Media Release

Frankfurt am Main February 2, 2023

Deutsche Bank reports 2022 profit before tax

of € 5.6 billion
Profit before tax rises 65% to € 5.6 billion, the highest for 15 years
• Net revenues grow 7% year on year to € 27.2 billion
• Noninterest expenses reduced by 5% to € 20.4 billion
• Cost/income ratio of 75%, down from 85% in 2021
• Adjusted costs ex-transformation charges and bank levies1 of € 19.0 billion,
flat to 2021, down 3% year on year if adjusted for FX movements
• Provision for credit losses of € 1.2 billion, 25 basis points of average loans
Net profit more than doubles year on year to € 5.7 billion, also highest since 2007
• € 1.4 billion tax benefit from a deferred tax asset valuation adjustment
driven by strong US performance
• Proposed dividend of € 0.30 per share, up 50% over 2021
Delivery on key financial targets for 2022
• Post-tax return on average tangible shareholders’ equity (RoTE)1 of 9.4%
with post-tax return on average shareholders’ equity (RoE)1 of 8.4%
• Core Bank post-tax RoTE1 of 11.3% with RoE1 of 10.0%
• Common Equity Tier 1 (CET1) capital ratio of 13.4%
• Leverage ratio of 4.6%
Core Bank profit before tax rises 37% year on year to € 6.5 billion
• Net revenues rise 7% to € 27.2 billion
• Noninterest expenses down 3% to € 19.5 billion
Capital Release Unit delivers continued de-risking and cost reduction during 2022
• Leverage exposure reduced by 43% year on year to € 22 billion
• Noninterest expenses down 36% to € 922 million
Fourth-quarter 2022 profit before tax rises more than ninefold to € 775 million, up
from € 82 million in the prior year quarter
• Net profit of € 2.0 billion including tax benefit in the US
• Post-tax RoTE1 of 13.1% with post-tax RoE1 of 11.7%
• Net revenues of € 6.3 billion, up 7% year on year

Issued by the media relations department of Deutsche Bank AG Internet: db.com/news

Taunusanlage 12, 60325 Frankfurt am Main Email: db.media@db.com

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 • Noninterest expenses of € 5.2 billion, down 7% year on year
• Adjusted costs ex-transformation charges and bank levies1 down
2% to € 4.8 billion, down 4% if adjusted for FX movements

“Over the past three and a half years we have successfully transformed Deutsche
Bank,” said Christian Sewing, Chief Executive Officer. “By refocusing our business
around core strengths we have become significantly more profitable, better
balanced and more cost-efficient. In 2022, we demonstrated this by delivering our
best results for fifteen years. Thanks to disciplined execution of our strategy, we
have been able to support our clients through highly challenging conditions,
proving our resilience with strong risk discipline and sound capital management.
As a result, we are well-equipped to deliver sustainable growth and returns to
shareholders in the years ahead.”

Deutsche Bank (XETRA: DBKGn.DB / NYSE: DB) today announced its highest
annual profit, both before and after tax, since 2007.
Profit before tax was € 5.6 billion in 2022, up 65% over 2021. This reflected 7%
growth in net revenues with a 5% year-on-year reduction in noninterest expenses,
resulting in a cost/income ratio of 75%, down from 85% in 2021.
Net profit was € 5.7 billion in 2022, more than double the prior year. This includes
a positive year-end deferred tax asset valuation adjustment of € 1.4 billion,
compared to € 274 million in the prior year, which reflected continued strong
performance in the bank’s US operations. Excluding the impact of this adjustment,
the effective tax rate would have been 24% for 2022.
Post-tax return on average tangible shareholders’ equity (RoTE)1 was 9.4%, up
from 3.8% in 2021. Post-tax RoE1 was 8.4%, up from 3.4% in the prior year. Diluted
earnings per share were € 2.37, up from € 0.93 in 2021, and management intends
to recommend a dividend of € 0.30 per share for 2022, up from € 0.20 per share
for 2021, to the 2023 Annual General Meeting.
In the fourth quarter of 2022, profit before tax was € 775 million, up more than
ninefold from € 82 million in the fourth quarter of 2021, reflecting 7% year-on-year
growth in net revenues with a 7% year-on-year reduction in noninterest expenses.
The quarter was positively impacted by a gain of approximately € 310 million on
the sale of Deutsche Bank Financial Advisors in Italy. Net profit was € 2.0 billion,
up from € 315 million in the fourth quarter of 2021, and reflects the
aforementioned positive tax impact. Excluding this benefit, the effective tax rate
would have been 29% for the quarter. Fourth-quarter post-tax RoTE1 was 13.1%,
up from 1.1% in the prior year quarter, and post-tax RoE1 was 11.7%.
Having fulfilled its de-risking and cost reduction mandate from 2019 through
end-2022, the Capital Release Unit will cease to be reported as a separate
segment with effect from the first quarter of 2023. Its remaining portfolio,

