~ _,...w-.,...~, .r.. ~ „-~.~e --~~.~,,___— t~~~ ,~ Ya;E ~;~~ __ ____.._.. V~ ... -c.__ vaP =ov .-- V2P Fc -roe lr~~(u~ lea N ~cious me?ais --.-_VaR Comrr._di~v s~sk........ t~aR Total<~,

De..:;che Hank -...fiv~rage, maximum and Minimum Stressed Value-at-Risk by Risk Typer _._ - -- _-2~,~82.0 __._. _..-_15.41 4103.&32.75.9527 56.7-5.3 90.20278.5 67' ~- _13 " ~.. __ _s.1 Ic ~ C t' ,.- ..,,.Development of value-~f-risk and s#ressed valae-ai-risk it 2019M14~124_.___-_.6GqG20'.._ _ _ _ .----5VaR Total __ _ ____ -u~`~2F ~01~ 7-': cal J.^. !'.`fcl~3~c-- VeR TOidl....,._.. VaP Ro6tr,4 9Gd Fiveragc-

~Guf<_ch.- is;arkA~feeage: ('ti~iaxir?mum end ~/iinimum Incremental Risk Charge of Teeding Units (vri~n a 99.9 °lo co~fidencs iev~I and one-year capitalt;orizon~' a ~~2.; 4,; ~u79 2G".~':~ d____ -___. .__ 609.0324.2 ,....... ;.,__._ _ yen .... .•nd~~r

C~eufscha Bankyea _.. ~

Dautsche 8a~kuistri~u#io!7 of daily income or c tradinc - -, in 1~~. — ~:~lon~rading ~viarke~ Risk Exposures____ :~ ~ .Economic Capital Usage by risk type.zo~_-3,409ss1.566t .7821,259103Total nontrading market risk portfiolios 8 175 6 295

~Jautscne ~eankC iP.~GO(lOiTTIG VaIU2 c~ R2t If1t2~~St IfiGOfili I(Tf2(BSi (2i2 Ci5k Iit Y77C' ~811~EItiJ ~JO~{f ~3j~ SCBl18Ci0_____ Dec 3' <J1~ _..L__s .la(42)3A----0.4(0.8)~Aaximum (4.2j(32j (0.8) (1,0)_. Cec 3i, 2019Tier 1 CqN ,al 50.655. t

~~L'tSChE B~FlKGcoromicvalue h~c_rest rats n<k i7 the ban's:ing Nook by eurr~ncy_..___ ______ .. _..Tofai 0.5 (42icsr-..G 374 277Operational losses by event type occurred in fhe period 2019 {2014-2018)'Frequency of Operational Losses (firsf posting date) Distribution of Operational Losses (posting date)2% (2%).7°lo (i%)14%{7°/1

€~2~fscha E~ank~ c~idity Risk Exposure

J~u sche dankCasr~positiorr o; Exfere~al Funding Sources2Ui_~..t3~9C~~:3 -'=,r .~' ',i ::~~<"7 20F607

e > Ba~Y._ _.._7ctai5,20°12,28,522,2T515,02`1_ 54,734 19,690 --.SUS 162,322Unsecured wholesale funding,ABCP andcapital marketsissuance(currency breakdov~n}~~~~~~~let 3i?019 ~"in otherin BURin USDin G8PCCXsToLai - ~~_ 1.3305,558737987,699&,9oS162204`69,383 _.~...... -88467819B913- ~-~-2,6750d00029,36527.6904,8225,13864.081?.0041,750002,844...~.~.....~ 8.18110.856282.4?.521.490 ..__... ._..._. .. --21,48200021,4823,5094,21305,88413,605 -883000883To::'. 75,66650,9432,26115,274144,143 51,768 57,298 2.372 t0,S84 162.32221.4II200021,48254,18450:9532,26175,274122,661

Deutsche yank~o~rr~ositian of our (iquidiry~ re~~71~s oy parei-Ffcompany (ncfuding ;~r~nches} ar c( subsidiariesCac 3t,209C2rryinc~~ra!ae Liquidity`u"aiue_ ...__i34t3..939i43?3n7end,,.. ., ...4542... __2"s222i751r13.~ ..2To _ _222213259 252453140~, .,,,r96rLCR componentsDer, 35. 20~.Total adjustedueighteu' value(averaga} _. _..~2riic ..ci ~~ -.t=213 250Total net cash outflows154 972i 42 9Str~.cturai Funding

~e..,:rch^ RankGIobGI ~,II CEtrrercy Daiiy S~ress Tesfing ResultsFunding,^,,2F~. -. _.._....._ _ ______ Gip'Ciusur~~:'r•456190_._.._...__ ____....75i08192~02z~z~c~; -""52602~ iGiobal EUR Daily Stress Tesiing Resiiitsoec si, za ~~Pu~dingGaoNet t iquidil~yGap'Closure'Posiliori 3514AS _._ ___..Giobai USD Daily Sfress Testing ResultsI7et 31, 20i9(~u~idlnc^v2pNc-E LiGwdi{yGaP'Cfcsute°Position758A~~Iobai G8P Daily S:ress TEsting ResultsOcc 31, 2015Net t.igeidityFunding Gap" Gap Closure' POSi1iGR~ n LContractual ObligationsoEc ss, ~oT~One-rolch Twa~notcfidc•.maradE dcvrngrade_._. _._...._.. 415 743 _ _. _.0 0~: r

:u rre BankEncum::-;red ana unencumbered assets?ot:' i_:'i718~28283 i

^~tscne Bark~fctal9.34522533079',

~@Jt~~"12 ~"'1~:Total fnanciai assets675.954113,34685,?0622,468S~,SCt15,26338,57a118,314X33,0651,267,49QOther assetsX4.9212643,220103X091973471,632X3,39230,185Total assets686.8751 3,60938.92622.57111,910X8.45938,9211 9.946246.4581297,674

_... ~: flank,~n~€ysis of she earliest conYrectu~f maturity cf assetsTotalfinaneiafassets768,57837,3142,75021,1ff7X7,14225,55135,32492,987t1&,4381,318,269Other assets13,198919i1241581973498413,99128,868Total assets~8~.77797,40242,8412~,3~1X7,30025,74935,35833,972232.4301,348,137

~izun^`.:: aank;'analysis of ii~e Earliest contractual rnafurir of liar -iesTotaifina~cialiiabilities809,86739,129121,44254,30430,56422,55337p4348,90&46,7161.210:524Other liabilities24,3900000000024,990Total equity00000G00627&062760'total liabilities and equity834,85739..129121.4425~,3U436.56422,55337,04348.508108,8761297.674

~-ar_.~,..~ g2,....~~.nal~sis o~ the earti~st contraefuaS maturiiy of Iiabiii~i~sTotaifnancialliabilities835,11759,617145,33545,45016,7A314,87235,36158,80949,3001,26D,603Other liabilities18,7970000000018,797Total equity000v0G0G68.73768,77Total liabilities and equity853,9935°,617145,33545,x5016,74314,87235:36958,809718,0371,3x8.937_.._.__

Je:..,.che Bank} J~',ana~ement Bo~rc~ Compe~s~tic~ncompensation system >compensation report~mploy~u Cor~~pensa~ti~~r~ Repar~St.,~~ervsc~ry Board Repo~~t ~~-~~ D~c~os~.:~,~e

deutsche Eark~r~a~em~n~ ~a~rd ~ar~pensati~r~ ~o~}er~~~~_~_- .-.~ ___c o!'E-3~_`'~1- G~,. ~._.... _~. -.f^~ r'S,€'S~7CO~f3c;,z6i~F;o -.:k~€~~c.-~~G

De r.-, ;ne SankC7~l~J~C1Sa~l0~1 ~}/S~2i"11car, ~er~sa~ion ~r nci~~es

Ceu~sehe Hank~c~m~e sa'ci~r~ Structure"r~s~r~t c~mp~s~t:-r~ ~`~res— `~~ (i € ~a~~~ fey cc~r~~~~,i:~ can grid re~ric~usl rep c~~jec~~~e~~ €~p€~ ~i~ ~r~ t e :.:gists cif ~r~~ s ~r~ c~[dersStructure and comper~satian elements of the compensation policies~us~ saar;~E~.~.. _._.. ~C+ t~'i~~',C311 ia.~..~"_..~~' ~i'c??SiG3;k ~;;E~ri~..:.~ COt"fi~t3C~'~.:~~~ _€~ Gam._ ~_~~lt~F4 -NLong-`~eNtr; ,~,~..4~arc

~eut<_c3re bank`' _ _ ~,,, Short-TermAward ec c;-Term Award.Short-Term Award (STA}

~Jeutsche B~nit

Deutsche 82nk.. ~~.- ~...: - ~_ _8"- ~,,~~~=''-~~'~ U 1,900,000 3.800,000L' -STA tofai (fro~T~ - up to) 0 ~ 1,300.000 2,6000000 up to- ~ .900,OGC up to 3 800 000~OfT~-~~f"ITI l~W~! C ~L~r~~a s a<G ~ ~ _ ~ c.. , nor ~__ ~ ,~.. -_v _ . __~;~e relative performance of the Deutsche B~nl r; r_~r~rer~c~=i: or tr~~ ~ ~ P~i~ c,ci~Ut~ve ~ .c ~ _ ~ cf' ~s ~ 5 Ts~rg ~~r ~: ~^a ,i big - suoasis of z .~ .,r<o~~~, .,: T, ,_~a ~~ _ .sve: -G Ere --.~ ~_ .or _i.~ .a.cu(z:Pv~~ .:~ ~rre ..~Ufi:ve ~c~~~ si~~ar~~i„!ae re:u•~, s~ :,r o~: t~~E ,. ~Fr;a a" ~e,~erali•,,.C6!?i ~i- ... ~ ~. _ GC~I; JIteS, ~0^,D~~~.:~~~ SrZu cfu i:'; rl.r4~~0~~aE ~?~~Se~~C-. tk~ ~ _ -:~ ic:.ic,:'S tr~~ C6 ,~C~cjt'G~~:)~ ~... , r - v.i~~("~;.i~C

~eufsch= ~:,-:.,K~,.i`TS~CfvU; CE ^-;.u~~~ :. _ _2.._ &'8 C'` C'C c mac.:?CC:: ~G^~~If~~;re &Clients.. , E ~ _ -Objectives

Deutsche Danklt, °;~.-fir.. c;;..~x:, :;,..;cYor - u, ~c,

a~utsche E3ank~l~'ax r~num CompensationTotal Com~ensationf"r arget and iviaximum ~!aluessa42rya,~oo.ocavrou(5CG:Ti~i~!t:;i'ifSGG,OOGST;;~IndiviUuaf~,~oo,aootTAs,~oc,000~uY~cor*~2ns<ti:E.70Q0003,400.OQGT,O~C.060?_.&~O,0005,i00.0001G..3GO.00G3,OOOA00500,0001,400.0002.$GQ,OOG7,760,OOC3,000,0001,000:0002,800,000fi.200.00011,000,06Gonooc00G02,40Q000506,0001,.00,0002,80Q000$800.0002,x00,0001,000.0002,200,0004,200,0 0~,H00.0002,46g000SCO,000800,0002,800,0006,SOG,0002,40Q000.,000.000' 60Q-0004,200,000^ 20QOGCT:t4fv~ i1bong-Terra (r~cen~ive ar~d Sustainabil ty_ _ ~~.~~~~~; ~ ,~.rurE~,i- c .J,cl .d~,2 Sr' r`~{'~3G2:~ ~~cllihE,`S iS ~i111 t .d'?fE'a ~'. E ic,.

~ieufscl7e darki 7je=rar~~e for ~a~rt~rant ur del~vcry; ~c~r~-iorfe tyre ~rci ;~ossi~i€it~r of cSa~r~~~c~t for tP~e ttlana~emnrt Bas.=d

~Jeuische Berg.F~~fei~~re C~ndit~ns f ~~awbackLimitations in t4~e Event ~f Excep~i~nal Devel~pme ~sSharehokding GuidelinesLong-~er~ con~m tm~nt of an~c~, es~enf E~o~rd members to ~P~e ~~nk— Idenfificatior~ wifih Deutsche dank ar~d its sharehaldersLink ~a performance cif the ~i~nk through deferred co pensa~io€~

'deutsche bank~~~~~~~ ~~~~~L.~..~.(~t~~r Benefits upon Early Terminationa ag~rr~er~t B~arc~ cor~pens~tion f or the 2x19 ~ r~anc a~ year

Deuische 6aak-_.Cic-~C _..°~'~a_~ ....

