History and development of the company The legal and commercial name of the company is Deutsche Bank Aktiengesellschaft. It is a stock corporation organized under the laws of Germany. Deutsche Bank Aktiengesellschaft originated from the reunification of Norddeutsche Bank Aktiengesellschaft, Hamburg, Rheinisch-Westfälische Bank Aktiengesellschaft, Düsseldorf, and Süddeutsche Bank Aktiengesellschaft, Munich. Pursuant to the Law on the Regional Scope of Credit Institutions, these were disincorporated in 1952 from Deutsche Bank, which had been founded in 1870. The merger and the name were entered in the Commercial Register of the District Court Frankfurt am Main on May 2, 1957. Deutsche Bank is registered under registration number HRB 30 000. Deutsche Bank’s registered address is Taunusanlage 12, 60325 Frankfurt am Main, Germany, and its telephone number is +49-69-910-00. The bank’s agent in the United States is: DB USA Corporation, c/o Office of the Secretary, 1 Columbus Circle, Mail Stop NYC01-1950, New York, New York 10019-8735. For information on significant capital expenditures and divestitures, please see “Combined Management Report: Operating and financial review: Deutsche Bank Group: Significant capital expenditures and divestitures” in the Annual Report 2025. The Securities and Exchange Commission (“SEC”) maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC, such as Deutsche Bank Aktiengesellschaft, with the address http://www.sec.gov. Deutsche Bank’s filings are available on the SEC’s Internet site under File Number 001-15242 and Internet address is http://www.db.com. Business Overview Deutsche Bank’s organization Please see “Combined Management Report: Operating and financial review: Deutsche Bank Group: Deutsche Bank’s organization” in the Annual Report 2025. For information on net revenues by geographic area and by corporate division please see Note 4 “Business Segments and related information: Entity-wide disclosures” to the consolidated financial statements and “Combined Management Report: Operating and financial review: Results of operations: Segment results of operations” in the Annual Report 2025. Management structure Please see “Combined Management Report: Operating and financial review: Deutsche Bank Group: Management structure” in the Annual Report 2025. 41 Deutsche Bank Item 4: Information on the company Annual Report 2025 on Form 20-F Business Strategy Business Strategy The information presented in this section is based on IFRS as issued by the IASB (IASB IFRS), whereas Deutsche Bank’s financial targets and capital objectives are based on financial results prepared in accordance with IFRS as issued by the IASB and endorsed by the EU (EU IFRS). The IASB IFRS financial results may materially differ from the EU-IFRS results as Deutsche Bank applies hedge accounting under the EU carve-out. Deutsche Bank does not use the IASB IFRS financial results as a basis for measuring the bank’s progress towards its financial targets or capital objectives. For additional details, please refer to “Note 01 – Material Accounting Policies and Critical Accounting Estimates – EU carve-out” to the consolidated financial statements. Global Hausbank Deutsche Bank’s strategic and financial roadmap for 2025 aimed to position the bank as the Global Hausbank, underpinned by strong European foundations and a broad international network. The strategy focused on achieving the 2025 financial targets and capital objectives and was built on three core pillars: risk management, sustainability and technology, priorities that have become even more important amid persistent geopolitical and macroeconomic uncertainty. By the end of 2025, the bank had met or surpassed its key financial targets and capital objectives, measured on the financial results prepared in accordance with IFRS as issued by the IASB and endorsed by the EU (EU IFRS), thereby laying a firm foundation to scale the Global Hausbank. At the Investor Deep Dive in November 2025, Deutsche Bank announced the next phase of its strategy and financial targets and capital objectives for 2028. Having restored the bank’s profitability and strengthened its foundations, the bank’s focus will be on accelerating value creation by scaling the Global Hausbank. Deutsche Bank’s goal is to tap significant further growth potential, building on its position as the trusted partner for clients in a changing environment. The bank’s long‑term vision is to become the European Champion in banking, marked by leadership in key business segments on a European level, market-leading returns, a deep and scaled global presence and an AI-powered and innovation-focused organization. Deutsche Bank’s key performance indicators for 2025 Financial targets: –Post-tax return on average tangible equity of above 10% for the Group –Compound annual growth rate of revenues between 2021 and 2025 of 5.5% to 6.5% –Cost/income ratio of below 65% Capital objectives: –Common Equity Tier 1 (CET1) capital ratio within an operating range of 13.5% to 14.0%, with a 200 basis points distance to the Maximum Distributable Amount (MDA) as a floor –50% Total payout ratio from 2025 When used with respect to future periods, non-GAAP financial measures Deutsche Bank uses are forward-looking statements. Deutsche Bank cannot predict or quantify the levels of the most directly comparable financial measures under IFRS that would correspond to these measures for future periods. This is because neither the magnitude of such IFRS financial measures, nor the magnitude of the adjustments to be used to calculate the related non-GAAP financial measures from such IFRS financial measures, can be predicted. Such adjustments, if any, will relate to specific, currently unknown, events and in most cases can be positive or negative, so that it is not possible to predict whether, for a future period, the non-GAAP financial measure will be greater than or less than the related IFRS financial measure. 42 Deutsche Bank Item 4: Information on the company Annual Report 2025 on Form 20-F Business Strategy Financial performance in 2025 In 2025, net revenues were € 31.4 billion in 2025, essentially flat compared to € 31.5 billion in 2024. From 2021 to year end 2025, revenues grew at a compound annual rate of 5.3%. On operational efficiency, Deutsche Bank completed its € 2.5 billion operational efficiency program as planned by the end of 2025. Measures included the optimization of the bank’s platform in Germany and workforce reductions, notably in non-client-facing roles. Deutsche Bank’s capital efficiency program delivered further risk-weighted assets (RWA) equivalent benefits in 2025. These efficiencies contributed to the bank’s year end 2025 CET1 capital ratio of 14.2%, which was up versus 13.8% at the end of 2024. During 2025, the bank made capital distributions in respect of 2024 of € 2.3 billion, up by around 50% from 2024. These included the dividend of € 0.68 per share, or € 1.3 billion in aggregate, and share buybacks of € 1.0 billion. For 2026, Deutsche Bank plans to propose a dividend in respect of the 2025 financial year of € 1.00 per share, or approximately € 1.9 billion in aggregate, up 50% from € 0.68 per share for 2024, at the bank’s Annual General Meeting in May 2026. The bank has also secured customary authorizations for up to € 1.0 billion in further share repurchases in respect of 2025. Together, these measures would increase cumulative capital distributions to shareholders by a further € 2.9 billion. Cumulative capital distributions in respect of the financial years 2021–2025, to be paid in 2022–2026, thereby amounting to € 8.5 billion. 43 Deutsche Bank Item 4: Information on the company Annual Report 2025 on Form 20-F Business Strategy Sustainability Sustainability is a fundamental aspect of Deutsche Bank’s strategy. In 2025, the bank continued to focus on the four pillars of its sustainability strategy: Sustainable Finance, Policies & Commitments, People & Own Operations, and Thought Leadership & Stakeholder Engagement. Deutsche Bank set ambitious targets to maximize its contribution to achieving the Paris Climate Agreement’s targets and the United Nations (UN) Sustainable Development Goals. The key targets and goals relate to the following sustainability matters: –Deutsche Bank set new cumulative € 900 billion sustainable and transition finance target for the period from 2020 to the end of 2030, reinforcing its role as a trusted partner for the bank’s clients in the global transformation. The bank aimed to achieve a total of € 500 billion cumulative sustainable finance and ESG investments volumes from January 2020 to end of 2025 (excluding Asset Management (DWS)). Although the original target was not achieved by the end of 2025, Deutsche Bank remains committed to providing sustainable financing and ESG investment solutions to its clients and expects to surpass € 500 billion in the first half of 2026. Progress towards the original target was impacted by several factors over the period, including higher interest rates, regulatory developments as well as changes in the policy environment –Deutsche Bank introduced a nature ambition to facilitate 300 transactions by the end of 2027, supporting biodiversity as well as ecosystem conservation and restoration in alignment with the United Nations Sustainable Development Goals –Deutsche Bank is committed to achieving net zero emissions by 2050. In the previous years, Deutsche Bank has set net zero targets for eight carbon-intensive sectors in its corporate loan book, with interim goals by end of 2030 and final targets by end of 2050 –Deutsche Bank planned to source 100% of its electricity from renewable sources by 2025 and has achieved this target –In 2021, the bank committed to an aspirational goal to have women represent at least 35% of its Managing Director, Director and Vice President population globally (excluding Asset Management) by year end 2025, known as the ’35 by 25’ program. By year end 2025, women represented 34.1% of the bank’s Managing Director, Director and Vice President population globally, with the female representation on senior corporate titles increasing from 2021 to 2025 by 4.2 percentage points –The bank aims to increase gender diversity at the two levels below the Management Board (MB-1 and MB-2) with a goal of 30% of positions to be held by women by year end 2025, thereby promoting equal opportunity within the Management Board succession pipeline. The bank effectively met the goal for MB-1 and reached 28.2% at MB-2. In line with German legal requirements, the bank will retain goals beyond 2025 for the two layers below the Management Board with a goal of 32.5% women at both MB-1 and MB-2 by year end 2026, having regard to local law In 2025, Deutsche Bank published its initial Transition Finance Framework, defining clear rules for financing net zero transitions in hard-to-abate sectors. Furthermore, the bank updated its Transition Plan with the latest data and main achievements and updated the Sustainable Instruments Framework to align with relevant adjustments to the Sustainable Finance Framework, effective from January 1, 2026. 