Media Release 2 | 13
resources and employees will be reported within the Corporate & Other (C&O)
segment.

“Our 2022 results demonstrate the benefits of Deutsche Bank’s transformation

efforts”, said James von Moltke, Chief Financial Officer. “We have delivered
revenue growth in our core businesses and continued cost reductions. Our risk
provisions are in line with guidance despite challenging conditions during the year.
Focused de-risking of our balance sheet has contributed to our solid capital ratio
and the completion of the Capital Release Unit journey marks a major milestone in
our transformation execution. All of this demonstrates good momentum on the
path towards our 2025 objectives.”

Core Bank: profit before tax rises 37% to € 6.5 billion

In the Core Bank, which excludes the Capital Release Unit, profit before tax was
€ 6.5 billion, up 37% year on year and the highest since the Core Bank’s formation
in 2019. Profit growth was driven by 7% growth in net revenues to € 27.2 billion
and a reduction in noninterest expenses of 3%, or 5% if adjusted for FX
movements, despite an increase in bank levies of approximately € 200 million
compared with 2021. Post-tax RoTE1 was 11.3% in 2022, up from 6.4% in 2021,
in line with a target of above 9%. The Core Bank’s cost/income ratio improved to
71%, from 79% in 2021.
Growth and diversification of Core Bank earnings
The contribution of core businesses to Core Bank profit before tax was as follows:
• Corporate Bank: € 2.1 billion, more than double the 2021 level of
€ 1.0 billion, with post-tax RoTE1 of 12.5% and a cost/income ratio of 62%
• Investment Bank: € 3.5 billion, down 6%, with post-tax RoTE1 of 9.2% and
a cost/income ratio of 62%
• Private Bank: € 2.0 billion, up by more than fivefold from € 355 million in
2021, with post-tax RoTE1 of 10.6% and a cost/income ratio of 72%
• Asset Management: € 598 million, down 27% year on year, with post-tax
RoTE1 of 17.1% and a cost/income ratio of 70%
In the fourth quarter, Core Bank profit before tax was € 971 million, more than
double the level of the fourth quarter of 2021. This development reflects a 7% rise
in net revenues and a 4% reduction in noninterest expenses. The Core Bank’s
post-tax RoTE1 rose to 14.9%, from 3.4% in the prior year quarter, while the
cost/income ratio was 79%, down from 88% in the prior year quarter.
Capital Release Unit: capital accretion through de-risking and cost reduction
The Capital Release Unit delivered further de-risking and cost reduction in 2022.
By year-end, leverage exposure was reduced to € 22 billion, down 43% from the
end of 2021 and down 91% since the creation of the Capital Release Unit in mid-
2019. Risk Weighted Assets (RWA) were € 24 billion, down by 13% year on year
and by 63% since the Capital Release Unit’s creation, or down 83% excluding