Beuische ~'z..

€?eufsch~ Ba~.?G 75E32sesalrryF"unctionalailawenceSTA'LTA'"iotaicom~ene3tionGroupccmponentInch~idea!carrx~cneni___ _ 3,400,000C300,00061,334,7175,031,79 i3,000,600~ C300,00Q9,096:708~,3JE,708400,060G50,OOGGtII2,7£5632,785.___._.. 2400,000- 2,404.00000300,000— --300,00004.Q1,096,7081,0°6,7083.796,7083,796,708___ _ 2,~OO,OGOD300,000~69,09~,7fl&3,796,7082,400,000030Q:p00Q7;09S,7pE3,796,708_, 5.40u,0600175,000373,333839,7462,588,0791.750.000175Q~00175,000653,333633,7464,96$0791 400 00000G175.0060875,.3336633,74603, i 90,0?90_._ G00G00___ 000000 -_.._7o'r~.. 20,950,Ofl01,75Q0002,335,0002,001,9998,917,2&035,99~m.279 55 " ~ 6 283

2~3~114,8yLLUNG9,80320205u:wi7202015,407___ .. 2020-~------1457431.50020201u2055.959_..— --. ___. 2021:,.,,~...202E- ',5Total 2020615.so3-,c

Ceufsch^ San„_._.~v~2::i:2G792G192012~".-975.0000 -iU5.5i.".r r..C.S4.7QS.381&~Z,SOU _.,_ 0 ,_3,iIIQ5Gt&19,5113,?_n1,yi0i 8~.~3~E018Q9iR_7E4,G26178.170871.0000874.006849.653fl6$i1 i872.500G4.871,4388?9.5115.536.127_ 93G.006.. 0 -...._._._._ ZS14.750507,600 -2,352,139650 d0060.2512216,5 i966~J432259.43300Gp00 ..__ C ..—......_....G0p568.751~, m~ ~~f`y15.3^5.. ~ __

Deutsche BankZU~G<V 1~ _..._.226,04G380A22163,938275,9ii472,969 ~--~ — -255,558156,957275.911144,4942A3,18o975,892`535,5361,188.000=655,768`i,C3? .^:98`793 X351

C~autsch=: f?arkamper+sa~ran ire accordance rn~ t~ the G~rrr~~ C~~par~~ecal ~r ~: :e ~~~e ~~~C~;The following table provides the compensation granted for the 2019 and 2018 financial years according fo GCGC:7b9~i 3,400,0003,4'J0,0003,400,fl003,460,060-.... 69,33865,33569,33869:33870'::-. 3,469,3383,469,3383,4fi9,3383,469,338 ~:-~65,63,79 r5,3CO:OOG68,90C,G(70300,0001,90tT,00003:800,000_.. _._.. 1,331,7173,400.00005,100,000G000 _,...--939:F,9593B,6n5939,695339,6954v _. ~_.~.~.~, 6,O~E0,7609,709,0334,409,03313,309,033 %.915,634 3,317,665i of - r ~r- 5,03~f,71~8,7QO,OQO3,4~O,000?2,300,000 7,004,079 8,346, i 112079betc-miinetlTargetthinP.~ax-..__._._..3,000,0003,000,0003,000,0003,000,00043,64243,642~3,6a243,642 ....~_..1ot.;'~3,OA3,6423,043,6423,043,6423,043,64228.v1,396.7084,225,00007.050A0030Q0007,425,OQ002:S5D,0001,096,705__.__. ~..2.800,0004,200AQ0O __O _OO_ .fotz:1,39fi,7084,225,00007,050.0002,6f `"941 ':~0815,b1i819,511818,541819,511i c~fal compensation ~V'CGC)5,253,8618,088,1533,863,1 390,913,1536,35 5~2r,71s1,5~9Total compensation'4,396,7087,225,0003,000,00010,p50,0005,534,6706.936.667

Deutsche Bank20 iGCieictmined-'-~— -~~ixget:":i^~~iax400.000----4~JO:OGG400.0004QO,QGQ - ~...8,182--~-8,18?$,1E25,182 -.—`__ _ - --so's. 408,9824D8,182405,182408,982 — -- - - --------232.7556fi3,333;0i, i 33.333 .... ._.5G,600216,667G;33,333 - -i82.7H5466.6670700.OG6 .- ..-~~.~.~. 232,785683,33301,133,333 - -17 ,626174 X25174,626174,626 - -io ~~ 815,5931,26fi,149582,8089,716,141 - -70' 632,7851,083,333400,Op01,533,333 - -.._.........2019LJetenreia~dTa,nethRir~P~?ax2,400.0002,400,0002,400,D002:400,00029:56029,5802,58029.580 .--.To':~'..2,A29,5802,429,58Q2,429,5802,428,580 -1,396:7G84,i06,~0006,800:600 -30~J,OOG1,30QO~J0Q2,660,G~0 - -fi,ca5.~c~z.~o~,~eoe,a,~~c.a~a - -0000 -~oa,~,38fi,~oaa,~oa,00006,aoo,00a - -849,557849,657849,651849,557 - ~~~Total compene - -4,675,9457,379,2373,279,23790,079,237 - -7otal compenes:,-_-:-,3,795,7086,500,0002,400,0009,200,000 - -

Uetifsche Rank-~___ 26S -'- ----~ciertrireaTarye.Jsin_. ~ ax~ - -~.noo.o~oz.aoo.e~uz,aoo,cooz,~co,caoceo0312.607312,637312,07_ ___3i2,~Q72,712;6072,712,6072,~12,6Q72,7ti2607 3.,1,396,7084,T00,00006,S~J0,000300,0001,300:000G2,6GO:OUu-?,096,?082,3GO.QOG0430Q,OaG0000To'.r-.9;396,7084,100,fl0006:800,000 2,498,OG~ 4,~~OG.OG~819:511819,511819,511819,511"i o[ai compensation ~GCGG,4,928,8267,632,1183,532,91810,332,118 7.878,435 8.680,432Total compensation'3,796,7086,50gOQD2,~OQ,0009,208,000 6,098,003 7.700,0002t3tEDeterrrdnedTeraet~M1inMz~2,400,000Z,AQOA002=:00,000?,400,000 - -310,510_._--316,540310,510310,510io~r,'. 2,710.5402.790,5102,710,5102,790,890 ..._. 2t ,,.-. ~ :.-,i5.1:396:7084,100,00006,800.00000003JG,uuOi,;~~6,(~~JO02,ot~'v",6061,096,7082.800,00004,200.000~i5,5i6-~----615,610015.516615,51670'.:x. 2,612,2244,715,516615,5167,415,516 ..3:~ ~'ro...907,600907,600907,600507,600.0 :v} x,630,3348,333,6264,233,82611,033,526 ~ G,000,404 8,Go~,45 iTotal compensation' 3,796,708fi,500,0002,400,0009,200,000 5,098.G03 6.500,000?059Dc~termine~iTargethAirP1ax -..~..~~~2,400,0002.400,0002400,0002,400,00068,48368:46368,46368,463To;:l2,458,4632,468,4632,A6$,4832,468,A&32.4,'~93i,39fi,7084,100AQ006,800.000300.0001,300,00002,60Q:000-_1,096,7082,800.00004,200:000510A3S510,033510,033516,033io.a'.1,906,7444,610,033510,0337,310,0332,7- "~.9ti667.193667,193667,193667,193io~. e.~i.,~ a-rv.~GCGCj5,042,3977.745,6893,645,68910,445,8895,y31.1347,653,131Total compensation'3,796,7086,500,0002,400,tl009,2Ug0004,778,0036.SOO,000-! ~`t

pe,.itsch~ Bank2615uetF[Yn3fi~L3'9Entl.i.N~i3xi,4do,aoo~ ~oc,oce;,aco oo~ ~___.i ~oo.oco4.6364.63E4,63u4,63n"To.'_1,404,63fi5,k04,6361,464,6363;464:6362,~1.18$,0792,399,66703,966.657548,335758,33"sv1,Sf~a,6o7fi3~,74&i.n33,33302,45U:a0Q__ ~,~ _c3,188,0792,.391,867D3,965,6672,i380~~; `.00,OOu0000;u 'c-' .._~ ,~;2,592,7153,796,3039,404,fi365,371,3035,299,6567,261.653To .2,588,0793,791,6691,400,0005,3SS,6674.538,.0036.500.000ZGi6G¢te~nin~dTercetMtnthax1;750,0001,750,OOG1:750,0001,750,000-i,75fl,0001.750,0005.750,0001,750,D00267,534251,834281:23426ZE3-~.To,.=3,767,8343,767,8343,767,&343,767,83k6. i1,466,E792~741,~744.a6~.6C'.73%x,6331,165,3336:L.21s,867734,0401.633,33302,450,0000d00To.:. ------1,468:OP92,741,66704,6&6,667-- - 2.E~0000,. r.~. (GwCj5,235,9136,Sfl9,50i3,767,$3R~8,434;561tc,!io2 _.:......_ 7c _~ __c -To' ~ ~ ~ ~:~-`3,298,fl794,A91,&671,760,006,k1&,6675,698:00310.700,000201°De:ennine~Fart~~fMinta'~ex1:400,0001:400,0001.400,000i,40D,000-35,25335,25335,25335,253To~:~1,435,2531,435,2539.435,2531,435,2532,-;-'1,790:0792,566,66704,316:667--895,639933,33301,866,667895,0005,633,33302,450,000_. ~~------ Q ---~_. _To ~.'.~........... 1,790,0792,566,68704,316,6673,7 ~:t.4 400.000545,325545;325545,325545,325Tot - -.C:r3,770,8574,547,2451,980,5786,297,2456,S1S.16~i 748.158To' ;~r i3,490,0793,36fi,6671,409,0005,796,6675.567,6036,8D0,000

~reuts-._ ` = aar~~ ._.'_.'~2G19 -..__ _E;2:enzsneo~ erge*kstinh.P:zzococGC0_._. _a~o0:seaano0~oao~~;:000Q.:::5GG06to' - -~: r..(GCGC)00062,Goo.oJO._. ...3.u«~,s31.....To'D8001.889,6682.899.9920t9i~Cer^pntd?argefh~iniAax -......_00~--0QGG06oao0eao0C60U0...._~.__..---^uyC0......---0-00_._-__._. _ -______s o ~.'..0000E~=~tiT,; 08.33A6~~- --r_~.._--.0 __ ___.__._0_ _~0-i otai coi ,...,.. : ~;-~- :3~~;0Q---'0-------02.85b u.,!3 i43,z3sTotalcotnpen;r:.6QQ0i,E2t,t6E2,102,3"s~2619~etcrminedTarge[MinMac-...00000G0D..Eo.:.oaoos. --0G00d000000000000000Tu'0_0~00_3.cTo ~ ~00ff02.4b'9,OU i3.bU0,0002Ci9DeterminedT2rgetP~Yinkhax0000To': ~'~00001,2 -: ', T7000000000000-0000000DTo' 3 -~~,~(GCGCj0000~ 2.b14 ; ~ 0~,~(c~,015To',00002,297,0853.208,334

;7euLsc~3e BankTFe fo(lorairrg tabie provides the compensafiion disbursals in(for the 20 f9 and 2018 financiaE years aecor~ing to GCGC3,400,6...E7 Qt ;'tGu '.02,~OGAGO -0Q~ju9,33843,842S,i82.- 29.5G0 -..3,469,338 3,3i,~o`~03,0~3,6k2 ~ 3£i6,5~~408,382- 2,429,b80 -eo-~- o _oac- ~0onqaco0oo c;o0000~000~a~o- c0000 _Toy;; o 0_..o- 00_ o83~J,6956}9,515174,628- 840.657 -7of -- _ _~-_C) 4,409,033 4,262.6663,863,153 3,582,523582,808- 3,279,237 -..:,-,32~~..L,40t:'OG2,-~. 60C., -2400,0001,400.0000_pp:i72:o0't370,S1UoA~.463~:63uTit=. 2.712,6073,7~ ,423 2,71fl,510 z.: -2,4&&,d632 G, 6,y934,40A,636 2,4Gn,syz704,736951,35300 ,.~0 ~_00 ,.- 105,340Q ;.00 ..~66,6380..0 .,042G,5680...0 ..0183,170 _0..0- - 060p ,.59,396000 ,,G28i.a77d-p06i5,5~6510,0330 ~'To~~:'.: 7fl4,7369,5fi7,468 'i.ra~~i':;510,033.iu7,~i Rio6 0819,511907,600667,1930 `Totaf corn nsation (GCGC) 4,236 8545A~2 405 5 485 578 G 134 1843 645 6893 553 1311 4D4 636 3 't61 6532;; ,':;2G19201520". _1,750,0001,400,000001,750,000000267:5'35.2536G~~«~'. 3,767,$346,~8 '_ 1,435,253 2,4ii,oy20 114a4ou0 1,2uy,iyy00 .,00 .,0., 0 .,0 ..0 ,.G~. 0 ,.0G,. 0.. 0 ,.0 ..00,. 0 ..0 ..0 ...06 ,.00 .,0_ 0 ..0 ..0 ..00--00~~ - -0 - -~ ------Iota: 00 0 00 00 00545,3250 -0Tote ^~~> > -i ~r~. ~:GCGC) 3,767 8347,464 038 4 980 578 3 348 7580 1 877 2650 2 034 899