44 Deutsche Bank Item 4: Information on the company Annual Report 2025 on Form 20-F Business Strategy Scaling the Global Hausbank The bank believes that the progress made in transforming Deutsche Bank laid a strong foundation for delivering sustainable growth through 2028. At the Investor Deep Dive in November 2025, Deutsche Bank presented its strategic and financial roadmap for the period to 2028, outlining plans to further scale the bank’s position as a Global Hausbank and setting out its financial targets and capital objectives for 2028. Deutsche Bank’s key financial targets and capital objectives for 2028 Financial targets: –Post-tax return on average tangible equity of greater than 13% for the Group –Cost/income ratio of below 60% Capital objectives: –CET1 capital ratio within an operating range of 13.5% to 14.0%, with a 200 basis points distance to the Maximum Distributable Amount (MDA) as a floor –60% Total payout ratio from 2026 and distribution of excess capital when CET1 capital ratio is sustainably above 14% When used with respect to future periods, non-GAAP financial measures Deutsche Bank uses are forward-looking statements. Deutsche Bank cannot predict or quantify the levels of the most directly comparable financial measures under IFRS that would correspond to these measures for future periods. This is because neither the magnitude of such IFRS financial measures, nor the magnitude of the adjustments to be used to calculate the related non-GAAP financial measures from such IFRS financial measures, can be predicted. Such adjustments, if any, will relate to specific, currently unknown, events and in most cases can be positive or negative, so that it is not possible to predict whether, for a future period, the non-GAAP financial measure will be greater than or less than the related IFRS financial measure. Accelerating value creation through three strategic levers The next phase of Deutsche Bank’s strategy is centered around three levers: focused growth, disciplined capital management and a scalable operating model. These levers are anchored in a firm commitment to shareholder‑value‑add (SVA) as the central steering principle, aiming at sharpening decision‑making, aligning resource allocation with value creation and strengthening a culture of accountability. Anchored in its ambition to scale the Global Hausbank, Deutsche Bank aims to deepen client engagement and strengthen collaboration across segments to deliver its full capabilities. Focused growth: Focused growth is a core driver of Deutsche Bank’s strategic ambition through 2028. The bank expects focused growth areas to contribute meaningfully to long term revenue expansion, targeted to deliver approximately € 5 billion in incremental revenues, increasing Group revenues from € 32 billion to approximately € 37 billion by 2028. This trajectory reflects a balanced uplift across fee generating and interest sensitive activities, including roughly € 2.6 billion in additional net commission and fee income and € 2.3 billion in net interest income, underpinned by the structural hedge rollover, the strength of the German deposit franchise and targeted loan growth across the bank. Growth is expected to be reinforced by more coordinated client coverage, with the Corporate Bank and Investment Bank jointly supporting corporate and institutional clients, the Private Bank and Asset Management enhancing investment and retirement solutions, and the segments contributing to a greater share of client business. Disciplined capital management: Deutsche Bank manages capital as a strategic lever, ensuring it is deployed where returns are strongest and aligned with the bank’s SVA guiding principles. The bank’s capital strategy is grounded in disciplined balance sheet management, focused on reallocating resources toward capital accretive activities. By the end of 2028, Deutsche Bank aims to deliver a more than 100 basis point uplift in revenues over RWA (excluding operational risk RWA), supported by strengthened pricing discipline, enhanced balance sheet velocity and expanded risk transfer and securitization channels. The bank aims to maintain a CET1 capital ratio of 13.5% to 14.0%, with a 200 basis points distance to the MDA as a floor. The bank targets a 60% total payout ratio from 2026, and to distribute excess capital when its CET1 capital ratio is sustainably above 14%. Scalable operating model: Deutsche Bank intends to strengthen the scalability and resilience of its operating model to support long-term growth and improved productivity across the Group. The bank’s objective is to deliver around 6% operating leverage in 2028, enabled by a balanced combination of forward-looking investments and disciplined cost management. Targeted € 1.5 billion of incremental investments, including technology, artificial intelligence and business- led initiatives, are designed to unlock early efficiency gains while modernizing core platforms of the bank. These investments are expected to be more than offset by at least € 2 billion in operating efficiencies, driven by front to back process optimization, enhanced IT architecture and transformation across infrastructure functions. This approach supports a sustained improvement in the cost/income ratio with a target below 60% by 2028, while maintaining cost discipline, with expenses excluding business-led investments expected to rise only modestly. 45 Deutsche Bank Item 4: Information on the company Annual Report 2025 on Form 20-F Business Strategy Post-tax return on average tangible equity is a Non-GAAP financial measure. Please refer to “Supplementary financial information (Unaudited): Non-GAAP financial measures” of this report for the definitions of such measures and reconciliations to the IFRS numbers on which they are based. With effect from the first quarter of 2026, Deutsche Bank will discontinue the separate reporting of adjusted costs and nonoperating costs. Deutsche Bank Business segments Corporate Bank Corporate Bank’s capabilities in Cash Management, Trade Finance and Lending, and Trust and Securities Services are intended to enable the segment to serve the core needs of its clients. Corporate Bank helps clients optimize their working capital and liquidity, secure global supply chains and distribution channels, and manage their risks, in close collaboration with Foreign Exchange within the Investment Bank. Furthermore, Corporate Bank acts as a specialized provider of services to financial institutions, offering Correspondent Banking and Trust and Securities Services. Corporate Bank combined its Trust and Agency Services and Securities Services businesses into a new unified Trust and Securities Services organization in mid-2025. Finally, Deutsche Bank provides Business Banking services to small corporate and entrepreneur clients in Germany through a standardized product suite. In 2025, Corporate Bank continued to make progress on its strategic objectives, notably by growing net commission and fee income across all regions, while interest hedging and strong deposit growth partly offset deposit margin normalization. Corporate Bank was awarded “No. 1 Best Trade Finance Bank” by the FINANCE Banken-Survey and “World’s Best Corporate Trust Bank” by the IJ Global Awards. Deutsche Bank believes that these awards recognize Corporate Bank’s deep client relationships and client- centric solutions offering. Corporate Bank’s strategy is anchored around focused growth, strict capital discipline and a scalable operating model, supporting Deutsche Bank’s Scaling the Global Hausbank strategy. In line with the direction set out at the 2025 Investor Deep Dive, Deutsche Bank expects meaningful expansion across its core client groups: corporates, institutions as well as small and medium‑sized enterprises. The bank also aims to broaden its platforms and deliver tailored solutions that address clients’ strategic requirements. Building on its strong leadership in Germany, Corporate Bank aims to deepen its position as the trusted partner to the German and European economies, supported by fiscal expansion and strengthened collaboration across Deutsche Bank’s business segments. Corporate Treasury Services aims to further scale its platform across core products, enabling increased density and a greater range of client offerings, while reallocating capital from sub-hurdle businesses. Institutional Client Services aims to grow its client base in collaboration with the Investment Bank, increase penetration with an extended product offering, and win back U.S. dollar market share in correspondent banking. Business Banking aims to grow its client base, especially gaining from digital sales and by leveraging artificial intelligence and data-driven automated campaigning initiatives that enable more targeted outreach and higher conversion rates. As a transition partner, Deutsche Bank supports clients across sector value chains in achieving strategic goals, strengthening competitiveness and resilience, and managing financial operations, while integrating sustainable finance capabilities into treasury and financing activities. The bank continues to adapt its sector-aligned sustainable finance capabilities to meet evolving client needs and to enable transition across business models, facilitating progress toward net-zero objectives by combining deep industry knowledge with tailored financial solutions. To support this ambition, Corporate Bank is building a scalable operating model that increases efficiency, enhances client delivery and positions the business for sustainable growth. The segment is investing in technology‑enabled solutions, strengthened payment capabilities and faster execution enabled by artificial intelligence and automation. These initiatives are complemented by process redesign and platform integration to improve reliability, standardization and speed across the global franchise. Corporate Bank aims to further leverage its extensive international network across more than 140 countries, combining global reach with deep local expertise. This approach supports seamless delivery across Corporate and Institutional Cash Management, Trade Finance & Lending, Trust & Securities Services and Business Banking. Through scalable technology deployment and increased operational integration, Corporate Bank aims to enhance productivity, improve resilience and reinforce its competitive differentiation in an evolving market environment. Aligned with its strategic priorities, Corporate Bank remains committed to strict capital discipline and prudent risk management, while maintaining high lending standards and preserve the quality of its loan portfolio. It plans to continue reallocating risk‑weighted assets toward portfolios with stronger shareholder-value accretion and to increase balance‑sheet velocity through expanded distribution‑led structuring and broader loan syndication. Through focused growth and a scalable platform across Corporate Treasury Services, Institutional Client Services and Business Banking, Corporate Bank strengthens its contribution to scaling the Global Hausbank and aims to deliver sustainable growth and disciplined returns for clients and shareholders. 