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Operational Risk RWA. As at year-end 2022, RWA of € 24 billion included
€ 19 billion of Operational Risk RWA.
The Capital Release Unit’s loss before tax was € 932 million, a reduction of 32%
from a loss before tax of € 1.4 billion in 2021. This improvement was
predominantly driven by a 36% year-on-year reduction in noninterest expenses to
€ 922 million. Adjusted costs ex-transformation charges1 were € 781 million, in line
with guidance of approximately € 800 million, for 2022. The Capital Release Unit’s
full-year adjusted costs have been reduced by 77%, or approximately € 2.5 billion,
from pre-transformation (2018) levels.
In the fourth quarter, the Capital Release Unit reported a loss before tax of
€ 197 million, down 44% from the prior year quarter. This improvement was largely
driven by a 49% year-on-year reduction in noninterest expenses.
The net positive impact of the Capital Release Unit on Deutsche Bank’s CET1 ratio
was approximately 45 basis points from the beginning of 2019 to year-end 2022,
as the cumulative benefit of RWA reduction exceeded the negative impact of the
Capital Release Unit’s losses over this period. The net positive impact of leverage
exposure reduction by the Capital Release Unit over the same period also
contributed approximately 55 basis points to Deutsche Bank’s leverage ratio.
Net revenues: significant progress in ‘stable revenue’ businesses in 2022

Net revenues were € 27.2 billion in 2022, up 7% year on year, and € 6.3 billion, up
7%, in the fourth quarter. In both the full year and fourth quarter of 2022, revenues
were the highest since 2016, despite business perimeter reductions as part of the
bank’s transformation launched in 2019. Revenue development in the core
businesses was as follows:

• Corporate Bank net revenues were € 6.3 billion in 2022, up 23% year on
year, with 39% growth in net interest income and 7% growth in commission
and fee income, driven by higher interest rates, strong operating
performance, business growth and favorable FX movements. All business
areas contributed to revenue growth, with Corporate Treasury Services up
24%, Institutional Client Services up 22% and Business Banking up 19%.
Deposits grew by 7%, or € 18 billion, during the year while average loans
gross of allowances were up 7%, or € 9 billion, in 2022. In the fourth quarter,
net revenues were € 1.8 billion, the highest for any quarter since the
creation of the Corporate Bank in 2019, and up 30% over the fourth quarter
of 2021, with Corporate Treasury Services up 26%, Institutional Client
Services up 28% and Business Banking up 51%.
• Investment Bank net revenues were € 10.0 billion in 2022, up 4% over 2021.
Revenues in Fixed Income & Currencies (FIC) were € 8.9 billion, up 26%
year on year and the highest for a decade. Revenues in Rates, Emerging
Markets and Foreign Exchange were significantly higher due to heightened

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 market activity, growth in client flows and disciplined risk management,
while Financing revenues were higher, primarily driven by increased net
interest income. This growth more than offset lower Credit Trading
revenues which partly reflected the non-recurrence of a concentrated
distressed position in 2021. Origination & Advisory Revenues were
€ 1.0 billion euros, down 62% year on year, reflecting lower industry fee
pools and mark to market losses in Leveraged Debt Capital Markets, while
Advisory revenues were essentially flat, outperforming a lower industry fee
pool. Deutsche Bank returned to the no 1 ranking in German M&A (source:
Dealogic). In the fourth quarter, net revenues were € 1.7 billion, down 12%
year on year. FIC revenues grew 27% to € 1.5 billion, the highest fourth
quarter for more than ten years. This was more than offset by a 71% year-
on-year decline in Origination & Advisory revenues.
• Private Bank net revenues were € 9.2 billion, up 11% year on year.
Revenues were up 6% if adjusted for specific items, predominantly the
aforementioned gain on sale in Italy, and the reduced impact of forgone
revenues relating to the German Federal Court of Justice (BGH) ruling on
pricing agreements in April 2021. Growth was driven by higher interest
rates, FX movements and higher business volumes. New business volumes
were € 41 billion in 2022 and comprised net inflows into assets under
management, including deposits and investment products, of € 30 billion,
and net new client loans of € 11 billion. Net revenues in the Private Bank
Germany were € 5.3 billion, up 6% year on year, and by 4% if adjusted for
the impact of the BGH ruling. Net revenues in the International Private Bank
were € 3.8 billion, up 19% year on year, and up 9% if adjusted for the gain on
sale in Italy and other specific items which consisted of Sal. Oppenheim
workout activities. In the fourth quarter, Private Bank net revenues were
€ 2.5 billion, up 23% over the fourth quarter of 2021, and up 10% if adjusted
for specific items and the BGH ruling impact, while net inflows into assets
under management were € 5 billion. Revenues in the Private Bank Germany
were € 1.4 billion, up 7%, while revenues in the International Private Bank
were € 1.2 billion, up 49% year on year, and up 10% if adjusted for the gain
on sale in Italy and other specific items.
• Asset Management net revenues were € 2.6 billion, down 4% year on year.
Management fees rose 4%, reflecting higher fees in Alternatives which were
partly offset by negative market impacts on revenues from Active and
Passive products. Growth in management fees and a positive impact from
FX movements were more than offset by a significant year-on-year decline
in performance fees, partly reflecting the non-recurrence of a large
performance fee on a Multi-Asset fund recorded in the fourth quarter of
2021. Assets under management were € 821 billion at year-end 2022, down
11% from the end of the prior year, predominantly driven by market
depreciation; net outflows of € 20 billion were more than offset by a positive
FX impact of € 22 billion during the year. In the fourth quarter, net revenues