~•sutschc- Sank

. ,. ~i..~he P enk_ --~br_ ..__ z_ Fc _i05.~40- 467,237G0i,05&,'08t.C5~,708- ~.09G,708`~3fi?462:40G,0002,40G.0002,400,p60i:4D0,OG000- 00;;t 2,607u26,02657~,4G64,E3GTotal3,914,6555,830201 4,909,9415,6II6.752 4,075,2Q44,n47,E92 2,fl34,332 4,J09,89520'33Z09~20.9ZU-~bComp-.:ns~, ~n0C)C_~..734,040'895.040=`0 "~~6 .~_—1,75Q0001,400,0000.,i,7W,COG0G0267,83435,25300?ot2l4,501,87A8.153,112 2,330,2934,847,595 01.71Q710 0 1.827,925

-e:~tsc~^: 3ankReg~~~'~c~~y ~nv~rar~r~e~~

Deutsche 6aefiV~1~?~'I~rJC~~1C)I~1 ~..7C)VC~"~1C~C1CLRe+rtard Go~rernance siruci~eeSupervisory Board'Chairman's AudiE Fisk inteeriFyCompens2tion -,,, —~~-;~ommittee Ccmrnitt~e Corrttrittee ~or~TmtttceControlCommitteef Gficert`=_w.___n~anagemcnt Board ~_ .___.._.. "~~~~~~~~Senior ExecutiveGomUensation Ccmmittee(SECC}

~Jeutsche -a[.'.

~utsehe Bankr~u~ Cornpens~~ian frameworkFixed PayVa~ial~le ' s~~~.:~r~s

-, .rfsehe H`.: K1ndlvidUai VCRecognition Away ds~mpioyee beneffs~~ikr -Retention Awards$~¢ ~"~ ~I~ica~v~i Ci~ j~~i 3C~~'~ i tc`~- i~iC~-~~5~~ ~`~~"I~~~c ~u~'€~~~iiS~EU~i

. ;r-r Bank~/~ra~t~ C~~ner~sa~a~ S~ruc~ure,- r.~~~ =ti~;Ouerviewf ors 2Qi9 AvJ~. f — ~~, _. , ., ,

C .utscl 6a~ik~ _: do t3~utsehe wank Grain pe~iornzance condlfions ar = ~reiture provisions of Variable Come~rsaficn__ _~~~~ ~ra,~~s Cr~~rnarr E~:~i:~ ~ _ _ _~i~r 1 Caprtai Ratio andLiquiairy Coveracse Ratio -_. _ __Group F~3~' ; . - i<;-_— ~_yr

F3euisct5e Bank~rr~ployee Grasps with specific Cc~m~ens ~ior~ Str~~~~~ares

L~euacFe Bar.c~ per~s~~ ors Dees c~r~s for 2019

:utsche _anI<Com~ensafiort awarr3s far 2'G i9 — a!( empioye~szo~~Saoc;r-tcgan~-~cntra!,ai~~rf7air?c-nft'unc-nc-Grc3azrd'_ E~zrd~13C8'PE''.^~~S';',ntl~';icrsns''': o;zi20_. -----7-----.i0A95_.------7,428----37266------3,9245,2055,6&G2t99LX7,5976422,3279063,0"n9- --73i_...__393-----70fi----_i,7II7.W9:9610239,47?70s2.~c464292B157Fir.4'r77,35005~6E628SCi2t531206~i~6--28i~570769—2:734—47.3026301,5376,041:;ar-ena_..performance-basedVC" 0fi3G025T930319727651901,51& 1,545Q0i97955'f53i62A2 _,0G3852713i05153162vi57571373:~5'r.G80702501.920fear-end perfgrmancc-based Variable Compensation and deferral rates year over year:~:_, b...~.~.63.23.2Cs2.72.k2.3-1.9£2i-I'i .51.51.4G.5~7 2 '4.9i0.6,Q,-uc

Deutsci-.:-: Baskf titer al Ins Taber c~rr~p~~s~~ on C~~~cEasurefigg~egate remur7eeation for isfateeial Risk takers cecardir~g to IE7s[VVz:; ~ s----SU{rer-—h5ana-~~~Ccniral~Corp.,r„?e~ '~visorygerv_MFunarune-Gaupfioerd'Boe.d'(6'C(:~Pte'DV'dS'CRU'hone'tior.s'To~~42397,16319539946225t7A2r02.5`•°373497317135836951592372,1~::".G3223;~~584t73fi253To =79tl31,1D3T192fi5481627062082,670 1.8G770: "._ ~'ay7G56&4771392k1128$4441,297 1.049.~...5456~4779392A11["86144920 _, ,16Q06000G1To~. .... _.... i~ay i;rp-Q~8.X39~27fi25542063"r7~ ?5a03022622A4133~J123~44i1 ;.,_Q2'2i320'2112'.~~83E9 __.,600G050Qt73Total Veriabie Pay forperiod. deferred03&3~32834i335731526 5690151727417u18.,'f526fi ._-..0201711497717~T5265 _....G0G0U1G00i _.Total amoun~ of variaUle;>ay still outstanding attha beginning cf the yaa;fhat vas tieferred inprevious years0541,34010d13353i45d51421,971 1.6750i543815567i6ti5 .._.01543814567161~4 ....0391,2589211848139381261,856^: y',

~Jeuisct~e Eank"tili° ~—~Scope;-~P,cne-Ccntrc~iCorporatevi6oryyi?rr~,tFu~~Fartc-E:mup:~asrd'.6card'IS'CB`;PB"i,,4;5::L;RU`t,^,nsdo s'Tc;Y!~7e~c~~c~-r ,bfe Fay^_~al:~ardec 'out crreduced :.. ~::::odCi5552"oG3bn19Gktz5~&3i ._-_UiCY2~Fi2~~F1{?2C7?6.Gyn F+ _ao~~rcar;caz0G40GQi90050i00039033TO292H4270O486f01487E2TOLi3G2?'411 ..Remuneration of high earners

'~eatsehe Bank~~~~

~2uische Dank~~cp~rviso y Bard ~orr~~er~sa~i~r~ for ~-h~ 2C?~ ~ Fr~~ncial Fearf;orrt,cr.=,aticn iorfscal year 20 ~~Thereai payablein 7st qubrterfixed ~G20900.000 675,OD0456,000 337,5000 0 _.300.000 225.0000 0- 300,000 225,000_...__37Q,H33 27&.1250 0250,000 787,500 ~~ --150,000 112,500300,000 225:000250,000 187,500Q ~ -0 0150,000 112,.500.__ ..._. _.... -.. _.._. - 250.000 v 187,56G _.._.E7,5fl0 87,50f -....-~ ~ -.300,000 225,000250,000 587,500- 550,000 112,500 -320,833 320,33200,000 150,0000 02~Q,000 150,000320:833 240,625166,657 125,600420,83"s 315,62525,006 25,006To: &,912,499 4,692,708 5,766.669 4.676,041

Dautsc{TE dankConvert~i inFebruary 2626as pert of theG; FctY.uasy 202G2D19__~_-2&:774.218To;ei (curt~~uiafivejin ~',63:229.~aG01~.3~1.i09 ~--~--22.61E,25~- -~ C9:591.40 ~-u- 15,07i.50a09,59140615,077.50&6'-f 1.856.04418.25& d3407.832.&32_. 12.S~G.58t364,?95.7039,78E3.371G.v 9,591.406?1:530.850_..._..-----------O7.992.838 ................._._...12,564.58E04:795.7037,53875307,982.838~ 12,564.58E002Q784.652209,4439,591.40615,077.566G1,992^03812:554.58804,795.703--_— 7,538.75300 -....._..._...._19.238.°29150.~~46.39427110,051.671C6:39427510,051.671C16:257.47615,743.51605.328.559 -._..._._.5.328.559~--~--- 0i34a'4611 .—.__—.._i5 `.'.."1'f60c~0484,57D.644'f66.900 @41 3k8,47Y.685359,877

Deutsche Bank~~r~~ sii

D2IiS5ChW B2(.'«6.JE... 4.+~1 ~l.§~ f Fl...~~l~V t~3 Y~_%~' ~ _6ec 3i. 26M154Q49719,"07218:8748.395462To ;,:yes87,597 - y~,b35!3ec 35.20th8.5-- —-- --- ~"" 11.5 % -- — — --_.—...___ 42.5______4.51.4 _._ 31.6 % _. _.. _

Deutsch* BarkP~s~-Ern~~oy~nt Be~~~t Plar~~Talent acqu~s t a~P~ omotir~g ~~terna~ carer r~-~~biEity

Deutsche Bark~iversi~y end lr~clusicn

JeutsehE ~sa~.-...~i~[~~~IZc~~I!~~lKey emp~ayee fig~ar~sr-~ s ~ , zo ~ eremale staff lc.. ~our~ii'18.3 %25. i °!31.4 140.659.0u46.3Hgr- ~ ~ a 3dcount}i5.1 f28.6z; 5 ~.:29.2Pe~:-:~:,~_-~-,~;Joymentiin I oftotaistafifl2?. i lv ~ ....- ~ _ ,~_~ .~,,_6.T~1 _ ,... .0.3 / ._ _.02 1 __iu' ~~.-,'.oyrrrnt93.3°l0 13A I3.6 q,2015.Voi :~~~ta~ ~'ra'= turnover rate2.57.i1i4.4 f17.0 laTo' ~:. ~ _ ' .umover rate 8.0G7 7

Geu[sche Sanke erydisks in F nanc ~E Report rig

C7eutsci7e Ba^k

i:~eutschc s:~truc~ re cif tie Snare ~ i~~~ i~c~~c~ ~g ~~ c~riz~c~ ar c~~c~ifiic~~a~ C~pi~~~es~r c'~ians c~~~ '~'~ti ~g ~i4~~s ~ - ~~ : ~ T e:,~sfer c~ Spares~r~af~r~~~c`~r~,~s ~r~r~~c ~xc~~d ~~/o ~~ ~~c'~'~~i~~ ~#b°rsShares with Special Control Ri~;~ts~ysfem of Control of any Employee Share Scheme where theControl Rights are not exercised Directly by the Employees-.

~+=..r....._,;. HankRues Governing the A~paintrr~en~ end Pepl~cemer~~ of~~~~~,~e~s a~ ~~~ ~r~ag~°~~~~ ~~~rd

.~.-.::_~~e Sarku~~s ~av~rr~i~g 'c e me~?c~rnent of the Ar~~ cues cif l~ssQc~a~ ~nPaw~rs o~ fibs anagem~r~t Board ~o Isscae or Buy E3~ck Shams

_'U..-.,h~, Ea..Significant Agreements which lake Effect, Aber or Terminateupon ~ Change of Control o~ the Company Following a takeoverBid~4.~. ~~~E - rT~greements for Compensation in base of a Takeover Bid

tJeutsc`.=~ dank

:.: utSc:^.- Benk~e~~~sche ~~nk AG Per~arr~~r~ce~,f;~r~ ~i- r~?!