46 Deutsche Bank Item 4: Information on the company Annual Report 2025 on Form 20-F Business Strategy Investment Bank The Investment Bank is made up of two principal businesses: Fixed Income & Currencies (FIC) and Investment Banking & Capital Markets (IBCM). Across these businesses, corporate and institutional clients are offered a comprehensive range of services encompassing financing, market making, risk-management solutions, advisory and debt and equity issuance. The segment regionally encompasses Europe, Americas and APAC/MEA. In 2025, the Investment Bank delivered a strong performance, with a revenue increase of 9% compared to 2024, a materially increased return on equity and improved cost/income ratio. This performance reflects the execution of strategic priorities, enhancing the service offering for clients and building on the franchise development over recent years. During the year, Deutsche Bank was also named “World’s Best FX Bank” in the 2025 Euromoney FX Awards, reaffirming the bank’s position as one of the leading banks in this market and demonstrating an enhanced offering to clients. The Investment Bank intends to concentrate on areas of competitive strength to drive focused revenue growth across the segment. The segment is pursuing this through three complementary priorities. One area of focus is to position IBCM to become a leading European franchise and build on German leadership and a focused global offering, with the aim of strengthening IBCM’s position in core sectors and expanding Advisory and Equity Capital Markets capabilities, while maintaining the strength of the Debt franchise. This includes deepening corporate client relationships closely aligned with the Corporate Bank and lending, acquiring new clients to broaden industry coverage, and investing in sector and product expertise. A key priority is developing Equity distribution capability to support Equity Capital Markets growth. In parallel, the segment expects to further invest in the FIC platform to reinforce its strong global position. In the Americas, growth is expected to come from targeted investments in selected business lines, while capital allocation to Financing should help offset spread compression, supported by initiatives to deepen client relationships. Complementing these efforts, the strategy intends to further leverage the Global Hausbank by driving cross-business collaboration with the Corporate Bank to complete coverage across advisory and risk management, the Private Bank, and Asset Management, thereby unlocking opportunities in asset origination, distribution, and joint product development. The segment aims to harness technology and artificial intelligence to transform client service and offerings in a controlled environment. This is expected to be supported by technology investment over the next three years, delivering solutions that enhance client experience through advanced data analytics and execution. The implementation of artificial intelligence enabled automation and end-to-end process redesign should create efficiencies, enabling more time for client engagement and maintaining a competitive cost/income ratio, while strengthening control frameworks to ensure safe and sustainable scalability. Capital is planned to be deployed selectively to support priority growth areas and to develop capital-light franchises such as Advisory and Equity Capital Markets. The segment plans to align this disciplined utilization of capital with high- return opportunities while leveraging the segment’s capabilities and investor network to distribute risk effectively. Finally, the Investment Bank intends to optimize the relationship lending book and enhance client level value creation through advanced analytics. By combining focused growth in core franchises, a scalable technology driven operating model, and disciplined capital deployment, the Investment Bank reinforces its role in scaling the Global Hausbank and is positioned to deliver sustainable profitability. This strategy supports Deutsche Bank’s ambition to create long-term value for clients and shareholders through 2028 and beyond. 47 Deutsche Bank Item 4: Information on the company Annual Report 2025 on Form 20-F Business Strategy Private Bank The Private Bank serves over 20 million clients across 60 markets worldwide. The Private Bank is organized into two client sectors: Personal Banking and Wealth Management (formerly Wealth Management & Private Banking). In Germany, Personal Banking leads the market with around 18 million clients and operates through two main, complementary retail brands: Deutsche Bank as the Hausbank for financial advice and Postbank as a digital-first provider for everyday banking. In addition, norisbank offers a fully digital banking proposition, while BHW specializes in home-finance solutions. In Italy, Spain and India, Personal Banking supports retail and emerging affluent clients, acting as a feeder into Wealth Management. In Germany and across international markets, Wealth Management delivers the Global Hausbank proposition to high-net-worth and ultra-high-net-worth individuals and their family offices, while also serving affluent clients in Europe. In 2025, Personal Banking made significant progress in its transformation journey toward a digital-first, omni-channel business model by right-sizing the physical sales network, investing in modern branch formats, upgrading remote advisory, and accelerating the roll-out of digital and mobile services. A major milestone was the migration of Deutsche Bank’s and norisbank's online, mobile, and telephone banking services to the cloud, enabling faster deployment of new digital features. These upgrades strengthened client engagement across digital channels while also supporting successful deposit campaigns. In Wealth Management, revenues grew across both home and international markets, with robust asset gathering in investment solutions, particularly in discretionary portfolio mandates. The franchise also expanded its alternative- investment offering, supported by the launch of a new private markets fund in collaboration with DWS and Partners Group, a Swiss-based alternative asset manager. Commercial momentum with entrepreneurs and family-office clients remained strong, reinforced by deeper One-Bank collaboration with the Corporate Bank, the Investment Bank and DWS. The evolution of the Wealth Management proposition was also recognized in the industry, earning 15 Euromoney ‘Best Private Bank’ awards in 2025, including ‘Best Bank for Entrepreneurs’ for the third consecutive year, alongside regional and market-specific accolades. Private Bank has outlined its ambitions for 2028 to enhance shareholder value through focused growth, strict capital discipline and a more scalable operating model. Focused growth remains central to both client sectors. In Personal Banking, the deposit offering and new account models are positioned as an entry point for prospective clients, while discretionary investments and pension solutions aim to evolve customer relationships into long-term engagements. Omni-channel interaction and advisory, enriched by artificial-intelligence-driven insights, are expected to further elevate client experience. In Wealth Management, the priority is to grow client assets by expanding in core markets and deepening relationships with ultra-high-net-worth individuals, family offices and family entrepreneurs. This ambition is supported by strategic hiring, strengthened lending capabilities and an expanded suite of investment solutions. To reinforce strict capital discipline, Personal Banking plans to free up capital through securitizations of retail loans and the optimization of portfolios that do not meet targets for shareholder-value accretion. The released capital is expected to be redeployed to self‑fund growth in Wealth Management and to accelerate investments in strategic initiatives. Private Bank aims to streamline and scale its operating model by simplifying products, processes and IT. The plan includes consolidating legacy infrastructure into modern, cloud‑based core banking platforms and deploying agentic artificial intelligence to automate front‑to‑back workflows. In Personal Banking, the business is further optimizing its sales network by reshaping the branch footprint in line with customer preferences and advancing efficiency initiatives to support a more scalable, digitally enabled service model. Wealth Management expects to capture artificial-intelligence- driven process and platform efficiencies across booking centers, while maintaining cost discipline and delivering a globally consistent client experience. Through focused growth, strict capital discipline, and a scalable operating model, the Private Bank is laying the foundation for its long-term evolution to strengthen its overall contribution to the Global Hausbank. 48 Deutsche Bank Item 4: Information on the company Annual Report 2025 on Form 20-F Business Strategy Asset Management Deutsche Bank’s Asset Management segment comprises the consolidated results of its 79.5%-owned, listed affiliate DWS Group GmbH & Co. KGaA (DWS). The segment advanced Deutsche Bank’s strategy by executing on its four strategic pillars Growth, Value, Build and Reduce in 2025. At the same time, the segment prepared to apply the three levers of focused growth, strict capital discipline and a scalable operating model by 2028. In Growth, the Passive franchise, represented by the Xtrackers brand, expanded in Europe and the U.S. with sustainable, thematic and actively managed ETFs, and Alternatives gained momentum in infrastructure and private markets. The European Long-Term Investment Fund (ELTIF) launched by DWS, Deutsche Bank and Partners Group broadened access for investors across private equity, private credit, real estate and infrastructure, reinforcing the franchise’s strength in this area. In Value, Asset Management delivered mature active strategies across equity and fixed income and continued to scale multi-asset solutions, focusing on resilient offerings for institutional clients and the growing importance of pensions, investment advisory and outsourced Chief Investment Officer (CIO) services. In Build, the business advanced digitalization by developing embedded investment solutions and digital assets, establishing an Application Programming Interface (API)-driven ecosystem with distribution partners, and progressing AllUnity’s launch of a regulated euro-denominated stablecoin. In Reduce, capital and resources were reallocated from lower-return or sub-scale