Media Release 5 | 13
 were € 609 million, down 23% year on year, largely driven by significantly
lower performance fees, reflecting the aforementioned non-recurrence of
a large performance fee. Fourth-quarter assets under management declined
by € 12 billion, including net outflows of € 2 billion.
Continued reductions in noninterest expenses

Noninterest expenses were € 20.4 billion, down 5% year on year. This partly
reflected a significant decline in transformation charges as Deutsche Bank
completed the transformation initiatives announced in 2019. This more than offset
a year-on-year rise in bank levies of 38%, or approximately € 200 million. Adjusted
costs ex-transformation charges and bank levies1 were € 19.0 billion, essentially
flat compared to the prior year, and down 3% if adjusted for FX movements.
A 3% rise in compensation and benefits expenses was offset by lower non-
compensation expenses, including lower IT and professional services expenses,
reflecting the bank’s continued cost reduction efforts, with reductions in costs
from outsourced operations and occupancy-related expenditure.

Within the transformation period, adjusted costs ex-transformation charges and

bank levies1 have been reduced by more than € 3 billion compared to € 22.1 billion
in 2018. This reflected a reduction of around € 1.0 billion in compensation and
benefits due to changes in workforce size and composition; a reduction of around
€ 0.5 billion in IT spending, despite cumulative expenditure of around € 15 billion
during transformation; a reduction of approximately € 0.5 billion in professional
services costs; and a reduction of more than € 1.0 billion in other items including
building costs, operational tax and insurance expenses, and travel and marketing
expenses.

In the fourth quarter, noninterest expenses were € 5.2 billion, down 7% from the
fourth quarter of 2021. Noninterest expenses in the quarter included an
impairment of intangibles of € 68 million relating to a historic acquisition in Asset
Management. Noninterest expenses also reflect settlements and other
developments in certain litigation and regulatory enforcement matters, including
ongoing regulatory discussions to resolve matters concerning adherence to prior
orders and settlements related to sanctions and embargoes and AML compliance,
and remedial agreements and obligations related to risk management
issues. Adjusted costs ex-transformation charges and bank levies1 were
€ 4.8 billion, down 2%, and down 4% if adjusted for FX movements.
Compensation and benefits expenses were essentially stable year on year,
although lower if adjusted for FX movements, while IT expenses, professional
services and other expenses were all lower compared to the prior year quarter.

The workforce was 84,930 full-time equivalents (FTEs) at the end of 2022, up
by 374 FTEs during the fourth quarter. This increase predominantly reflects
continued internalization of external staff which added 455 FTEs in the quarter.