:=~.~:scr,c Bank':.OI1flctiSE-:.:. It1COt5Y2 Sf~: ,>CT7BRt26 i ~....._._.. ......._._.. _.._ie,szs_ _..._._.1:997ncamei8,SZ2.:.~~-12,H52tv~ ... ...some5,671:267.538i,8°2ire' -5,6356,OOi(355j(6}Ne . _ ~,.,r.7901.629(9~9j(56)0......To'92,Q27X8.656=_629)12Ej3.623-Jp. ~u__"_"_"4,5724,62.;f;~8,725HU i ;'r, ~nses13,29713,16113678a c~ratinaincomelExpenses(1,497)(611)(886j145— ---_ 3,684`vp~ra;~,~g pee~~t------- ___.(6,452)._._....---._, t~7,~Ni6t, ,..3elanceoPothercrdinaryincome>expenses{52,23fij(<~;~r±'1.987]NIM~xfraordinaryresuit{446)(2~1;(235}i710inwmebeforetaxes(18,129}520(i~,C~49)N/P~i. ~:..556_, ._NE' ass)(Ss,sHaJ~:?!<. .~_' -- -259- --._ _ ____ _...__ .____.-....._...----(79.426)----~ vdr~a~awa~ ~run~ cap~ia reserves19,426utJ,4[uh4P~fAllocations fo revenue reservesQ200{200}NIP~h6Distributable profitQ485(~86)N,'M

Faa :he Ban..G~ogrG::hicai b vakdo~vr~ ~i our staf€ (fuiP-:€me-egc~ivaVent~.... 6e:e 34. 2014_. __ _...1L1~i,tiUUa t'. -. 26,326

ueutsehe SankTotal credit extended (excluding reverse repos and securities spot deals)Cec 3i. 2619Claims on c~.,wm~:s227.5:~-lu. i-.-; 5 E205.9,._. ,.2i.8-r -, ~. <_Lo- ~~:- i . -:~:.s51.348.56:2.8.3Z5....... _..f 3.4

v~e_.~.3che Bank/I~nageme~t o~ ~e~tsche Bank ~G ~ .;~''~'~ ~~e ~rc~~p

6euiscne Ss :.~IS~fSC~p~OIt!!Cl(tleS.. s<t;=p-- Inter-branch reconciliation and eliminationAnalytical reviews(ion-fin~nc a~ Statement for Qeu~sche E~~nk AG

1~J~t!tsct~e Bank2u5S25,49___..._...i i ,400_~.c' -- ~ 593;7&S___. 1.55:;~, ~,3~n723: ;acn r"or credd fosses13,02'6~ ~c,; ~.ao.s5,52019302"00110tBrJJj_...12.1<-~J ..~s __~.;~._9.96.-:1 1,142-12253-~1.037__ _6Gd3 otal non~nteresY ExpensEs2,075~b,do1~4,o;foProfit ((ossl before Income taxes{2,6301,3301.27.82,"030profit (loss}X5,265)341{735)925(G-,3£rOj279(€ 2.71)~~ z~T>

DC-..-.....IiE C38RfC20tuYro ' i~ossj r~cognlzeo In the income statement(6,266)S41 (735)tither comprehensive incomeit¢m~ fh2t will not be recta^ssified io profit or loss-(7,39fi)i3j_._ ..403ite _: ~~ ~. __ ..N/n..,.:IR,309(260)~ ,~(2j'.s_ ...._,,,_00(22)i93Gtner comprehensive income {toss). net of tax{809}•.,;~ i~, , 5, ,Total comprehensive income Qoss), net o. tax(6,073]298 (3.892)136 ----~---~ (6,206~~

Deutsche Pank572,20E3, t . 525937,06531B,50G50.3'254q,_.__. _......._. _ .. _._ 4D4,44S .._._.5,218_. 10,964__ __ _._.2.622651545......~. 136.473— —— ~ --- --- ---- 2 A T 3 - -_To., .~ i,.,~~_.1,235,555~ ~r9,4~G5291-40,505 _-- ~ ---...__— --—9.6~~~~_..__. _.. _. _.. __. __ : iz..... __~ __.._ ._.._.421ic, ::~. ,.; ..,. _...__. _.... 55<85762.495..4,6651.638Total equity62,76068.737Total liabilities and equity1,297,874i,348,~37

~euisclie BannBa- 3 QFRS 15S5 29~4025216,5'8 n'Bali.c-:s of Ue::ember si. 2C195.29140 ~~5y,Fi4A

~:eutsct~:- Ba=5',tB2 3 RS 16) a (~2II "'0 ?2£3 ~57.53~3a6 :e~nUcr 3t 2019 G a525 '14G 3"-- 0~2^

~~:_-sere Cana'I Gi`nlSY'.8"v Ii^I~cY;_ _ _ _..... ......_. .. cgU.tY_ __ __ ~YGIe Efjui(7_ _._..__.... _...._..._._~._ 6245568,737~~3j~37jL'a PRS 1&) 02.35$4.u75 1.568 68,8010G ~ p0GUp_ —.._ ,~27;(288;' °s i.... _._.._.._.. 7SEi"^ it4i_. .__._...._ 1II5G T850p_..,_ ~ ~_0— ~ `__.__ t7 3597— (1.359)_...... _.__. _.___ 1.M1851,185— .._..._. __.... ~--.—_ _. _ .. 3i 33i 14Bahr.: sof Decen~r3?. 20t~ 55867''65 t6^8 62160

~cuiscrc Bark.;.5eib~3ai 1(' 7 °.S S)5.25434918i75a rGlBai '3 QFRS 5~5.2~;3$91617.'.`x3 t°7~ni __ '.. .,5.2954025[16,714 (15}

~2uf5ci~e ~ar~ki=

7c s£sf5arehr vrfl;<,r ~gu~r~55,833 '456b,839(3.7317(3,S6U18.0378,G37r2s8Yf25&)(y~lt51j(51)(51)4"<4§24(iG4;(36»7f7 X3727(9.9i?.7?.~797p7~3Ef~22(~3)~'al aS 3. 63,174 e675256 68,099(G71)(672)_~ &2,503 ;.07~~2C~ 67,427369q3uCc~e0G(227t35x232}(2g'Li{t86)1798)i72t°9199(5j;4)6G(4,7 i9i ~..(4.41@13,5i43.914(2)(2)253`1 A46~'<^,I .. _ ... b2,495 4.675?.566 6$7374...

Deuische Bark~ ~c~ ~ ~ ~ ~ ~ s F p szo5s~; Income ossj (5,266)3C il'3:723N/t;{27ij1.568x,993..(104}Inc r::;- ~.~rlt~ms 4,5823,145"x.914(7,2OJ)_~,~12,529;......11.403,._ ..?Q15j". __.(27.37,464-„~.fj.Q ?2(3,76&}(a,S71)(8,354)-(16,563)t_t6,~192;.,_.-.22.559, ~.,_(8.657jNe -. !--y (used in) operating activities (40,449}{54.172)39.5?623721_.40.E06_ .390nogqt~~ikN!ANiP.932- ., .~. (56,568]..(20:134)N1HN!A(.7)(327)1,762..(978)Net cash provided by (used in) investing activities (3Q280)7.6342.433

G"euischa ~a2019(330}(5~7ts)~22r~0Net cash provided by (used in} financing activities(2,8Q2) (3,3341 x .138Net ef~ect of exchange rate changes on cash and cash equivalents1,578 ~,"n68 (5,712)(51:95;::;180.822128,So9Ne ::.tino activities include54515 ~S~__._... _..2u 7s21, 309Ca~ P~ ~,r~ ~.~'~.valents wmprise124.4127,457Toca.M128.869 CSC --- :25

L3eutsc`~e Bank.~~es~~ ~ ~c~r~s~~~ ~ ~c ~t'sibBc~ ~ ~ ~~5€ ~~1 — Sgr~ifcar~t ~ccc~n~~g policies ar~c~ cr~~ica ~c~c~ur~~ir~ges~~tesAdjustment of mortality assumptionsAdjustm~F,~._ of impairment rn~fhodalogYP~iode! changes to deferred com~~e~isation plans

DeuEscfie Bank

`Jeutsc"^. Bank .._~

~eutsahe BanK -Net interest income —f~u~.

deutsche Bank

~Jeutsche Bank.G

DE:.itsche E3ank r.~Financial assefs at fair value through profit or lossTrading assets _.

Deu~cFe BankNora-trading financial assets mandatory at fair value through profit and Joss -Frnar~cia! assets designated of fair value through profif or Joss -Financial assets afi fair value through other comprehensive income_<financial assets at amortized costModification afi financial asses

~;;ui~-... - 5ank ~.Financial assefis at fair value through profit ar lossTf< _.Pin ,,..,.~ ~ b„t.. ~ ~~~att ,,fir .~~ !I;r( r,G!; .__, -

~eutsct~e 8ac~LO~C1SHeld-to-mafiurity investmentsfinancial assets classifies! as available fior sale

~Jeutsehe ;.nk ., .Critical accounting estirnat~sFinancial liabilities of fair value through profit or loss

Trading liabilities -Financial Irabilifies designated at fair value through profit or' lossin ._. ,.crnbeddeci deriva~iv~sFinancial liabilities ai amortized cost

deutsche bank

Jeufsche Ban:;

uutsche Ba~tk~fedg~ aecou~~~fng

c~i'CUt$Cfl? F52i '.Staged approach fo the defern~in~tion of expected credit losses~~.,~ ,

Deufsche Sank-cu([Write-offsrcc ~,Collateral for financial assets considered in fhe impairrne~~t analysis~°-PT.

Deutsche BankCrifrcal accounting estimates —~U~

sJ2t7tSC~lB Ba~t~:Financial asset derecognition

feu=:sGie BankDerecognition of financial liabilitiesP,epurchase and reverse repurchase agreer~enis

Deutsd~e C3ankS~ ~:~~~~~ ~ . ~arro~nree~ and se ~ ~~~~_ies loa~eci,~ ~,

s~eutsch2 Eank

Ge_', cii~ BankCritical accounting esiir»ates —

~eutsc~e E;-.~...Cntrcal ~ccounfing estimates --i•e

ileutsch~; Bang

uiscne D2nkPension benefits- . -,

~~utsche Ear~k~f~7er ~,os~-e~~ ~~ployrne~,~'~ benefitsTermination benefifs~±~_Share-based core ~~nsation

.... ..... I, .~. t, ~ .. ..~Jc ice. _ ct.,. .. v .~. '_Interest Rate Benchmark Reform {Amendments to i~RS 9, IAS 39 and 1FRS 7)

deutsche 32 .,: ..IRS 16 ~eaS2So~ ~ , , i, 2c'~o s264

ire...-:sr'-. -. Ba:..;I~RIu 23 "E~nceriaini~f over , some ~ ax ~re~ : ~nerats„~;,IRS 3 Business Cc ,,' inaiioi~s€~IRS 17 insurance tor~tractsL'~:4

C>c-u[s: tae Bank~3 — I~c~~!istians ~~id dispositions2a,s____ __ ____0L'1 _-Total ass~~~~ ~~yposed.. ... 2,79fivU~~ By:,?atal Iiab.'.-.ies dispc-sett x,603 '3~ 8'--

:utschs-Sank~~- —Business segments ar~d re~ate~ irs~ar~~t car

Etc..:.;. C$tE 82:.

....._ >c~~- SankNE --$Gti46,yo1ti.L4~L.;iSL2Uti155l~.',,1Ei5Prov~s~oc,`..~ :;iearc~osses?_861093421(1H}G723No~inter~.-:_-< ,:-xpeiises_- DCIISC'O4' X34. ..2.—6.4t;",—. ~8.i&Ei ~ —'_',.,lryG"., .,,,!SSA44`25,07Nc~ ~~~~ interestsG26i0,X525(i73)6...afore taxi< -~3::f26i:.4e::.k3 t77}'::3}C2.634fr;c~

-.!ISCiIE B85ik~.~t rc venues5,<i.4670,~,~;V:: i~7<Ur25.J~uProvision for credit tossesi4~7Q3k7(1'^6)i525Noninterest expensesu~ai nor~inferest expenses3,846a,5i77,5933,34542i23 461Noncontroliing interests02A(6l851(109)01~rofit (loss) before tax1,273856701368(1,435j(433)1,330ive :;_ _;5,0.6... ....E,:su~E,rs[2 :':- -~i4c .:-.,rProwsw~41St325i~~ .10i~~ -.25~~Noninter ~i _..Tatar noninterest expenses3.E766.7278,1431,79° 3,56758224,695Noncontrolling interestsG26(12)1 0(76)0Profit Qoss) before tax1,4591,4982'5732 (1,633)(1,105)1,228

autscha ~a~OC~fJ~r~T2 ~c~11~E2~t43,842___ ___ _____.---1,422t o[ai ne[revenuesb,26A~~535.576 16r11;j2)Provision for credit losses286i4541 74 ~9710?N '.Tt~!o^interest c-xpersc=1,0?~_.__ __._. —.__.. ..._._......... _3.169492137ota~ non.:~.teresi expenses4,8423,8G53 ~= azn~3:,,Nonconfroifing interests0G0 0N7t~90NiM~Profit Qoss before t2x337i,ri34,45H (1.136)(89)(t S6}(13j2281T8~~za-169i otai nonmteres[ expenses 6,401 6 5~ i - ~ ,_', 7ti) "'~~~ (2 i0) ~„~Noncontrolling interests 20 24 26 (4} (1fi) (2} (8)Profit (loss) before tax d33 856 1 -'98 (423) f491 {642) (43}50375

~eu~sche Sank~P"SV~~B ~i?I"tS470,5:176_ ___1 4-,l _.__ .._.._..._....1.687T~ - ....8,2.$5£i418 -~.:.......S,t33-2.925c;;;. ..187Prc - .~ credifiosses342347325(5) ~~'7_ .._3,5193.9785451?6To[a~noninterestexpenses8,1687,5938.143bii~ SX000) ~;~Noncontroliing interest's{O){0)(12)(0) WRY,T2 (t00jPrafif(loss)beforetax{265)701275(966) NINi426 15528323s437.266Asset Mar~ageme '_2cT~,~ _::-~IUCS2,141 _.~_ _._..201(10jiotalnetrevenues2,3322,'7872 532146ii346~(i4)Provision for credit losses1(1)(1)2N1M(0)E7Noninterestexpenses832851029iota~na~interestexpanses#,7111,:551 i„3(2s~~'i)(64)~~ ~Noncontrolling interests16285i688083NiP~SProfit (lossj before tax4683687329927(364)(50)10-... 7683 X24_.._._.._..