products to priority areas, supported by fund transfers, mergers and closures, enabling self-funded growth. By 2028, Asset Management aims to support scaling the Global Hausbank by concentrating on focused growth on five priorities, strict capital discipline and a more scalable operating model. As Gateway to Europe, Asset Management intends to accelerate infrastructure investments and expand private credit with the Corporate Bank and the Investment Bank, and aims to widen distribution through selective regional expansion and the joint development of innovative products and digital investment solutions with the Private Bank. Top 5 in Top 5 aims to build on the market leadership in Germany, enhance the strategic partnership in China with Harvest Fund Management and start collaborations with local players to establish scalable positions in the five largest global economies. Xtrackers benefits from its strong European footprint and thematic product demand in Asia/Pacific and the U.S., while the solutions franchise expands in the institutional channel, including third party insurance mandates. Future of Finance is expected to advance embedded investment via an API ecosystem, develop digital-asset services including stablecoins and on-chain products, and apply artificial intelligence to portfolio construction, risk insights and operations. Under Bullish Germany and Global Hausbank, Asset Management expects to capture home-market opportunities in Germany and leverage Deutsche Bank’s value chain across origination, structuring and distribution. Asset Management maintains strict capital discipline by reallocating resources toward high‑return opportunities, streamlining its product shelf and operating model, and advancing efficiency through talent optimization, automation, AI, and near‑shoring, thereby driving scalable growth for the Global Hausbank and supporting improved earnings and cost efficiency. The scalable operating model is designed to convert growth into earnings with discipline. Asset Management continues its strategy to optimize the platform, near-shore and internalize key functions, build enabling teams and make targeted hires in Alternatives, while broadening the Xtrackers platform and investing in data and digital capabilities. The approach is to limit additional costs despite growth so operating leverage improves the cost and income profile through 2028. 49 Deutsche Bank Item 4: Information on the company Annual Report 2025 on Form 20-F The competitive environment The competitive environment Geopolitical developments regarding the war in Ukraine continued to influence the economic environment and risk perception, as did developments in the Middle East. In addition, U.S. administration trade policy caused market volatility and affected trade flows throughout 2025. The global economy maintained a steady growth momentum of 3.4%. In particular, trade policy compromises between the U.S. and its trading partners, along with various tariff reductions, notably dampened trade policy uncertainty. Inflation decelerated to 3.4%, supporting private consumption and allowing some central banks to implement further interest rate cuts. Developed economies benefited from the trade compromises and reduced uncertainty. Economic momentum varied regionally in 2025, resulting in overall GDP growth of 1.7%. Inflation eased gradually to 2.6%. Some central banks further lowered their key interest rates from previously restrictive levels. Emerging markets showed greater resilience than expected despite negative growth and trade shocks from U.S. tariffs. Emerging Markets maintained GDP growth of 4.4% in 2025. Central banks gained space to cut rates due to lower inflation of 3.9% and reduced dollar strength. Additionally, improved fiscal impulses from external sources and lower energy prices provided further support. Despite external trade headwinds, the Eurozone economy showed robust growth of 1.4%, thanks to resilient domestic demand. Nevertheless, GDP growth rates varied regionally. Inflation trended downwards to an annual average of 2.1%, almost reaching the European Central Bank's 2% target. Therefore, the ECB was in a position to leave its deposit rate unchanged at a neutral level in the second half of the year. Germany's GDP almost stagnated, growing by a mere 0.2% in 2025. The economy continued to struggle with competitive disadvantages in foreign trade. Despite initial positive impulses from the now expansionary fiscal policy, domestic demand also lacked momentum. Inflation eased to 2.2%, supporting private consumption to a certain degree; yet sentiment remained weak. The cooling of the robust labor market has slowed. U.S. GDP growth slowed to 2.0% in 2025. The shutdown of the federal government adversely affected economic activity in the second half of the year. However, AI-related investments supported growth. Reduced food import tariffs eased some inflationary pressure. Consumer price inflation decelerated gradually to 2.8%. Labor market risks likely prompted the Federal Reserve to further cut its key interest rate despite above-target inflation. The impact of U.S. tariffs on the Japanese economy was limited. GDP growth accelerated to 1.4% in 2025. Business sentiment remained robust. An increase in real employee compensation supported consumption recovery. Inflation remained elevated at 3.2%, driven by rising food prices. Therefore, the Bank of Japan tightened its monetary policy. Asian economies grew by an average of 5.4% in 2025. GDP momentum benefited primarily from strong growth in India, in addition to impulses from China. Inflation decreased noticeably to 0.9%, which supported private consumption and allowed some central banks to implement further interest rate cuts. China reached its GDP growth target of 5.0% in 2025, though momentum slowed throughout the year. This was largely due to policy efforts addressing overcapacity and excessive competition. The government's efforts to boost consumer durable goods purchases through trade-in subsidies had a diminishing effect. Inflation decelerated somewhat to 0%. 50 Deutsche Bank Item 4: Information on the company Annual Report 2025 on Form 20-F The competitive environment 2026 Outlook Statements in this section are based on Deutsche Bank's expectations regarding future economic developments in 2026, and may not materialize. The outlook for the global economy in the following section reflects Deutsche Bank Research’s general expectations regarding future economic developments. Economic assumptions the Group used in the bank’s models are laid out separately in the respective sections. Global growth is projected to slow to 3.3% in 2026, mainly due to an expected deceleration in emerging market economies. Nevertheless, a reduction in trade-related uncertainties, increased investments in AI, and expanded government spending in Europe are anticipated to boost GDP growth in developed countries. Global inflation is forecast to remain stable at 3.3%. Developed economies are likely to benefit from the easing of global trade tensions and maintain GDP growth of 1.9%. Moreover, receding inflation to 2.2% could pave the way for further interest rate cuts by several central banks. While some countries are fiscally consolidating, German fiscal policy will be expansive. Growth momentum in emerging markets will likely fade to 4.2% given Asia's expected slowdown, while Europe anticipates a slight pickup in GDP growth. Inflation should ease in Europe and Latin America, but rise in Asia, resulting in an average of 4.0% in 2026. Lower inflation and a weaker USD should provide central banks with some scope to cut interest rates. In the Eurozone, German government spending on defense and infrastructure is expected to boost the economy. However, only a moderate start to the year is expected to curb GDP growth momentum to 1.1% annually. At 1.7%, headline inflation is likely to be below the ECB’s target of 2%. The ECB is expected to hold its key interest rates unchanged in 2026. Driven by expansionary fiscal policy, the German economy is expected to recover markedly and grow by 1.5%. Government spending should also generate a "crowding-in" effect on private investment. However, exporters likely still face headwinds from higher trade barriers and competition. Cooling in the labor market is likely to end as economic momentum picks up. Private consumption is expected to gain momentum as inflation eases to 2.0%. In the U.S., growth momentum should accelerate to 2.9%, driven by supportive financial conditions, tax relief, and reduced trade policy uncertainty. Moreover, AI-related investments are expected to provide further impetus. The labor market is likely to stabilize. Despite elevated inflation, the Federal Reserve is expected to cut its policy rate at least to a neutral level due to labor market risks. The Japanese economy is expected to maintain a moderate GDP growth rate of 0.9% in 2026. While the impact of U.S. tariff policy on Japan is anticipated to be limited, rising wages and decelerating inflation are likely to support household consumption. Headline inflation is expected to ease to 1.9%. The Bank of Japan is likely to implement a further interest rate hike. The Asian economy is expected to grow by 4.9% in 2026. Even with an anticipated deceleration in China and India, growth momentum is likely to stay robust in the region. Easing trade tensions should offer continued support to economic activity. An inflation rate of 2.2% and a softer USD are expected to provide central banks with some scope for easing their monetary policy. In China, GDP growth is likely to slow somewhat to 4.5% as "anti-involution policies" dampen overcapacity and investment in machinery and equipment. Nevertheless, fiscal and monetary policies are expected to remain supportive. The slow recovery of the real estate market remains a headwind for private consumption. Inflation is expected to pick up to 1.5%. There are a number of risks to the bank’s global economic outlook. From a trade policy perspective, tensions could reignite, especially along strategically important supply chains, particularly between China and the U.S. geopolitical risks remain elevated in various regions, for example, in Ukraine, Asia, and the Middle East. Financial market valuations surrounding the progress of artificial intelligence and associated infrastructures could potentially be sources of market volatility. Furthermore, high government debt ratios could, alongside questionable policy measures for consolidation, lead to fluctuations in bond yields. 