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Credit provisions remain contained in a more challenging credit environment

Provision for credit losses was € 1.2 billion in 2022, up from € 515 million in 2021.
The year-on-year development reflected more challenging macro-economic
conditions during most of 2022 against the backdrop of the war in Ukraine, while
2021 benefited from economic recovery following the easing of COVID-19
restrictions. Provisions were 25 basis points of average loans, in line with guidance
provided in March 2022. Provision for non-performing loans (Stage 3) was
€ 1.0 billion, spread across regions and segments. Provision for performing loans
(Stage 1 and 2) was € 204 million and was driven by deteriorating macro-economic
forecasts through most of the year.

In the fourth quarter, provision for credit losses was € 351 million, up from
€ 254 million in the prior year quarter, comprising Stage 3 provisions of
€ 390 million and a net release of Stage 1 and 2 provisions of € 39 million.
Provisions in the quarter benefited from the release of an overlay from previous
periods and stabilizing macro-economic forecasts towards the end of the quarter.
The year-on-year increase was driven by certain individual situations and did not
reflect broader trends across the portfolio.

Sustained, significant reduction in Russia Exposure during 2022

Deutsche Bank significantly reduced its Russian credit exposure during 2022.
Gross loan exposure was reduced by 42% to € 806 million while net loan exposure
was cut by 36% to € 379 million. Additional contingent risk was reduced by 90% to
€ 154 million. This comprised undrawn commitments of € 78 million, down from
€ 1.0 billion at the end of 2021 and largely mitigated by contractual drawdown
protection and parental guarantees for multinational corporates, and guarantees
of € 76 million, down 86% during 2022 after significant roll-offs during the year.
Deutsche Bank remains committed to further exposure reductions.

Capital, leverage and liquidity: in line with goals

The CET1 ratio was 13.4% at the end of the fourth quarter of 2022, up from 13.3%
at the end of the third quarter. This development reflected the positive capital
impact of fourth-quarter earnings, largely offset by regulatory deductions for
deferred tax assets, dividends and Additional Tier 1 (AT1) coupons. A small
positive impact from FX movements was more than offset by the impact of RWA
changes, primarily higher market risk RWA. The CET1 ratio has remained above
the bank’s target minimum of 12.5% since the launch of transformation in the
second quarter of 2019.

The Leverage ratio was 4.6% in the fourth quarter, in line with the bank’s target,
and up from 4.3% in the third quarter. The quarter-on-quarter development
reflected the positive impacts of FX movements, lower leverage exposure driven
by seasonally lower trading activity, and the rise in Tier 1 capital driven by fourth-
quarter earnings and an AT1 capital issuance in November, partly offset by the
aforementioned regulatory deductions.

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Liquidity reserves were € 256 billion at the end of the fourth quarter, down slightly
from € 262 billion at the end of the third quarter, including High Quality Liquid
Assets of € 219 billion. The Liquidity Coverage Ratio was 142%, above the
regulatory requirement of 100% and a surplus of € 64 billion. The Net Stable
Funding Ratio was 119%, at the upper end of the bank’s target range of 115-120%
and implying a surplus of € 98 billion above required levels.

2025 goals reaffirmed

Deutsche Bank reaffirmed its financial targets and capital objectives for 2025. The
bank aims for a post-tax RoTE1 of above 10%, compound annual revenue growth
of between 3.5% and 4.5% from 2021, and a cost/income ratio of below 62.5%.
The bank further aims for a CET1 ratio of around 13% in 2025, reaffirms its target
for a payout ratio of 50% from 2025 onwards and aims for € 8 billion in capital
distributions to shareholders in respect of the financial years 2021 through 2025.
Sustainable Finance: cumulative volumes ahead of target

ESG-related financing and investment volumes2 in the fourth quarter were

€ 18 billion. This brought the cumulative total since January 1, 2020, to € 215
billion for the Deutsche Bank Group ex-DWS, up from € 157 billion at the end of
2021. This exceeds the bank’s year-end 2022 target for a cumulative total of
€ 200 billion, despite a challenging environment in 2022. Volumes in 2022
included a net negative adjustment due to the new MiFID regulation introduced in
August 2022, as certain assets under management were reclassified from the
Sustainable Finance Disclosure Reporting (SFDR) methodology.