Deutsr'~- 3an'~~:apit~l Release U~~tzc,s~,2oa~~ -_— —4~32,&110 _ ----- — i43 —.._...__ _ _ .—Tc' ~~~mcr -3,337 v 3 ~ ~u »s 1 (218) ~6~Nc„c~ :.roiling ~,n;er~-s:>-,1 1 1 736 G 5$Profit Qass} before 1=:~(3,477J (5,4"sSj '42) 121 T3& it2)259 ..1205Corporate &Other (~&O)201y155(i~„~i~;Provision for credit lossesQt(0)(0){84)1NtM(donlnt~rest expenses7.836..{2.320)..._.0_..40~~(28)iotaincr,;nterc-stexpensesb5642158213532(161}Noncontroilina interests(173)(T09j(96){64)SS(93yN7tJ~profif (loss) beforE tax(223)(433)(7,105)204X47)672(~.:1)22679

Je _. _ c,~e Benk20183265,577_~ ..9:47$ -....__G,'746 _5,.032~az345..~~.--- ---- — ---{~e~)----- ----......_. ...:._ ---2,651a 670~ Z97857...~~.--28i1,670380_.... 9970' ~~::.- ' ~. idle East ana F,fnca "" _._-.. 3,2883,4093. 9795`L2.684_....375~.43788i u .. - -4,53fi5,453S,d7375r...,....1,420.,. ..593.,..._ _116~ ~. -,_. _.130~..Total Asia/Pacific3,0573.1553,267Corporate and Other155(120)r539}Consolidated net revenues=23,16525,31626,447

€~cuP.che 8'2rF~ ~ ~lJ~ — ~i..~ ~t f l~1 ~~l~ tP IL.. t1# F tl.. ~t fl..E F t~C ~..~'# !~ ~~V J~L. J~ ~~ ~Ci ICAi tLt~~~~1..~~~~~~~~t~4f~J U1L iU#~ V~LIA~ li t{ I.J C.4 ~Y t ~~VEI. ~I Vt C~~~~Bt Illf^c(ESi IfiCOfT1B2Gt9~~ ..~. and sin ~~~~a~ ~ ~om~~—1.762Z~z340NrA.,IV 4.13.760.... _:.,,N,~A~. ~.844.......-_~ '~nterest and similar incame from assets of amor4ized cost 1E,895 15,79316,256-,_ 1.023 .. -..;t and simiiai income not at fair value through proril a lass 18,022 16,&0716,2567,127 --f O _.'tll~d~ ~l1CORtE ~ ZgJ ~'P ~E~ Z~i,7`~SLJ.J <"1lnt __3.643....__.,.357_~103,_..2,OC2......187..1,687i"otal interest expense not at fair value through profit or loss 8,829 7,7787,1073,370Total interest expense 11,400 11,60111.9G4Net interest income 93,749 13,19212,378~~. -,.,-G

~eutSChc Bar..'.Nai gains ({ossesj on rinencial asset~9iabilities et fair value ihrougfi pra,`ii or loss____.__ -20~~.~,.,~ a :ncc„~e:~~Z,Ss5 .,.2682(2,488)Total ~r2. _,..,~ ___. .... _..... 197 ~2 ... ;.: ; ~Net Hair _ .,n nnn-trading tinarcia~ assets mandatcry 2, fair value tittoual7 profit or loss.433Q~28(i8)Total net gains flosses} or non-~.-~,:-,.~..o nnanciai assets mandatory at fair vague through profit or 377 2'i2 N;Aloss(~~et gains Qossesi on financial assets :.~.r ~.t~es designated at fair value through prcfrt or loss(~){0)(386)12Fotai net gams Qosses} oi~ 4~nar~ a. ase~;s..,~oliiues designates a. fairva[ue thr000h profit or lose(389)~ i Oa9(44B)Tota~ ne-fi < _ ,lose- on finar a( assets =q ~.t fair va(oe thro:,gh ~rcff ar logs1~53~1,3322 9~uCombined net interest income and net gains (losses) on 5nanciai assets/liabilities at Pair value through profitor loss261°--... _..___._ _....__._.i3,7i9-~ _—_.._1@737~ __.___(381)-- -- -193Tol ._ ~ ,,,,, net yarns {losses} on iinanuai assetsniauiiities ac lair valueYhrc13,93'-..72475.3041.047,.,1,614_2,6605,718(29775.421_ ._....._ _._._...._..~,G94-87146?.535Total net interest income and net gains Qosses) on financial assetslliabilities at fair valuethrough profif or loss93,34374.52415,364

~ ~utsche Bank— Carnmiss arcs anc ~~e income~G,~..,~,nn„ssicr and s=, ,me an:1 expense:- -_ _.--92:283Z,76JNei coi~7irissio~rs and ts~. ncorne9,52Q 'iG,039 t 1,002Gisaggreaation of revenues by produce ~yp~ and business segment__. :ire gas--- -Total fee andcommissions income 2,382 2,357 3.470 3.451578 6 12283'~. ~f fees andcommissions5.620

De.-.ache Ear,k4-

~eut<,che 6an~~7 —het gains ~~osses} on f r~~r~cial ~sse~ts ~vail~b~~ far sa~~~~Lh'et gain, usee- ~~n ancia! a ~~:s available for sale--i~11AtViFJJ{635)(40}70'. ~-:{669) 215 (475;fl9—General and adrninistr~tive expensesr~,n _Ge.:aralanU administrative _,xpense-4,$141,720i.4t31.324786619256 ,~.251 _ ~._:,i,07~Toi::._iministrative expenses12,253 11.286 ~ i,973~^r

..:-a..-.: ~r Sank1~ - ~iC'S~~`l.lC~lxl`I~"l~Net restructuring expense by division"<ui91695262~ ___.._.....14340Total Nef Restructuring Charges644 360 447iet resfrueturirtg by ty~=_~;t,6~t47n _. ..156 ...2 ,,.To' i - _ ~ tu~644 366 447Or;=: i~ationai changes-- ~o~s---137620A40936514394Total full-time equivalent staff2,247 3,000 2,04b

~Y,~t~onF aa~ k~1 — ~arnir~Qs per sham,~-;;~Computation of basic and diluted earnings per sharezoi~Nit income (loss} attributable to ~,eutsche Bank sharehotders and additional equdy componenfs{8:330)2G7(75'1)Coupons paid on additional equity wmponents~(33fl)(2~2J(298)~'ef income (~ossj attributable to Deutsche Barak sharehoidsrs -numerator for basic earnings per share(6,7~f9jt26}t1,0~9}0Net income ;toss) attriUutabie to Deutsche Bank shareholders after assumedcot - ~~ 'or diluted earnings per share(5,719(26i(T,G49jv.. - -. outs;arding -denominator for basic earn ngs pPr share2,110.42 10227.367.7._.,0.0.,.....0.0_ .,O.G6.QAdjusted weighted-average share<_ after assumes iconversions -denominator for diluted earni~ys per share2,St0.62.10221,967.7Earnings per share_. ._ s _~_r _ _...._?.015r: 7ti__._ _ _irsirumenfs outstanding and not included in the calculation of dluted earnings per share'zoss~oc1 i7.6

Lleutsche Sank~2 — ~ir~~nc~al assetsl~~~li~ie~ ~~ ~F~ir v~~ue ~hrau~~t prc~ii~ ordoss_..... _........_ __......._. Gec '. LOE r< a~~~~a~ a~sets~,°7.98512,889-. t5Q875.. 332,93;Total l r< _ . ,se;- 443,805tvo ..~~ ~s~ndarory at fair value througfi profit or foss-53.366 -i7,91Sding fu~an.:.~i assets mandatory at ra~r valus tnrougn prd t or loss 86,901 iuu,A~,~Fin :n~._ :;I assets designated at fair value through profit or loss:7 _-~i _..:. ,n,ancia~ ~_::;.;:, des~yns:~., at ;~,r va.u:; ~„~,ouQn prom c ~css __ .._. 7 ~n~Total financial assets at fair value through profit or loss 530 713 573 344~~~ ~_.. ~.-.'.ass ..ad as hero ~~i : as iu38.69237337,065ToL ~ ,-,;:. __. 3i 6,506~: y as held for trading __.-_ ".""`""... 353,571 , ._ Solrin ~ ~'. ... _ _ ..r Through profit or Coss:42.7?_,',74.76 ~2,847Total i~~~ar~., a ~iaoG~ae~ uc~~goateo ai fair value ttvougt5 profit or loss 50,332 53, r 57544Total financial liabilities at fair value through profY or loss 404 d48 4i5 680

~e,i@scFe Sank~.har__es in fair ~-_'~e or' ~n2ncial assets afti oufabl~ to movaman.s in eourterpa;~y credif risk13 —Financial in~~r~rnents carried at Fair V~~ePrices t ~ , .~ , _ . ~ ~~ f:, :~ F pis —VaPuaii~ i e:;!~ri ~~,~~%~.`.

;~eat..che Sank7 c, k;

~nutsc`..- SarkValuation ControlLevel 1 —Instruments valued using quoted prices in active marketsLev~< < I~~~r~~,~~ , -„ ~a ~ d ..~tl~, ~~;,J~.a~i~n t r ~ ;cis a :ir~o oaservabie market d~t~.Level 3 —Instruments valued using valuation techniques using market data

F s2u?sch; :.inkCarrying ,taiu~ of ~h~ financial ins~rumen~s held aC i~ir v~Pue~__.__._..___~Dw 3i, 20?9__T,_. .___.v <[~~~?io«.._Vefuat~cr~f~uosetltech~icae:~chn :uepekes inci,serWab!Ecr~ohse;vaGie2ct;ve rYk9rketj]eran~t2£sparETC-tP:sr .;-:~:.~.a! ass::'..: held at fair value:44,5955,7139.66744,42?SG..i223. «s0.686,5E46.1372.82322,082a^,i67 .-:.~ ..,.~.3,80677,Si85.278 ;;.2cR _ _,,,,-30.924i',529.C56 ._v." _.27J3o6''363Toca; i~,n. _ _- d at iairvalue82,069A77,SQ7--~-----~ 24,431 126.505 4~e ~;5 24,614.Financia .. ~•:e16 ai .air value:23,87313.15241 °... --23.8n2i~;82327 i32438 ..2,~~t3x7,0136,652 ~ _ .. _....048.0781.9°4 . _. -.05440 ~ ..5274,6094`(3:::' Z'70 ' ~ :r :a~lue27,2€1373,678,692 52,505 ~ 79 7,714Sovereign, Quasi-sovereign and Corporate Debt and Equity Securities —

r,~ute.._..._ C.~nkIU~origagE- and Oilier F~ssef-Backed Securities (MBSr'kBSILoansOver-The-Counter Derivative Financial lnstrumenlFinancial Liabilities Designated at Fair Value through Profit or Loss under the Fair Value Option -Investment Contract Liabilities

Jeutsrne 3a.'.:~fradi~ig Securities --Pc i::-e and Negative Mar , i `.values from Derivative instrument:Other Trading InstrumentsNon-trading r',nr~ ~- i s assets mandatory at fair value through profit or lossFin~:rci ~~ets ~ ~ ~ iii ~e ~ ~nat~ ~i Fair Value through Profit or Loss —Financial assets at flair value throug}~ other comprehensive income2~-