51 Deutsche Bank Item 4: Information on the company Annual Report 2025 on Form 20-F The competitive environment Competitor landscape Statements in this section are based on Deutsche Bank's expectations regarding future economic and industry developments in 2026, and may not materialize. The industry outlook is based on Deutsche Bank Research’s general assessments. The Group’s economic assumptions are described separately in the relevant sections. Deutsche Bank competes in the financial services sector with a wide variety of competitors including other universal banks, commercial banks, savings banks and other public sector banks, broker dealers, investment banking firms, asset management firms, private banks, investment advisors, payments services providers, financial technology firms and insurance companies. Some of the competitors are global like Deutsche Bank, while others have a regional, product or niche client footprint. Deutsche Bank competes on a number of factors, including the quality of client relationships, transaction execution, products and services, innovation, reputation and price. In 2025, the strong performance of the European banking industry continued. Despite of lower interest rates, banks were able to limit the pressure on net interest income, while strengthening non-interest income at the same time. Loan volumes with the private sector in the Euro area picked up moderately, with more momentum in mortgages due to lower rates than in corporate lending which in some countries such as Germany still struggled due to a weak macro economy. Credit standards and loan demand were largely flat following the previous tightening in standards and decline in loan demand. Surging demand for mortgages was the main exception. A benign capital markets environment provided tailwinds for fee and commission income. Corporate finance revenues globally rose across the board, led by mergers & acquisitions and equity capital markets. Trading volumes also improved, particularly for U.S. equities, not least because of unusual geopolitical and economic policy uncertainty. With asset quality remaining sound and administrative expenses contained, profitability stayed close to post-financial crisis highs. Capital ratios were broadly flat at record levels, despite banks returning significant capital to shareholders via dividends and share buybacks. The global banking industry is expected to continue to operate in a relatively favorable environment during 2026. While economic growth may remain similar to 2025, it is likely to shift slightly between regions. Interest rates may slightly decrease in the U.S., but are expected to stay unchanged in the Euro area, thus maintaining overall supportive conditions for banks’ net interest income. Fee and commission income in investment banking and asset management could benefit from a benign capital markets performance with contained volatility as economic policy uncertainty is expected to decline from elevated levels in 2025. Asset quality may stay largely resilient, resulting in profitability remaining strong. This should allow banks to continue returning significant capital to shareholders. On the back of robust earnings and higher stock market valuations, bank merger & acquisition activity in selected markets will probably continue, especially among smaller and mid-tier institutions. Meanwhile, ongoing geopolitical fragmentation poses downside risks for international trade, growth and financial markets, simultaneously raising demand for banks’ hedging and advisory services. Strong growth in private credit markets, foremost in the U.S., constitutes an opportunity for banks to extend credit, while also intensifying competition and triggering financial stability concerns. Increasing adoption of artificial intelligence might allow for efficiency gains and cost savings, but likewise requires considerable investments, strict supervision and monitoring of possibly evolving implications, including for financial stability. European banks are likely to see a moderate acceleration in demand for credit, both from corporates as economic growth improves as well as from households as lower interest rates bolster the mortgage business. Surging defense spending by governments may translate into tailwinds for European banks. The effect may be particularly pronounced in Germany due to broader domestic fiscal expansion. Securing a level playing field in regulation compared to global and especially U.S. peers will become increasingly important for EU banks as trends diverge (i.e., the U.S. are set for deregulation across a broad range of areas, whereas prudential requirements in Europe are expected to rise over the coming years). Progress on the EU’s Savings and Investments Union might support capital market integration and performance. A sustainable end to Russia’s war against Ukraine would offer upside potential for the economy and financial markets, and therefore also benefit the banking industry. U.S. banks should benefit from a pickup in credit demand, lower cost of risk and lower unrealized losses on bond holdings if economic growth edges higher and interest rates fall as expected. Even more beneficial in the longer term could be a reduction in capital requirements currently being discussed by regulators. This might strengthen U.S. banks’ competitive position particularly abroad, in corporate as well as investment banking. At the same time, domestic competition from non-bank financial institutions such as private equity, asset management firms or crypto providers could intensify. Bank performance in 2026 will also depend on whether recent capital market momentum persists. Banks in China remain under pressure from slowing economic growth and deflationary pressures which should lessen somewhat in 2026. Interest rates are likely to stay low, keeping a lid on banks’ net interest margin. Banks in Japan will probably face a mixed environment: slowing economic expansion may hold back revenue growth, whereas rising interest rates could offset the impact. In addition, Japanese banks could benefit from their significant U.S. exposure, if U.S. growth were to pick up and regulation is loosened. 52 Deutsche Bank Item 4: Information on the company Annual Report 2025 on Form 20-F The competitive environment In Deutsche Bank’s home market Germany, the retail banking market remains fragmented, and the competitive environment is influenced by the three-pillar system of private banks, public banks and cooperative banks. In recent years, competitive intensity remained elevated, particularly due to increased activity levels from foreign players and digital-only actors such as digital banks, including new or recent entrants. Looking at the wider banking ecosystem, the evolution of financial technology firms remains as much an opportunity as a challenge for banks. While Deutsche Bank sees the risk of banking disruption primarily through big technology companies and in select product areas, particularly the unregulated segments, many banks have also taken the opportunity to partner with financial technology firms and leverage their solutions, including in the field of artificial intelligence, to become more efficient and/or develop differentiated delivery channels for end clients. In addition, private credit firms are increasingly becoming competitors for banks, especially in the U.S. market. Regulatory environment Various new legislative and regulatory proposals were issued in recent years, covering topics such as regulatory capital, liquidity, resolution planning, central bank digital currencies and digital assets. Capital, liquidity and leverage requirements: During 2025, the EU started the application of the comprehensive package of reforms with respect to European Union banking rules which implement the Final Basel III set of global reforms, changing how banks calculate their Risk Weighted Assets. The package amended the EU Capital Requirements Regulation (CRR) and the Capital Requirements Directive (CRD). The amendments of the CRR and CRD (commonly referred to as "CRR 3" and "CRD 6") include, among other things, a gradually introduced output floor establishing minimum risk-weighted assets that will ultimately be set at 72.5% of the risk-weighted assets calculated under the standardized approach, changes to standardized and internal ratings-based approaches for determining credit risk, changes to the credit valuation adjustment, a revision of the approaches for operational risks and reforms to the market risk framework as set out in the Fundamental Review of the Trading Book (FRTB), adjustments to the Pillar 2 requirements (P2R) and the Systemic Risk Buffer (SyRB) and a “fit-and-proper” set of rules for the senior staff managing banks. Other measures are aimed at addressing sustainability risks by requiring banks to identify, disclose and manage environmental, social and governance risks as part of their risk management framework and include regular climate stress testing by the banks’ supervisors. The implementation of the changes to CRR and CRD has the potential to increase Deutsche Bank’s risk-weighted assets and will likely affect its business by raising its regulatory capital and liquidity requirements and by leading to increased costs. In connection with the Final Basel III package, the European Commission adopted in 2025 a Delegated Regulation postponing the application of certain elements of the CRR 3 related to the market risk framework by one more year to January 2027 and consulted on the way forward after January 2027. This was in order to ensure a level playing field for these rules, given that other major jurisdictions would apply them later or were not clear about their implementation timeline. On the back of the CRR 3 and CRD 6 finalization and as empowered therein, the EBA continued to work on technical elements through regulatory standards and guidance (regulatory products), by issuing consultations and, in some instances, final regulatory products. These regulatory products have the potential to increase Deutsche Bank’s risk- weighted assets and will likely affect its business by raising its regulatory capital and liquidity requirements, increasing costs or impacting other parts of the business. In parallel, the UK Prudential Regulation Authority (PRA) delayed the implementation of its package implementing the Final Basel III reforms, known as Basel 3.1. until January 2027, and consulted on the way forward in particular for FRTB. The European Commission also issued a legislative proposal with changes in the regulatory requirements for securitizations of EU banks, including changes in the CRR and Securitization Regulation (SecReg). These changes have the potential to change the regulatory treatment Deutsche Bank applies to its securitization business. The package is now under negotiation by the EU co-legislators. In 2025, the U.S. banking regulators have publicly stated they are undertaking a comprehensive review of the regulatory and supervisory frameworks applicable to U.S. banks, bank holding companies and intermediate holding companies. The U.S. banking regulators are actively considering changes to the regulatory capital rules to implement revisions to Basel III finalized by the Basel Committee on Banking Supervision (the “Basel Committee”) in 2017. The future of any such revisions is highly uncertain. In addition, the Federal Reserve Board has issued proposals to enhance the transparency, accountability and predictability of its supervisory stress testing framework. 