Total volumes by business, during the fourth quarter and cumulative since
January 1, 2020, were as follows:

• Corporate Bank: € 5 billion in sustainable financing, bringing the Corporate

Bank’s cumulative total to € 40 billion

• Investment Bank: € 13 billion in sustainable financing and capital market

issuance, for a cumulative total of € 128 billion
• Private Bank: volumes of € 1 billion during the quarter. The Private
Bank’s cumulative total at year end was € 48 billion, comprising
€ 10 billion in loans and € 37 billion in ESG investments.

On March 2, 2023, Deutsche Bank will host its second Sustainability Deep Dive.
Christian Sewing, Chief Executive Officer, Jörg Eigendorf, Chief Sustainability
Officer and other senior executives will provide updates on the bank’s strategy,
progress and outlook.

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Group results at a glance

Three months ended Twelve months ended

in € m Dec 31, Dec 31, Absolute Change Dec 31, Dec 31, Absolute Change
(unless stated otherwise) 2022 2021 Change in % 2022 2021 Change in %
Total net revenues, of which: 6,315 5,900 415 7 27,210 25,410 1,800 7
Corporate Bank (CB) 1,760 1,352 408 30 6,335 5,151 1,185 23
Investment Bank (IB) 1,675 1,913 (238) (12) 10,016 9,631 385 4
Private Bank (PB) 2,507 2,040 467 23 9,155 8,234 921 11
Asset Management (AM) 609 789 (180) (23) 2,608 2,708 (100) (4)
Capital Release Unit (CRU) (12) 5 (16) N/M (28) 26 (54) N/M
Corporate & Other (C&O) (225) (199) (26) 13 (877) (340) (537) 158
Provision for credit losses 351 254 97 38 1,226 515 710 138
Noninterest expenses 5,189 5,564 (374) (7) 20,390 21,505 (1,115) (5)
Profit (loss) before tax 775 82 693 N/M 5,594 3,390 2,205 65
Profit (loss) 1,978 315 1,663 N/M 5,659 2,510 3,149 125
Profit (loss) attributable to Deutsche Bank
1,803 145 1,658 N/M 5,025 1,940 3,085 159
shareholders

Common Equity Tier 1 capital ratio 13.4 % 13.2 % 0.1 ppt N/M 13.4 % 13.2 % 0.1 ppt N/M
Leverage ratio (reported/fully loaded) 4.6 % 4.9 % (0.3) ppt N/M 4.6 % 4.9 % (0.3) ppt N/M
N/M – Not meaningful
Prior year segmental information presented in the current structure
Starting with Q1 2022, leverage ratio is presented as reported, as the fully loaded definition has been discontinued due to immaterial differences;
comparative information for earlier periods is unchanged and based on DB’s earlier fully loaded definition

1 Fora description of this and other non-GAAP financial measures, see ‘Use of non-GAAP financial measures’
on pp 17-25 of the fourth quarter 2022 Financial Data Supplement

2Cumulative ESG volumes include sustainable financing (flow) and investments (stock) in the Corporate Bank,
Investment Bank and Private Bank from January 1, 2020 to date, as set forth in Deutsche Bank’s Sustainability
Deep Dive of May 20, 2021. Products in scope include capital market issuance (bookrunner share only),
sustainable financing and period-end assets under management. Cumulative volumes and targets do not
include ESG assets under management within DWS, which are reported separately by DWS.

The figures in this release are preliminary and unaudited. The Annual Report 2022
and Form 20-F are scheduled to be published on March 17, 2023.

For further information please contact:

Deutsche Bank AG

Media Relations Investor Relations

Christian Streckert +49 800 910-8000
Phone: +49 69 910 38079 db.ir@db.com

Eduard Stipic
Phone: +49 69 910 41864

Charlie Olivier
Phone: +44 207 545 7866
db.media@db.com

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Annual Media Conference

Deutsche Bank will today host its Annual Media Conference. Christian Sewing,
Chief Executive Officer, and James von Moltke, Chief Financial Officer, will
discuss the bank’s fourth-quarter and full-year 2022 financial results and provide
an update on the bank’s strategy and outlook. This event can be followed live on
the bank's website from 09:30 to 11:30 CET.