Deuische yankRecortoiliation of ~ne~7eia) insf'rumerr~s ciassiriea in Level 3

_..- uische Baer. ,.

uaut~•'he BsnkBreekdordn of fhe sensitivity analysis by type of instrument''UGC ~1, ZG?9Positive fair valveNegative fair vaW~mavc-ment fromrr,~verr2nt fromusing ~~e2:tcnablee~siag rEasoeable_L~~ _ ._.__. _—._._......_.possible aitemativcsGossiL•le 21t~mativesSec ~:-s:2561084i3720_.. 21586 ~ -.6285L~~.,.__18812316&428 __-3t23034439716101 a „~ ~~Loans.__... __ __.—525~.:~264 -.-;. ,.Other0~ CTotal1.6737,75A 1.647 ~ 045

Decr~schc LankL'

;fie_ ;che farinarcial insfrumenis eiayszied in Level 3 and quarti~aiive iniormafion abut uro~scrvabie inpufsFinanaa~ mstrumcnts neid a@ fair ~aaiue —Non-Deri~~a:ive firranciai instri~im~nts held at#air value:Lv_

Deutsche bankU ., ..~. J.,. JC-,

Deutsche ~a_. ,, a-~ .air ualue —N~ .-. ... ~ nstrum~nfs(1E ~_._ ,._.L

D~,,fscne [3ani,Total markef values from derivativefnanciai instruments 8,516 5,677Qec 3i. 207960- _ .,_.1.906 -~35 _.,,..3872 ..06.._ _ .....--~----_._ _— _...._....__,__._..__— ....._._---Tots ~~ , -:!s halo ar fa~rvaiue- — -__t-__2,397 1 oy2F ^e _.. ~~. _~Id at fair value.`Z r ....__...__(i,660)J(259j(308)Total hnan~~d~ i a~ .aes held at fair vague(2,223) i-;3'~ ~Total474 1.297

~e.escheSank .. ,.~.~ — Fair ~lal~ae Q~F F n~r~c a! Ir~s~r~arr~er~~s r~c~t carri~c ~~ Fair~u~

Deut~~he Bark . - .~sYfmated lair va4ue or` #financial instruments not carried at fair ea(ue on the balance sheet'~n, _ _

Deu4sc~•.~Bank _.~~ — ~ r~~~cial ~ss~ts ~~ fair v~l ~ '~h~c~~s~h c~~~i~r ~c~rr~~~ e e s~~i~~C~ec 3'I. 2019._..- —.._._--'~,~15. ....._........ -- -- ~---7 ~6:2~37.703021,O2U3,4233c45r332Total debt securities38,294 45,993Loans4,874 5,092Total financial assets at fair value through ofher comprehensive incc:ne45,SQ3 51,1$21~ —Equity Method Ir~ves~~ ~~~entsSign,f~,,ant investments es of December 31, 201 '__. _Summarized financial informa#ion on Huareng Rongde Asset P~ianagemenf Company Limited`.__.._—. Oec 37, 201E11874(55)7o[a , - i ~ _ ~.ncome19 738_...__.__ ...._... _....__._ ..Gec 37.201&_...___.. _ ...-5.667 ..... ...._4,532 .-_...417Net a_ <~._ ;u'.~_y method invesfee798 7A0~`~

€~ecane.'.:ation of royal net ass~fs ~1 uarcna r~on~de ;asset ~anagem2nt Com~a~ry (_imif~ to t'he Group`s carrying amount`Sur'r prized financial information an Harvest Fund Management Co., Ltd(~}Ca _ ~ .ent' 26S 236Aggregated financial information on the Group's share in associates and joint ventures that are individually immaterial_... _... ____.._.. ____.__..._._.._.__...—_ Dec 3i. 2019 ., .:Lai ~.~- amount of al! associates that are in :i~.ially i~imatc~iot t~o the C :~. ~. 383390~T ~ -- --Aggregated amount of the Group's share of total comprehensSve income gg 22

_....'.sc#~e t32nk21 — C)~fse~c~ rig F ~ar~cia~ ,assets end Fin~nc at ~iabr~i~%esassesTo 1,402,73G (405,056) 1,297,674 (300,447} (55,368) (149.685) 792.174

L`7eutsche ;yankL{at~ilitiesTo '~~.~: I,,..13~(310,376)(31::'90

Decu[sche ~::nkh` SSi:~STotalIi21'^.r.......~... 1.369.503 {9Q.104) 1270,400 (2J3755} {27.60-.: (,00297) 897,742,,

deutsche Ba _..~_.Loans by industr,~ classification

C2utsci~e Sark~g —~,~~o~vance ar Credit Losses,.Development of alio~ance for credit losses for financial assets ~C amorcized costoaiance. beginning o year -.... -' Sul - " Si c.Lgg

ueutsehe HankP.1lotivance, end of yaar 1,766 2,155 3.829Activity in fhe Group's allovdance for off-balance sheet positions (contingent liabilities and lending commitments), (as previouslyreported underlA5 39)-- _ _. __Alioa.~ance beo~ru ~u ~g of yaar '2 ~i a3 346Hilowance,end of year 122 763 285

Deus.: -flank2J — ~ransc~r o~ Fin~~ci~l Assets, ~sse~s h edged end Rice ~~ed~s Cc~~.l~~er~Information on asset types and associated transacticns thai die net qualify .or dery-cognitionDec 3'i, 261931.32993,OOi1,6952,34170' ,.-, z~~s/8,285c4.u~590439 .._ ...__2537 ....---310238Toca..59,8979G,076Ca~ ;ant o. associated lia6ill~.~s37,79046,218Carrying value of assets transferred in v hich the Group still accounts for the asset to the event of its continuing involvementGee 31, 2Q"+Carrying amount of the o;(ginai assets transferredt,i0t0_698_.,.Ca ~ _ n,_~..109..,_.0..,23Ca ~. c; amount of associated liabilities485117

~ievt~^'te Eank ..'4 ill IfT ~7~C'( Cr;'t '[hB ~C~OjJ S ~~~2t1C^c ~~5c2f Of C; i-fY. GieCf 1[TtiO~V2Yi1EtlY ~SSOC18:2~' `~PtIT~'i Ci &S15f8P; 8t.~ aSS~~S {~c52i-UC~'iikZEQ` It. iCi E~GEC 3i,LJls '".'ttax~rr:~mGarryincExposurevalueFer vsioeto Los.moans at amart.~ed cosy325334334___ _.__----_.a,o~o_. ___ __ __ . ___._.------__Total loans at amarti_ed cost336344----- ._ --- _3k4 385 38~--- J3d~Financial assets held at fair ~dalue through p;o~Ft or loss3636~5 ._.. ___~.Tofal fine :,-t5 Feip ai rau va ue ;~i:uuyt~ ut lt~t o~ Cosa363636 27 2727"~ r. .- _. _<~ts at lair value through other comprehensive income:~, __457465465 ~. _ ....oaoTotal finan la( assets at fair value through other comprehensive incomed57465465 112 112112Total financial assets representing on-going InvoP.rement828843845 524 52452?Financial liabilities held at fair value througf ~ profi or TossT't1'r0Total iman~,~i ~iatl,,ues representing on-gang involvement11110 61 8 i0The impact on the Group's Statement of Income of on-going invoivemen¢ associated with Transferred assets d~recognize~ inlull~..: 3Y 26T5Yezr-fo-., fdate P8LI-ulcn c., ...,a_...._ ... _9527100...._. _..{0)(Oj0fv~et gains/(losses) recogn(zed From on-goinginvolvement in derecognized assets 152710030 2811 TCarryi~~g value of the Groups assets pledged as collateral for liabilities or contingent liabilities`c~~ a~.zoisC

deutsche Sank~ ,,;—..__. __..—_Tofa!Cost of acqulsitior:Balance as of Januery 1.2G9E3 x.387 2.47s2 ~.'.?'3~&.743h-fit`=~&,7d3,.. .,_. _..s139u-~,.,485-._(53j~,_569_.._._.. ----`_..- -----._.._.__ _. __....-ut-._195Balance as of December._._._____...---._.... —,----3i, 2018 778 2,6uZ2,860i4?6.382NIA.6,382. _ ...-__~ ......~ ~._3185- ~~.._{165j__7a0.-...._.462uaiance as or Dece~7~oer31, 2019 656 2.:s8C2.9~t~i~56.153s 5333,686Rccum~lated depreciationantl impairment:6alanCe as Of January 5,~~g ~.E0020181,70204,080NiA4,080,.__-Zr_~ ..,_~_,. ,430.. ._..........9..__-3730..~.._(277j426---.--.___ ___1256dl .rrwzr~~ 3'L& 1,8621.7?GC3.360!~ ~'-~,3,960,.. ,,,t._...._.~0._._".,....._1A49..~-,.312......0~.,.-..(10).-~-.-..341D32oaiance es of i~eee~nper325 T Sti531,2019T,9?7C~.QS-,6634,75fiCarrying amount:Balance as of December450 74031,20781,0901422.42102,421Balance as of December331 5403i, 20191.034X552,0602,8704,930

D:=_ sche s=^K

6~uts-L> Sait,,v siF~-a~,, cash ou#flows t~ .~. ~~ ch the Group is potentially e~osed that are DoE reiiected in the measurement of lease (ia6ilifiEsCc-c 3t 205977816...._.. 4.737Future cash outiiows z~oi reflected in tease IiabilitiEs 5.~2aFinance Lease CommitmentsNet Carrying Value of Leasing Assets Held under finance leasessec 3',2019NIAN/RN/ANet carrying valueN/A28Futue~ (viinimum LeasE Payments Required under the Group's Finai7ce LeasesCcc 3t 2079.._.. ~_N/F.. ....__ ~~~NI;`i. ,N1P.To ~r. iu~~ ~ i ;n.0 :se payments ~WIA118NthPresent value of finance lease commitmentstalk27future minimum lease payments to be receivedN/A5Contingent rent recognized in the income statement'Pi7tS0Operating Lease CommitmentsFuture C~inimum lease Payments Required under ttre Group's Operating Leasers_•._Oes 31. 20Yo,.N/tiNIA...Nrh..__.N/RLess: Future minimum rentals to be recelveoN/A2GNet future minimum rental paymenfsh1A6,24a

~7eUf5N--: Egnk~3 — Gaod~v ~L aid ~7~her In~an~ib~e assetsC~a~~-~~es in Go~ci~lll

~~u4sch5 P,2~Gc~ceVv~it~ alloeat~d ra cash-g~nera~ing unitsJzance as of ._- — -..-January 1,20180058Balance as ofDecember 31.20150 4852,x43543 U5 3,876Gross amount of goodvoiil3,833 5953,314543 3,1621 45,449Accumulated impairmentlosses(3,8331 ~106~(47110 (3,162)0 (7,573yBalance as of.ta:~ :rani 4.._ 19~~92.34s5~3? ~,~7606(i}~~ .; v (1,035)423alance as ofDecember 3i, 20.9 0 G 2.885 G 0 0 2,885Gross amount ofi goodwill 3.9 i 5 603 3,371 555 3.162 0 11,607Acc~mulateU impaim~entlosses (3,315j (603) (490} (555j x3,162) 0 (8,726)

('~r~;~tgcfie BaGoodv~ill '~~ n~pai~~ment Testa—c V

F76uI5c'"^ ~2''~?~~y Assurnp~ ons anci tee, si~i~~it esey Assui;~ptions:v"~

Changes os" otter intan~,:}le assets by asset Gasses for the years girded ~ecem(a~r 3i, 2p i~ and December 3i, 20i8Ba ;s ~~ Janu<. y " 2618afi3C4Ci 402.~E,705G1_..,~5..... .024'b,i6?Bal .. ~.. .: errWzr 3t, 207E1,610447t 4511,3047do032,u.587.814Ti.322,:u,ance a.. o; .,.;,,~v~.... .[019i.u30k411,4i25,0637G7.312it.G82Ficcu~rruiated an;orlizationaitd irrtpairrnent°Nance 25 of January 5, 204€24343y682i,32t69iT82, i0&2 5145.'64921 -!r ;,', 2G7H82iance as of December 3' 20t°P5E266<3944G6347005,358..384i~,7049452~7,522~ ~i823,4424.2546,05?6,935Carrying amount-„s of Gecember 31, 20187557572C0i0H1364,3?25,266As of Gecemi~er 37, 201~Ji?67727.0G371163 25B4 747