53 Deutsche Bank Item 4: Information on the company Annual Report 2025 on Form 20-F The competitive environment The Basel Committee on Banking Supervision made several announcements and consulted on several topics, including banks’ management of Counterparty Credit Risk (CCR). The final rules, if implemented by the bank’s supervisors, have the potential to change the procedures around Deutsche Bank’s CCR management. Central Clearing Counterparties (CCPs): A regulation amending the European Market Infrastructure Regulation and an amending Directive (EMIR 3.0 package) came into force end of 2024 bringing changes to derivatives clearing thresholds, reporting and transparency requirements and introducing a requirement for financial and non-financial counterparties to open an active account at an EU CCP for certain derivative instruments and to clear a set number of representative trades. Throughout 2025, European legislative authorities have consulted upon and progressed the development of various level 2 technical standards relating to requirements introduced by EMIR 3.0, including technical standards on the active account requirement which was adopted by the European Commission in October 2025 and was published in the Official Journal of the EU and the European Union on February 6, 2026 and enters into force on February 20, 2026, i.e. twenty days after the publication. In terms of equivalence and recognition determinations for third country CCPs, the European Securities and Markets Authority (ESMA) and the Reserve Bank of India have signed an updated Memorandum of Understanding (MoU) on January 27, 2026, which opens the procedure for Indian CCPs to be re-recognised by ESMA. Deutsche Bank expects this process to be finalized over the next few months. Until then, the BaFin continues to allow German credit institutions including Deutsche Bank the possibility to remain members of six Indian CCPs. In January 2025, the European Commission extended time-limited equivalence for U.K. CCPs for an additional period of three years until June 30, 2028. Savings and Investments Union: The European Commission published its strategy for the Savings and Investments Union (SIU) on March 19, 2025, setting out the Commission’s priorities for the ongoing development of the EU’s capital markets and banking sector, including its intention to encourage wider participation in investment products. Notably, the Commission adopted a legislative package in December 2025 aimed at reforming aspects of EU financial market supervision, facilitating innovation in the EU’s financial markets (including the use of distributed ledger technology), and reducing obstacles to market integration such as those affecting the cross border distribution of investment funds throughout the EU. The package will be scrutinized by the Council of the EU and the European Parliament throughout 2026. Benchmarks: The European Commission’s legislative reform to the scope of the EU Benchmarks Regulation was published in the Official Journal of the EU on May 19, 2025 and entered into force on June 8, 2025. Applying from January 1, 2026, the scope of the original Benchmarks Regulation has been reduced to primarily concern so-called ‘critical’ or ‘significant’ benchmarks as well as EU Climate Transition and EU Paris-aligned benchmarks and certain commodity benchmarks, with many non-significant benchmarks now excluded from the scope of the regulation. Digital Transformation: Several jurisdictions progressed initiatives in 2025 to both address risks and capitalize on the benefits associated with the digitalization of financial services and address the growing dependence on so-called critical third parties. Work in this area is expected to continue with a focus on data protection, open data access, payment innovation, e-privacy, cybersecurity, fraud prevention, operational resilience and capital treatment of crypto assets. As of January 2025, EU financial entities are required to have in place enhanced governance and risk management requirements in respect of ICT risks apply to EU financial entities under the EU’s Digital Operational Resilience Act (DORA), and as of 2026 certain ‘designated critical ICT third-party service providers’ are subject to the direct supervision and oversight of the European Supervisory Authorities. The MiCA Regulation has been fully applicable since December 2024, and various guidance publications, Regulatory Technical Standards and Implementing Technical Standards to supplement certain governance and compliance requirements in the MiCA Regulation have been published by the EBA and ESMA throughout 2025. The Data Act as a horizontal set of rules on data access and use that respects the protection of fundamental rights was published in December 2023 and became fully applicable in September 2025, complementing the Data Governance Act as part of the European data strategy. It aims to deliver wide-ranging benefits for the European economy and society by encouraging data-driven innovation. It lays the foundation for so-called sectoral data spaces and data-sharing agreements and introduces rules for switching of cloud service providers. Specific to the financial sector, the European Commission published a proposal for Financial Data Access legislation (FiDA) in June 2023. Building on lessons learned from the EU’s Second Payment Services Directive, FiDA seeks to introduce mandatory data-sharing obligations among financial institutions across a broad range of financial products and accounts, including investments, savings, loans and insurance. The proposed scope is not limited to account and transaction data, but also covers customer onboarding information with the aim of facilitating comparability, competition and switching of providers. The Council reached an agreement on the European Commission’s proposal in December 2024. Trilogue negotiations with the European Parliament started in April 2025 and formal adoption of the FiDA legislation is expected in the first half of 2026. 54 Deutsche Bank Item 4: Information on the company Annual Report 2025 on Form 20-F The competitive environment The European AI Act was published in July 2024 and initial provisions for prohibited AI use cases became applicable on February 2, 2025, and the remainder of the requirements will become applicable on August 2, 2026. In the U.S. the Trump Administration published an AI Action Plan in July 2025 detailing its strategy for creating a reg-lite environment to foster rapid AI development and deployment. A key focus of this strategy is restricting the ability of individual States to impose burdensome AI regulations. In December 2025 the Administration issued an Executive Order calling for the development of a federal AI reporting and disclosure framework that would also pre-empt any conflicting state laws. This Order also directs the Attorney General to form a task force to identify restrictive AI laws and commence litigation to block their enforcement. The SEC has also withdrawn its proposal that would have required investment advisers to disclose conflicts of interest relating to AI-related technologies. In March 2024, the final Instant Payments Regulation was published to make instant payments in Euro available to all citizens and businesses. This regulation will become applicable in a staggered approach, starting with the initial obligation for banks and payment service providers to be able to receive instant payments in euros which became applicable in January 2025, followed by the obligation for banks and payment service providers to be able to send instant payments and comply with the mandatory “verification of payee” service for incoming instant credit transfers became applicable on October 9, 2025. Later stages of applicability extend these obligations to payments service providers outside the Euro area that offer euro-denominated payment services. Furthermore, in November 2025, the EU Parliament and Council reached an agreement on further changes to the EU’s payment services legislative framework proposed as part of the third EU Payment Services Directive and a new Payment Services Regulation, focusing on the prevention of and liability for fraud. Formal adoption of the legislative acts is still outstanding. In addition, the European political and regulatory landscape continues to be driven by a desire to increase “digital sovereignty”. This goal translates into active support for European initiatives in the field of digital identities and cloud services, while at the same time it leads to greater scrutiny of non-European technologies and respective providers, including calls for on-shoring of data and services. The ECB is pursuing the possible issuance of the digital euro as a new form of digital central bank money (CBDC) to the wider public. The ECB, in close cooperation with the digital euro scheme's Rulebook Development Group (RDG) is advancing technical work to establish a rulebook for the digital euro and continuing to support the legislative process for the introduction of the digital euro. The ECB estimates that if EU lawmakers adopt the legal framework for the digital euro as a legal tender together with a proposed legal framework clarifying the role of euro banknotes and coins as a legal tender and their interplay with the digital euro, the digital euro could be issued during 2029. Given that these legislative uncertainties are ongoing, it is challenging to assess the actual impact of the digital euro on banks. The Bank of England and the U.K. government continue to explore the feasibility for a digital pound, with the project now in its ‘design phase’ but with no final decision on whether to issue a digital pound yet made. In January 2025, President Trump signed an executive order prohibiting federal agencies in the United States from undertaking action to establish or promote the use of CBDCs. Work by U.K. and U.S. authorities focused on cloud services and the role of critical third-party service providers that are not regulated financial entities, but whose service provision is critical to the functioning of the financial market. In November 2024, the UK FCA and the Bank of England (BoE) published a final oversight framework for critical third parties which took effect from January 2025 with an initial step to assign the designation status of critical third parties. In June 2023, the U.S. banking regulators jointly issued supervisory guidance related to third-party risk management practices for banking organizations. In October 2024, the U.S. Treasury Department issued a final rule implementing Executive Order 14105 by prohibiting or requiring notification of certain outbound U.S. investments to China (including Hong Kong and Macau) in semiconductors, quantum computing technology, and AI. The final rule came into effect on January 2, 2025, and includes (1) prohibitions on certain investments made by U.S. persons and their controlled foreign entities in the Chinese semiconductor, microelectronic, quantum information technology, and artificial intelligence sectors; and (2) requirements for U.S. persons to notify Treasury of certain other investments in these sectors. In December 2025, Congress codified and expanded Treasury’s outbound investment framework as part of the 2026 National Defense Authorization Act (NDAA). Specifically, the law requires expansion of the framework to include i) Russia, Iran, Venezuela (under the Maduro regime). North Korea, and Cuba and ii) super-computing and hypersonic systems. Treasury has 450 days after enactment of the NDAA (until the first quarter of 2027) to implement these changes, and additional updates and clarifications are likely. Changes in federal law as well as regulatory and supervisory posture are expected to continue in the United States, including with respect to digital assets. In July 2025, the President’s Working Group on Digital Asset Markets published a report providing recommendations for legislation and regulation to facilitate innovation related to digital assets in the United States. In July 2025, President Trump signed the GENIUS Act into law, which provides a statutory framework for the regulation of payment stablecoins. The U.S. Congress is also considering legislation to provide jurisdictional clarity related to the regulation of digital assets in the United States. 