Analyst call

An analyst call to discuss fourth quarter and full-year 2022 financial results will
take place at 13:00 CET today. The Financial Data Supplement (FDS), presentation
and audio webcast for the analyst conference call are available at:
www.db.com/quarterly-results

A fixed income investor call will take place tomorrow, February 3, 2023, at
15:00 CET. This conference call will be transmitted via internet:
www.db.com/quarterly-results

About Deutsche Bank

Deutsche Bank provides retail and private banking, corporate and transaction banking, lending,
asset and wealth management products and services as well as focused investment banking to
private individuals, small and medium-sized companies, corporations, governments and
institutional investors. Deutsche Bank is the leading bank in Germany with strong European roots
and a global network.

Forward-looking statements

This release contains forward-looking statements. Forward-looking statements are statements that are not
historical facts; they include statements about our beliefs and expectations and the assumptions underlying
them. These statements are based on plans, estimates and projections as they are currently available to the
management of Deutsche Bank. Forward-looking statements therefore speak only as of the date they are
made, and we undertake no obligation to update publicly any of them in the light of new information or future
events.

By their very nature, forward-looking statements involve risks and uncertainties. A number of important
factors could therefore cause actual results to differ materially from those contained in any forward-looking
statement. Such factors include the conditions in the financial markets in Germany, in Europe, in the United
States and elsewhere from which we derive a substantial portion of our revenues and in which we hold a
substantial portion of our assets, the development of asset prices and market volatility, potential defaults of
borrowers or trading counterparties, the implementation of our strategic initiatives, the reliability of our risk
management policies, procedures and methods, and other risks referenced in our filings with the U.S.
Securities and Exchange Commission. Such factors are described in detail in our SEC Form 20-F of 11 March
2022 under the heading “Risk Factors”. Copies of this document are readily available upon request or can be
downloaded from www.db.com/ir.

Basis of Accounting

Results are prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the
International Accounting Standards Board (“IASB”) and endorsed by the European Union (“EU”), including
application of portfolio fair value hedge accounting for non-maturing deposits and fixed rate mortgages with

Media Release 10 | 13
pre-payment options (the “EU carve-out”). Fair value hedge accounting under the EU carve-out is employed to
minimise the accounting exposure to both positive and negative moves in interest rates in each tenor bucket
thereby reducing the volatility of reported revenue from Treasury activities.

For the three-month period ended December 31, 2022, application of the EU carve-out had a positive impact
of € 304 million on profit before taxes and of € 227 million on profit. For the same time period in 2021, the
application of the EU carve-out had a positive impact of € 148 million on profit before taxes and of € 102
million on profit. For the full year 2022, application of the EU carve-out had a positive impact of € 147 million
on profit before taxes and of € 105 million on profit. For 2021, the application of the EU carve-out had a
negative impact of € 128 million on profit before taxes and of € 85 million on profit. The Group’s regulatory
capital and ratios thereof are also reported on the basis of the EU carve-out version of IAS 39. For the full year
2022, application of the EU carve-out had a positive impact on the CET1 capital ratio of about 3 basis points
and a negative impact of about 2 basis point for 2021. In any given period, the net effect of the EU carve-out
can be positive or negative, depending on the fair market value changes in the positions being hedged and the
hedging instruments.

Use of Non-GAAP Financial Measures

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 or future performance, financial position or cash
flows that contain adjustments that exclude or include amounts that are included or excluded, as the case may
be, from the most directly comparable measure calculated and presented in accordance with IFRS in our
financial statements. Examples of our non-GAAP financial measures, and the most directly comparable IFRS
financial measures, are as follows:

Non-GAAP Financial Measure Most Directly Comparable IFRS Financial Measure

Adjusted profit (loss) before tax, Profit (loss) Profit (loss) before tax
attributable to Deutsche Bank shareholders,
Adjusted profit (loss) attributable to Deutsche Bank
shareholders, Profit (loss) attributable to Deutsche
Bank shareholders and additional equity components