^:~utsr;rh~ Bank~,r-~o~iizir„ ,ar~i: #e~,ss~;tsdUserul Iives of other amortized intangible assets by assei classInternally generated intangible assetsPu ~-.ad intangible assets: --Unamartized lniangible AssetsRetail investment management agreements: i rr~~L assts, an~o:i~ ~ '.- ,e tc tF,e Gr~u~'s ~. mu~Gsa4Fur .~siness arcf ~~e aii3c ' .c; i~Q ~~i fl~i~r1 GG~. f~e~~i~ i J~sirnE ~ _ are c;anCraci~ vl1Vuit ~knents ;h _ ricE,f to E~~ar .ae .: ~:~. ~i~r cf m 4 .E ehe~~ c a~~s arc-a~ ,~ r~,v6-r~t;fe, the cos- renevttai is rr~iritr~al. are t(7ey have a _. _. ~ r~:;, _ _ ~emE~rs aee ncr expecta~itc here a es ~ e n:t ors °I ~e contract ~;~~~ 04. 1~'~ere .,~c. ~(~e , ~r ~i- _~ n ~~ra~e tP~e a: G„s fis ur~cEer r~7arr~gernenrire expec ---rite case flows ~"cr ~ ~ Ne~i~~ o€ t~i~~tE Tars in~ar~o9kiE ns=. -d ~- tats t~aEue eased~,p:r•, ~ ~ i€= bu ~ fhir~+ party , si ;- U ~a~s.ltiu. 7u. ic' ~ ~id: it - i~02."^e rep over~;:~~ ~ eras :;~~ct~~atec a~ `u,. v~{t~e ices cans c~` ai~posas us:-iy ~1~e :r~u,~,-~~~iau excess ea~nu7gs m~thGda, _.:he fui~ Ua~~e rrieasu ~s.,~en: eras ~:~;~;,s~izec~ as ~eve(3 ire the i~ir v~iu:. hier~rcP~y ar~d ~s esserfi2i(y flat can~;~~F~aa ;G ~~e:'c`zl. .!"tC c~~ .~~lri4J(~., i:~ f1~`2~ N~lICiG [~lE ;a I `~c~,:.~ tC-'SS CC3S:5 Q~ Gi.;j'+OSat ~t'GIE.Q@ tllc c'1SS~i ^'~n_ S: t.: f~GW'S~or~cas? "~e eii~~ ~._ ar~d discoci.ri E~«ze as we;'r a5 the ie•rr~in~i vale*~ a1ou~+;r -ate. Tf~e d~scvunY rats icost ai zquityja~piiea _ -;ic .~dere 9.~ °i<~ i~. 20i9 sr~d 1J2 °~ r <013 The to <<~irEar value grc~4~th rate ~apiied i~r 2G1`~ is 4.1 ~%€`a ~. , ~~v~eu~s ~f th e a~at~atior'cr the years 2G?:; a~~~ 2;;=;5 r~~;t(~er tesu~te~ iii ~n,< i;~pa~rm~~t no? a ~e~er~s~,Iof ~irior

~~fsc~_ SankTrademarks:2~- — ,~~~n-Currer~~ t~ssets ~~d D spas~L Grc~~ps Held for Safe{,~~P~za,~~o _._.____ --- _ ___~~, _~_Q_,~~oTo• c;sets classified as held for sale 4,976 2.6790

_.: the Bari

flout=nh4 Sank

C~~utsc... _ ettk— ether ~sse~s end C r ier ~iabi~ t es.•~~ Dec 31. 2079 '.__ •'.49,3s~~t~ say~z 5szss,~~__.__-- --- ------_ __.__. 24,2922.694A.976 -. _......15.075 ..—. _..Total other' assets 9'f 0,358 93,444Oec v1, 2Gi959,2561,68810,4D271.287z,azo,~ssoz~a.~~2~ — QepositsUC'C ' I. ZJ1G228.731 —i 35,2'rt otal deposits572,2085:4,40527 —ProvisionstJiovements by Class of Provisions7ofal'Bay ^^A as of January 1, 2018L!F Fi97 696 8S93,873~2~~,16772,z5s,,..956.. -.873sBai;:~~.:.-.... _.- ;~ December 3t, 20182~5 684 499 585 4332.418(2j.~ -.1.846_~ _1,569,..856Sa~~.:~ ,~ ,._ _ _~ _119 544 543 684 3842,276

'i -sc`- Eank ~ , ~~e,Operational ~';~!Civil Lit~aa±i:,,.Reaula~_ ~ ,~io ,~ ~_~~RestructuringOther -. ,

~e_.sche Sav~k

~Jei~fsche 5~:~...

_;scr~ park~X Investigations and ~ifigations.

~~<.;-c..~ Bark .,.__v,In, i~~ ~ ~. .. D. ,., ~~ ....,.. i...iieis ~~;.._ ._ _, n L .., _{x,~~;i a c~ ;L,, __E

_....~iitsc...: 6a....~, ~ r.

(l~utsc`- SarkInvesiigafions Into Referral Hiring Practices ana Certain Business Relationships..~ - }~~~.M~rtca7 ;.~la~~ ~. a, ~ __~_-~~:~F 3ec i i~i~~ f:-i ~ s anu In~~st ~~,~i~n ~ ~i ~ ~~~ry ar~d Governmental Matters.

JE4[SC~1C~ "02'.Issuer and Underwriter Civi! Litigation.vLG

°JeutScne Sank

Deufsch~ 9an~ s,r,t-:

deutsche 22nkFurther Proceedings Relaiing to the Postbank i akeover.~,.,,,~; ~

C1cUt5r `.- B2~kSovereign, Supranaiional and Agency 5or~ds {SSf.; lnvestigaiions anci Litigations.r„„~!,`

Deusehe Bank ...,~._.Trusi Preferred Secu hies Lifigazion.US Treasury Securities Investigations and Litigations. =,~,~~~ .,__ .,.~.e „ . _ _ ..~~~,~

~tscn~ Bar.;.28 — ~r~d t relayed Cor~r€~itrr~ents end ~antingent ~ ~b~~it esIrrevocable lending commitments and lending related continaent liabilitiesOther commitments and other contingent liabilifiesDcc 37, 7.0i514378Total 220 ZU4;:q

deutsche Sank ~~2° —Other ~6~ort-Term borrow r~~sGec 3i. 2Ui5 ~__..~n~'3,5337~o~alo.:,~rsha.:~,.:rmborrowlr~gs 5.218 't G.1"o83G —Long-Term C~ebt ar~d gust Preferred securitiesLong-Term Debt by Earliest Contractual (tAaturityaei cr ~. __.. _ _,.: i:-Sul - -~.:~atz" debtOther 17,291 4,546 773 1,273 1,732 5,797 28,352 36,977Total long-term debt 38,088 28,724 14A79 12.069 11.080 32,433 136,473 752,083Trust Preferred Securities'Dec 39, 20t99761.037 __. ..—_Tot:--. --..-,t. preferred securities 2,!113 3.16E

D~utsct~e dank

v~u~e n~:(:CI~fC3c~ ~?S32 — CQr~~. ~~~or~ Shiresvu .~ .,. __. January 1. 20 iS --.__ ..____.____ ...._... _._ ...._.. ____. x,066„ - ~.~, ,,usG, 2 Obti.40z.u41Co' .,. 2.066,773,i3i (1,344,144} 2065428,981Conv~ar ~Au^6, ~"7~ ' 31J^

~;e~tsc~e Barz: i ~,(G~cppseei)00.0033 — Em~la;fee Benefits"s ~ e

~cUtS..:,.~ Fy'y...- _.~t:eV.., r,.+.a e,... ~. ~ .- i,.~, i+.. a~ ~~ at~~c,. ~..rue:At.C.i } .)~ i, UStf1~ ft c`.C. cra c. ...~..> ...eE ~Cy

..._. sc~e 'sankar-.A~easureincn~ ..Meas~remantdatedateDec 3T, 2019Dec 31, 20~~3PSUS;.Ri,C2~2,041E24.36- E8.99-.---.—_,_. E3t70-... E3170 -....---__._. — NIA€ 24.6534 %34 % _.46654'65%ciS1'sE:i

c~eui~-:ie 5ankI`~~~t~'~E Oi r~'C2'~,~~.S~c ~.~~ed Cenefit obligation reiatea toTotaldef~neaCz"ef~toouoation13,2704.8871,Ai81.4320,415F~irvalu~oft~'r^:~-sets11.9155,6954,14.982^,"u55Funding ~<.90120 %,9496 °lo`.?e - - t ob~~yd~~o relatec to,.Tota!def~ '~ :anon17,3533,8687 3379u218,126Fair value of ~la~~ esseis10,8774,8841,07489217,727r-unding ratio (~~~91126 ~~8093 958

~Jsutscl~e Ba

i '"! I Il ~ar:rye fiir _t~ctuarial ~~lethodolog~ and Assur~nptiansDx 3;. 2C1~GermaryUKU.S.''Other0.93 I1.91 %,.1n %1.32 %.x.40 l3.2y %220 %~.70'i7.90 .~3.79 %.2.30 l2.71 I .. ..i.30 °'u3.i9 %220 l0.91 % ~ _ . ._ _ ..Assumed life expectancyat age 6521.;23.422.021.E _ ~. _..~ ._.23.424.523A24.9 _.. _ __-.22.524.c23.523.3 _ .._24.526.224.925.5 ~ _ ,._tc~Griality cables appliedSf:PS (53)modifiedVery LightPRI-2012... ,Richtiafelnwith CMIwithCountryHeubeck2018MP-2099specific20i8Gprojectionsprojectiontables~4c

ueut~che dankrid: v

Geutse"~- 62~;ecc~r~ci[ a~ic~n in ct~avemeni of Liabilities arf~ fiss~~s — Irn~act orgy financial StatemenfsChange in the preser' value o. th de;.;:ed b_nefid obligation:6a .:_ ar 11,x$3 3 _; i,~_7 ?u2 75,7 .:6a -~entl o` year13270Q,687..4127,04320,Ai8Change in fair value oP pian assetsBalance,beainningofyear 10,0-.- 4,~•a4 1,0"~: E92 17,7276a~ance, end of year11,9155,655~.~43JbG'iy.ub6Funded status, end of year(1,355)928(275)(61)(763)Change in irrecoverable surplus (asset csi(i~~gjBalance, beginning of year ~000(t5~(~5jba . tend of year000(4u~(AotNe(asset (Iiabiiity} recognized(1,355)928(275}r i0i)(803)'

Deufseh~ BankChange ~ ih~ ;.r,..:,~[ c_6a~aner h2nm....~n of va2r~.i765,40?~'9:3.646Ba _.e end of year~i,9533.8681.33796218,120f:h _ --. valve of plan assets.,mm~ ~ wear9 ,,c.,5i.C~~1gib~1 ~Balance, end o. year50,8774 884 -L.~7~392i ~,; ~,-f~urded status, end of year(?,676)1,016{ZED)(70)(333)Change ^~ irrecoverable surplus (asset ceiling)Balar~cc. i~eoinning o. year0.__ ~ ........_0(44).(4<~~_.ualanee, cno o. year~000(25)4~5~Net asset Qlability) recognized(1.07611,016(263j{95j(4~8)=

Deutsrt~e Beek~~i~/BS~II"1;~Y1~ UICe'~t2C,;Plan asset allocation to key asset classesDe.;31, 201 BGermanyUY.U.S.O;hzrTot2tv 3402925764753875643X10531,6P,72,5031,6334322024,7755,92 i2,5474252169,4091257716149259124i7174171 157 07 M1 2260 0 0 i5 15361420~7470 - .,.- ,,.,0ocoo _63G02588 ,. ~ .-5,579602841,863(263)35iG7(21 t) .~~- 11019913t .. ~:_ _ ~~26!126)011(89) .. .. -..0403.3 ..4(44)(i)0(41)Tol_ :; ~ ..an assets 97,915S,BTS5,14398213,655 -- 4,884 - - 892 17,727~..~R