55 Deutsche Bank Item 4: Information on the company Annual Report 2025 on Form 20-F The competitive environment Anti-Money Laundering and Other Financial Crime: The new EU anti-money laundering (AML) and countering the financing of terrorism (CFT) legislative package (referred to as the AML/CFT Package) entered into force (applicable from July 10, 2027). The AML/CFT Package contains a regulation on AML/CFT establishing directly applicable rules (AML Regulation), a sixth directive on AML/CFT, a regulation establishing the EU AML/CFT Authority (AMLA). One key element of the AML/CFT Package is the establishment of an integrated European AML supervisory mechanism closely involving national supervisors and the newly established AMLA as well as the creation of a unified AML/CFT regulatory framework which includes directly applicable AML/CFT rules and requirements throughout the EU (single EU rulebook). The single rulebook expands the list of obliged entities and includes harmonized, more detailed and granular rules for requirements such as customer due diligence, beneficial ownership, and AML/CFT risk management. Climate change, environmental and social issues 2025 saw a continuation in the global development of sustainability-related regulation, some of which will become applicable to Deutsche Bank from 2026 onwards. Key themes over the course of the year included ongoing conversations surrounding supply chain due diligence legislation, deforestation guidelines, a proposed Omnibus simplification proposal to ensure more streamlined and transparent reporting standards, as well as a proposed reworking of the Sustainable Finance Disclosure Regulation 2.0 (SFDR). ESG ratings proposals and reporting requirements: The EU ESG Ratings Regulation was published in the Official Journal of the European Union in December 2024 and will apply from July 2, 2026. In the U.K., the FCA is preparing to implement a new regulatory framework for ESG ratings, which is expected to take effect on June 29, 2028. This initiative follows the release of draft legislation in October 2025, designed to bring ESG ratings under FCA supervision. On December 1, 2025, the FCA published a consultation paper outlining proposed rules and guidance for ESG ratings providers. The consultation will remain open until March 31, 2026, with final rules anticipated in the fourth quarter of 2026. The German Act Against Unfair Competition (UWG) and the EU Empowering Consumers for the Green Transition Directive (EmpCo) play an increasingly significant role in shaping ESG claims. The UWG already prohibits misleading commercial practices. Upon transposition of EmpCo, the German “blacklist” (implementing the Annex to the Unfair Commercial Practices Directive) will be expanded to include additional practices. Specifically, “generic environmental claims" (e.g. “climate neutral” or “eco‑friendly”) are prohibited in principle unless they are appropriately specified and substantiated. Also, the use of sustainability labels, which are not based on a public authority scheme or a third party certification system will be restricted. Furthermore, product-related climate claims implying a neutral/reduced/positive greenhouse gas impact will be prohibited where they rely on compensation/offsetting outside the product's value chain. At the EU level, EmpCo forms part of the EU's anti-greenwashing framework and must be transposed into national law from March 27, 2026, with application from September 27, 2026. In Germany, the Unfair Commercial Practices Directive- related changes are expected to be implemented primarily through amendments to the UWG (including its Annex), while the Consumer Rights Directive related information duties will require changes in parallel consumer information rules. Overall, companies should expect heightened scrutiny; environmental and sustainability‑related claims should be clear, specific, and supported by robust, verifiable evidence to avoid giving misleading impressions and triggering related legal challenges. Enforcement under the UWG will follow national mechanisms (e.g. via complaints brought by competitors or associations). 56 Deutsche Bank Item 4: Information on the company Annual Report 2025 on Form 20-F The competitive environment ESG Reporting Requirements: 2025 saw firms implementing the Corporate Sustainability Reporting Directive (CSRD) and its associated European Sustainability Reporting Standards (ESRS), which extended reporting requirements for corporates and banks. Provided that the CSRD has been transposed into the respective national laws in line with the initial implementation deadline in 2024, companies previously subject to the Non-Financial Reporting Directive (NFRD), were required to report for the first time under ESRS for the financial year 2024, with a first Sustainability Statement to be published in 2025. The so-called Stop-the-Clock Directive adopted in April 2025, among other things, postponed by two years the entry into application of the CSRD requirements for large companies that had not yet started reporting as well as listed SMEs. Although Germany has further postponed the adoption of the CSRD implementing law pending the adoption of the so-called Omnibus Package, which is meant, among other things, to simplify sustainability reporting requirements and significantly increase the thresholds for companies falling within the scope of the CSRD, the bank voluntarily applied ESRS as reporting framework for the Sustainability Statement in 2025. Should the Omnibus Package be adopted in the form of the provisional agreement reached between the European Parliament and the Council of the EU in December 2025, only companies with more than 1,000 employees on average during the fiscal year and annual net turnover of more than € 450 million would be subject to a streamlined sustainability reporting regime from 2028 (reporting on fiscal year 2027). Member states would have the option to exempt from the reporting requirements for the fiscal years 2025 and 2026 companies that had to start reporting for fiscal year 2024 and will no longer be in scope under the revised CSRD. In the U.S., the California Air Resources Board (CARB) published two climate-related reporting regulations: SB 253 (Climate Corporate Data Accountability Act) and SB 261 (Climate-Related Financial Risk Act), which require both public and private U.S.-based companies (including U.S. subsidiaries of non-U.S. companies) that do business in California to publish and submit climate-related financial risk reports with the CARB and report greenhouse gas emissions data in 2026. However, in response to an injunction granted by the Ninth Circuit Court of Appeals in the ongoing litigation against SB 261 and SB 253, CARB confirmed on December 1, 2025 that it would not take enforcement action against any entity that does not post and submit a climate-related financial risk report pursuant to SB 261 by the January 1, 2026 statutory deadline. The injunction does not affect SB253 and hence, the CARB proposed deadline of August 10, 2026 for compliance with this Act remains intact. In March 2024, the SEC adopted rules that would have required U.S. listed companies (such as Deutsche Bank) to provide certain climate-related information in their registration statements and annual reports. These rules have now been stayed by the SEC pending the outcome of ongoing litigation, which the SEC has declined to defend. However, bills proposed or adopted by the legislatures of certain U.S. states may still impose disclosure or other sustainability requirements. Environmental legislation: The EU Deforestation Regulation (EUDR) initially issued in June 2023 will begin applying to certain companies in 2026. EUDR requires companies trading in cattle, cocoa, coffee, oil palm, rubber, soya and wood - and products derived from these commodities (e.g., meat products, leather, chocolate, glycerol, soybeans, wood and products such as books) to conduct extensive due diligence on the value chain. On December 23, 2024, a regulation amending EUDR to introduce a 12-month delay in implementation of the Deforestation regulation, which was scheduled to apply from December 30, 2024, was published in the Official Journal of the European Union. On December 23, 2025, another regulation revising EUDR, introducing a one-year postponement for medium/large companies to December 2026 and micro/small companies to June 30, 2027 was published in the Official Journal of the European Union. The European Commission is expected to review the administrative burden by April 30, 2026. Sustainability Due-Diligence: At an EU level, the Corporate Sustainability Due Diligence Directive (CSDDD) was provisionally agreed by the Member States and the European Parliament in December 2023 and finalized in July 2024. The CSDDD outlines obligations for corporations to identify, mitigate, minimize and prevent adverse impacts on the environment and human rights for their business chain of activities. Should the Omnibus Package be adopted in the form of the provisional agreement reached between the European Parliament and the Council of the EU in December 2025, the CSDDD would have to be implemented into national law by EU member states by July 26, 2028 and would be applicable to companies in scope from July 2029. Only companies with more than 5,000 employees on average during the fiscal year and an annual net turnover exceeding € 1.5 billion would fall under the CSDDD. The due diligence obligations under the revised CSDDD would be significantly cut back, including the obligation to adopt a climate transition plan. In Germany, the starting date for reporting under Supply Chain Due Diligence Act (SCDDA) or Lieferkettensorgfaltspflichtengesetz "LkSG"), which has been in force since January 1, 2023, was pushed out from April 30, 2024 to December 31, 2025, to align with CSRD and ESRS requirements. On October 1, 2025, the German Federal Office for Economic Affairs and Export Control announced that it will not be reviewing the submission and publication of reports under SCDDA. While the failure to submit reports will not be subject to sanctions, other due diligence obligations under SCDDA continue to apply and a failure to comply will be subject to sanctions. 