Revenues excluding specific items, Revenues on a Net revenues

currency-adjusted basis, Revenues adjusted for
forgone revenues due to the BGH ruling

Adjusted costs, Adjusted costs excluding Noninterest expenses

transformation charges, Adjusted costs excluding
transformation charges and bank levies, Adjusted
costs excluding transformation charges and bank
levies adjusted for FX movements

Net assets (adjusted) Total assets

Tangible shareholders’ equity, Average tangible Total shareholders’ equity (book value)
shareholders’ equity, Tangible book value, Average
tangible book value

Post-tax return on average shareholders’ equity Post-tax return on average shareholders’ equity
(based on profit (loss) attributable to Deutsche Bank
shareholders after AT1 coupon), Post-tax return on

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 average tangible shareholders’ equity, Adjusted post-
tax return on average tangible shareholders’ equity
ex-BGH ruling

Tangible book value per basic share outstanding, Book value per share outstanding
Book value per basic share outstanding

Adjusted profit (loss) before tax is calculated by adjusting the profit (loss) before tax under IFRS for specific
revenue items, transformation charges, impairments of goodwill and other intangibles, as well as restructuring
and severance expenses.

Specific revenue items generally fall outside the usual nature or scope of the business and are likely to distort
an accurate assessment of the divisional operating performance.

Revenues and costs on a currency-adjusted basis are calculated by translating prior period revenues or costs
that were generated or incurred in non-euro currencies into euros at the foreign exchange rates that prevailed
during the current period. These adjusted figures, and period-to-period percentage changes based thereon, are
intended to provide information on the development of underlying business volumes and costs.

Adjusted costs are calculated by deducting (i) impairment of goodwill and other intangible assets, (ii) net
litigation charges and (iii) restructuring and severance (in total referred to as nonoperating costs) from
noninterest expenses under IFRS.

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

Transformation-related effects are financial impacts resulting from the strategy announced on July 7, 2019.
These include transformation charges, goodwill impairments in the second quarter 2019, as well as
restructuring and severance expenses from the third quarter 2019 onwards. In addition to the aforementioned
pre-tax items, transformation-related effects on a post-tax basis include pro-forma tax effects on the
aforementioned items and deferred tax asset valuation adjustments in connection with the transformation of
the Group.

ESG Classification

We defined our sustainable financing and investment activities in the “Sustainable Financing framework –
Deutsche Bank Group” which is available at investor-relations.db.com. Given the cumulative definition of our
target, in cases where validation against the Framework cannot be completed before the end of the reporting
quarter, volumes are disclosed upon completion of the validation in subsequent quarters.
In Asset Management DWS introduced its ESG Product Classification Framework (“ESG Framework”) in 2021
taking into account relevant legislation (including Regulation (EU) 2019/2088 – SFDR), market standards and
internal developments. The ESG Framework is further described in the Annual report 2021 of DWS under the
heading ”Our Product Suite – Key Highlights / ESG Product Classification Framework” which is available at
https://group.dws.com/ir/reports-and-events/annual-report/. There is no change in the ESG Framework in the
fourth quarter of 2022. DWS will continue to develop and refine its ESG Framework in accordance with
evolving regulation and market practice.
We have measured the carbon footprint of our corporate loan portfolio in accordance with the standards laid
out in our publication “Towards Net Zero Emissions” (March 2022) available here. In doing so we used in part
information from third-party sources that we believe to be reliable, but which has not been independently

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verified by us, and we do not represent that the information is accurate or complete. The inclusion of
information contained in this release should not be construed as a characterization regarding the materiality or
financial impact of that information.
If emissions have not been publicly disclosed, these emissions may be estimated according to the Partnership
for Carbon Accounting Financials (PCAF) standards. For borrowers whose emissions have not been publicly
disclosed, we estimate their emissions according to the PCAF emission factor database. Since there is no
unified source of carbon emission factors (including sustainability-related database companies, consulting
companies, international organizations, and local government agencies), the results of estimations may be
inconsistent and uncertain.
We reserve the right to update its measurement techniques and methodologies in the future.

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