-:: eetsehc dankflei Ji. LG:SsGeri mryUKU ~.Otlrwr Tct,~l3352925430 7157v60~3i16a2 T.559?,195i,61&426°6 3,195 ._ _.._.0C00 G600S 3 .. .. ~, _.0GGG 000oc o0G00 00CiOG Q ~ ., _,0000 0 ,. :. .. ,.0OOO OG34~~~}0 23 ~ _. ..-Gt7Q 1 ,. ,. _ _.0X125)010 (i15j _ ,.6400 4 ..Y0G0 4 ...pia-. ~: 2,216 2,467 577 929 5,389 3.192 7,295 457 1 ,3 5.127

feu+<che aa~;;~a~'~ ~ VI~I~BSr ~ _~~

C:_ sdn> BankGec 3i, 2ot9...GermanyUKLL5.Other -.'___.__._._._.. _i870)(5c~Jj{461(6G}.,._8755303Qc5Expected net impact o~1 funded status {de-)increase(95)30{1b)(3S)(805)5(5;(3Gliti~rast r2tc (+~G b;.9654503G55~.._(875){530)f30}(25jExpected neE impact or fandcd status (de-)increase30{80}034550(SOj(f Q}30Credit spread (-50 bp)-(970:1(500)(80)(65}---62074515i0cxpecieC net impaci or fw~ded status (de-;increase(350)(356)(65j(55)(620f(305y(55}X45)Credit spread (+SU bpj:905X50756U-~-,.~.(F~20}(145j(i5j(10jExpected net impactor funded status (de-}increase28530560505652605040_..:-,~ v. Arica inBatior t_~^ bPi~z335360Q20..__..-(18b)(305)o(to)Expected net Impact on funded status (de-}increase95Q55010i4555C.0pate of price inflation (+50 bF(345)(385)0(20j..185305010Expected net impact on funded status (de-)increase(160)(80j0(10)(155;(90)0(?OjRate of real increase in future compensatio~~levsls (-50 bp):6G150?0Rate of real increase in future compensationlevels (+5D bpj:Lor. . _ ~ ......-+320}r.,.-.(3~}~~g7Exnectecf cash flowsExpected total cash flow related to posf-employment benerits 7qp

Lleutsche Eank_r~~~, ~:<~~_.~.xpense oenefitpians:'272._.-,.. ..._ .oral ex erses defined b~ne5: p anyp.~ 274- 2G — - -~---OttExpenses .or ~±Efined contribution pl2ns:6385.,..Z6JDial expenses for defined contnb~uon plans41742 i 4.QTotal expenses for post-employment benefit plans691684 757Employer contributions to mandatorq German social security pension play237236 2c3_ 545 -._._.—_..,. -_ _.39516-,os_ _ ___~~,,Cun'ent fax expense (bens%~._...75~ .,. ,.,.5Total current Cax expense (benefrtj7&2 7 i 3 72~Deferred fax expense (benefit):(71) ~.(9) ~ ~ ..~~ 5,940Total deferred tax expense ~Ganefitj1,868 <li, 12.;4Total income tax expense (benefH)2,630 989 1.963Difference beh<~cen applying German statutory {domestic) income tax rate and actual income tax expensel(benefit)~'r,~

?uSsc'ne Barku ~ ~BXcS G~t2t'q£-Ci O( Cf~liBG :O @{~WF~ ~Gt~18C COiTiP(Eii~F'1SIV2 iCiCOfYi~%~u'~CSI~IOI'i3~ (JS1L~ fFt C3pi#8i}?u i~~.0J{42)..71i..162:..0Income taxes (charged aed.t~:_ .., u~~~~ ::;u~i Nic :;.sroe incomeS96238 i23Other income taxes (charged) credited to equity{17)1 7;f~iajor components of the Group's gross deferred tax assets and liabilitiesue~ S ,ax ass.:t~.1 _~4.321- -2.501 _..87861~2382t879Total tlef -.,ets pre ~i~setting012,OLd 11.387Deferred3,937265-78563'5545134787 ;,.,40

... _.ache Bark~aies and rrt~rket-ma(~ingRisk E~ranagernent~. m,~

Deutsche ir.:: k

the Sank~~_. gig=t.io931.992DerivaCives 17e1d as fair value hedgesGcv, 3i, 205J 2Gi8c"anyes usedNucrinal for he~'gc-Assets Liabilities [anmunt afiectiveness5,3&5 E~8 118.125 813rinancia~l instruments designated as fair value hedges20i~h(c ae __._._._.__ _..Ir~e;;ectiveness~,v

.: uische RsnkDerivatives hetd as cash flo~~r hedcesLvC :ii. 201E GUSnPair `~'3WeCli@11gc5 USESNoiirn~i for hedgeAsses Lishilities amaunt efiecti~aenessCash fioUv hedge balancesDerivatives held as net investment hedgesDec.3i. 20 i~20i9__ ^._'. ..Fair V21ue___ __ -._changes usedNominalfor hedgef,-s9els CiEbllitizsF;rr~o;.;^(etfeciiw2ness556 95743:546(,13~Zp:eF2ir valuechangesrec~gniscd+nHedgeEquity ineffectiveness

DeuYschE Bad~6 — ~e[~ec ~~r~y ~r~~s~c'~ia~sCompensation expense of key management peesonnel2Ci9g?6___c3421Total9987 81Loans~— —26i3----~uans uut~~aruniy. v~yinnwy of yedi-- 228 255(~) ~-0____.___._.. ._...___.___ _.._...4Loa - ~u r ,i ~~ ~ i ~' yea:-_.. _... ....—._ .........___... ---- _.. _.__: _S.P28 22EOtY _ ~ i ~-'ab ~ Transactions:0--- —`07

Deutsche R~n4;DBpcsiis_, zc~~.,zposts o,.,.~~ar~a r may, s r~~g o. f4ar S& 67(11)01~e -ar 58 62Transactions with reiatad ~erty pension plans37 — Ir~form~tior~ ors Subsidiaries7.420Su ~ ~~_+. ~.::~ai information:10,9524.1002,359~i2583

;>eu.sche SankRestricTed assetsDec,">i. 20i9"i otalRestndedassessassets904'.32115953~,7t343.'190 --_. ...___._.. 45 5032:943~29.z4~i 1.369187:2903,017Total 1,297,674120,678 1.348. 37 ~' 4738 — ~~tructured entities~;rr_

i~eut~cne Bank

'2lliSC~l~ R3flK

"`~ufsc`- Sa~3kTotaliiabtl¢ies4427511,1221i.1°rTotal37156,24756,18776,4391&~J,243

;?eutsche R~n~J^G

C~eufische '. -. ank

E78uisChe B2Rk

27@l1tSC:~'1F i-:-:'ik~-J — events ~f~er the reporting period~1 — Reg~c~a~ory capital Ir~forma~ion

~',eutsche E~.~+k

t'cuf5r`:=. _ an4Ovk~n Funds Template (incl. P,'; ,and capital raiies}ne~s~.zo~CftRiGRDCcmmo~ Eq...;; Tier ~ "~G' ....__.__,. _.......__..45.780 .,___._.?4.F314--5S7~v. ~~~ j837Common Equity Tier 1 lCET tj capital nefore regulatory adJustments56,57563,049Common Equih~ Ties t (CET i i capital regufato^~ ad~~.~sbnen±<-- -{150)(6,5i5i(1,526)----_1259) ,._..____(892)i15)0{319j(5,5i7)'Total regulatory adjustments to Common Equity `tier i (CET 1~ capital(t2,430j(15,555)Common Equify Tier 7 (CET 1 j capital44,14847,A86Addt~onai Tier ? 4P.T7~ capita' instruments__.4,6765,813Additional Tier 1 (AT1) capital before regulatory adjustments6,4897,685fidditionai Tier i L'."1 } capi`t+i 'egulatOt~ adjustnte~~Es~g~~NIM07oYal reguiafory adjustments to Additional Tier 1 (AT9) capital(91)(SO)Additional Tier 1 (AT1 j capital6,3977,604Tier i capital (T1 = CET ~ ~ AT9)54,54655,091Tier 2 (T2} capital5,8576.202Total capital (TC = T1 + T2)56,50361,292Total risk-weighted assets324,015350,432('apitaf reti^~..13.615.61 r.4 ----_.---

~a~.--she Sank~concl~iation o~ sF~arenof~ers' egaxity fa regula~~ry capi~au' _~_. ,-' ~,.: _q~., ,....:: wun.ing balm.,_ .,heet 55,557 o~.4S~6(996){12l -tz?~i- ..6To ~ ~vlatory t~a!ance sheet 55.741 ':2,462837D0Co - ceal before regulatory adjustments 56,579 63 041(1:73E)(150}0(6,515] -__ _....._.(1445} _ ___(892)0.._.__—(1, 652)t 1 l • i♦ s

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~,eufsc(~e Bsr-ivan~n Le re-1 cxp~nsesS_ 407,,, i[iui.~l .93X97os~~o,Otohe ., _.4,c.,46,047,4IIo?.6753,11222,!Tch:u;::::_: 4,044 5.833 7.295 i,64A c.&G2 19E 2.616Adjusted costs ex. transformationcharges and expenses associated v:~EP~the Prime Finance piaYfonn beingtransferred to BNP Paribas 2T,514ivu ~esfex;:anses 3,046r:a~~ t-c ,.. 3.767 6,5,,,: i.btiU '~,u57..._..3,327Hai ~ ~ ~::~~mationcherao> 3,767 6,788 7,550 1,&67 3.327Fdjusted costs ex. transformaYroncha~oes and expenses associated e~ith,he Prime Finance platform beingtransferred to BNP C'anb2s31T - --22.890311 22,SiQ22.8 i 0No .r. ~ ~-s 3.t 'C -~7 3..40 .. 3 - _.-- - S82Adjusted costs ex. transformationcharges and expenses associated withthe Prime Financs platform beingtransfierred to BNP Paribas 23,897

~7PUtSC~3~ Bu(ikRevenges excl~d g specific i~ernst~oenues ._._._ ..........___ S..__::_7,40"7~---... hoc ~~ _ __...i,_,.-:..,...Revenues exciutling specific items5,2067,2018,273 2 187 1,818{120)24 625

Geut~r~,.: ~3annG _nod __; Jrf: ::.,~1.45J-, ~L.,. ~iu-. T,L ~gxdiusted~roiit(lose~.>ertrretax;,4971,35285700(1,6D3}(911'} ~i,905Jet assets {ad~~aStCd)_____ ___~~~~_.. - _. _~~ o~ ., ..._. ..... 4,298 _. __.'~,o4b 1,4:`~2&8__ ...__.._.___ __.__.__.._.._.....~ J~ _.__._._..__. _.. _...7Net asseCs (adjusted) 946 4,010 1,095Book Value and ~~r~gible Book Value per Pas c shareC}~a~s~andi~~gTangible Sook Valuezo7s _ __.i ot~ .~Ann~~fer=' equity (Bookvalue 55,857 62,495 63,574 (6,638} (T1} (680) (1iTan, ~.. ~i , ~.-r gaity{'fangioie nook vawe) 49,6Q3 54,122 54.335 (4,519) i8j (2131 (OjBasic Shares OutstandingNurr20192;066.82,066.82.056.860C0(07j52.a..-..-.....,.Basicshares outstanding'2,418.52,10522 094.913.30.610.30.5Book value per basic shareoutstanding in €26.3729.630.16(3.32j(1 ~ 2)(0.47}(9.6)Tangible book value per basic shareoutstanding in E23.4125.7125.94(2.30j(8.9j(023)(0.9)~ ~': ~:;

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Dei,-.-:~-na wankDeutsche BankAktiengesellschaftTaunusaniage 1260262 Frankfurt am MainGermanyContact for shareholdersAG:~ HotlineOnlinePublication

Fi'~ hU ~ ~ '~ r~pos~~This is why we're here. This is v~hat we do.e are here to er~~b~e ecanomicgrawth ar~d societal progress,by creating {~ositi~e impact forour ctier~ts, our peap~e, ourinvestars and our communities.Financial CalendarApril 29, 2020Earnings f?ep€~rt as csf March ~1, 2Q2C1May 20.2020Annual General Meeting in the F~sthaffeFrankfurt a Main (Exhibition Center)July 29, 2020interim Report as ~f ~s~r~e 3C1, 20~~October 28, 2020Earrings R~part as cif Septe€n~er 3Ci, 2€~2CiFinancial CaEendarFebruary 4, 2021Preliminary rasa€ts f€~r the 2Q2C3Financial yearMarch 22, 2021Annual Re~art 2C~2(~ and Fc~r€~ 2Ct-FApril 28, 2021Earnings Report as cif ~~arch 32, 2022Nisy 27, 2021Annual G~r~~ra6 te~~~ting Erg the Fest€~a~EeFrankfurt ~m E~~€ain (Exhibition Center)July 28, 2021Enter€rn Report ~s cf Jc€ne 3C~, 2021October 27, 2021Earnings Report as cif September 3Q, 2 21