57 Deutsche Bank Item 4: Information on the company Annual Report 2025 on Form 20-F Regulation and Supervision Regulation and Supervision Deutsche Bank’s operations throughout the world are regulated and supervised by the relevant authorities in each of the jurisdictions where the bank conducts business. Such regulation relates to licensing, capital adequacy, liquidity, risk concentration, conduct of business as well as organizational and reporting requirements. It affects the type and scope of the business the bank conducts in a country and how it structures its operations. Highlights As part of the Banking Package 2021, the amendment of the Capital Requirements Regulation and the Capital Requirements Directive (commonly referred to as “CRR 3” and “CRD 6”) finalize, in particular, the implementation of the Basel III framework in the European Union. CRR 3 and CRD 6 were published in the EU Official Journal in June 2024. CRR 3 was applicable from January 1, 2025, with certain elements of the regulation being phased in over subsequent years. With some exceptions regarding transposition and application dates, the European Member States shall, in principle, adopt and publish, by January 10, 2026, the laws, regulations and administrative provisions necessary to comply with CRD 6 and apply those measures from January 11, 2026. The German Banking Directive Implementation and Bureaucracy Reduction Act (BRUBEG) has already been adopted by the German Parliament. Pending completion of the legislative process, BRUBEG is expected to be published in the Federal Gazette in the first half of 2026, with the effective dates of the various parts of BRUBEG being scheduled between the day after publication and January 11, 2027. CRR 3 and CRD 6 include, among other things, a gradually introduced output floor establishing minimum risk-weighted assets that will ultimately be set at 72.5% of the risk weighted assets calculated under the standardized approach, changes to standardized and internal ratings-based approaches for determining credit risk, changes to the credit valuation adjustment, a revision of the approaches for operational risks and reforms to the market risk framework as set out in the FRTB, adjustments to the Pillar 2 requirements and the systemic risk buffer (SyRB), a “fit-and-proper” set of rules for the senior staff managing banks, minimum requirements for the prudential supervision of third-country branches, and a provision for future dedicated legislation on the prudential treatment of crypto asset exposures and interim own-funds requirements for certain crypto-asset exposures. Other measures address sustainability risks by requiring banks to identify, disclose and manage environmental, social and governance risks as part of their risk management framework and include regular climate stress testing by the banks’ supervisors. CRR 3 and CRD 6 do not entail any adjustments to the capital requirements for green or brown assets. Rather, climate-related risks are captured by the existing EU risk-based prudential framework. The implementation of CRR 3 and CRD 6 has the potential to increase Deutsche Bank’s risk-weighted assets and will likely affect its business by raising its regulatory capital and liquidity requirements and by leading to increased costs. Deutsche Bank AG is authorized and regulated by the European Central Bank (ECB) and the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht or “BaFin”). Following the departure of the United Kingdom (U.K.) from the European Union as a result of Brexit, and European Union law ceasing to be applicable in the U.K. as from end of 2020, Deutsche Bank AG received a new UK authorization (Part 4A) from the PRA in December 2022. Pursuant to that authorization, Deutsche Bank AG continues to provide banking and other financial services in the U.K. both from its London Branch and also on a cross-border basis. Divergence between U.K. and European Union law will potentially, and increasingly, pose challenges for both Deutsche Bank AG and the financial services industry generally. The following sections present a description of the regulation and supervision of Deutsche Bank’s business in its home market Germany under the European Union framework of regulation, in the United Kingdom and in the United States. 58 Deutsche Bank Item 4: Information on the company Annual Report 2025 on Form 20-F Regulation and Supervision Regulation in Germany under the Regulatory Framework of the European Union Deutsche Bank is subject to comprehensive regulation under German law and regulations promulgated by the European Union which are directly applicable law in Germany. The German Banking Act (Kreditwesengesetz) and the CRR are important sources of regulation for German banks with respect to prudential regulation, licensing requirements, and the business activities of financial institutions. In particular, the German Banking Act requires that an enterprise which engages in one or more of the activities categorized in the German Banking Act as “banking business” or “financial services” in Germany must be licensed as a credit institution (Kreditinstitut) or financial services institution (Finanzdienstleistungsinstitut), as the case may be. Deutsche Bank AG is licensed as a credit institution and is authorized to conduct banking business and to provide financial services. Significant parts of the regulatory framework for banks in the European Union are governed by the CRR. The CRR includes requirements relating to regulatory capital, risk-based capital adequacy, monitoring and control of large exposures, consolidated supervision, leverage, liquidity and public disclosure, including Basel III standards. Certain other requirements that apply to Deutsche Bank, including those with respect to capital buffers, organizational and risk management requirements, are set forth in the German Banking Act and other German laws, partly implementing European Union directives such as the CRD. Deutsche Bank AG, headquartered in Frankfurt am Main, Germany, is the parent institution of Deutsche Bank Group. Under the CRR, Deutsche Bank AG, as credit institution and parent company, is responsible for regulatory consolidation of all subsidiary credit institutions, financial institutions, asset management companies and ancillary services undertakings. Generally, the bank regulatory requirements under the CRR and the German Banking Act apply both on a stand-alone and a consolidated basis. However, banks forming part of a consolidated group may receive a waiver with respect to the application of specific regulatory requirements on an unconsolidated basis if certain conditions are met. As of December 31, 2025, Deutsche Bank AG benefited from such a waiver, according to which Deutsche Bank AG needs to apply the requirements relating to own funds, large exposures, exposures to transferred credit risks, leverage and disclosure by institutions, as well as certain risk management requirements, only on a consolidated basis. Capital Adequacy Requirements Minimum Capital Adequacy Requirements (Pillar 1) The minimum capital adequacy requirements for banks are primarily set forth in the CRR. The CRR requires German banks to maintain an adequate level of regulatory capital in relation to the total of their risk positions, referred to as total exposure amount. Risk positions include credit risk positions, market risk positions and operational risk positions (including, among other things, risks related to certain external factors, as well as to technical errors and errors of employees). The most important type of capital for compliance with the capital requirements under the CRR is Common Equity Tier 1 capital. Common Equity Tier 1 capital primarily consists of share capital, retained earnings and other reserves, subject to certain regulatory adjustments. Another component of regulatory capital is Additional Tier 1 capital, which includes, for example, certain unsecured subordinated perpetual capital instruments and related share premium accounts. An important feature of Additional Tier 1 capital is that the principal amount of the instruments will be written down, or converted into Common Equity Tier 1 capital, when the Common Equity Tier 1 capital ratio of the financial institution falls below a minimum of 5.125% (or such higher level as the issuing bank may determine). Common Equity Tier 1 capital and Additional Tier 1 capital together constitute Tier 1 capital. An additional type of regulatory capital is Tier 2 capital which generally consists of long-term subordinated debt instruments. Tier 1 capital and Tier 2 capital together constitute own funds. Under the CRR, banks are required to maintain a minimum ratio of Tier 1 capital to total risk exposure amount of 6% and a minimum ratio of Common Equity Tier 1 capital to total risk exposure of 4.5%. The minimum total capital ratio of own funds to total risk exposure is 8%. 59 Deutsche Bank Item 4: Information on the company Annual Report 2025 on Form 20-F Regulation and Supervision Capital Buffers The German Banking Act also requires banks to build up a mandatory capital conservation buffer (Common Equity Tier 1 capital amounting to 2.5% of total risk exposure), and authorizes the BaFin to set a domestic countercyclical capital buffer (CCyB) for Germany (Common Equity Tier 1 capital of generally 0% to 2.5% of total risk exposure, or more in particular circumstances) during periods of high credit growth. The CCyB for Germany is currently set at 0.75%. In order to comply with the CCyB requirement, banks must calculate their institution-specific CCyB as the weighted average of the CCyBs that apply to them in the jurisdictions where their relevant credit exposures are located. Accordingly, the total CCyB requirement, if any, with which Deutsche Bank needs to comply also depends on the corresponding buffer requirements in other jurisdictions. In addition, BaFin may require banks to build up a capital buffer to prevent and mitigate long term non-cyclical systemic or macro-prudential risks not otherwise covered by CRR/CRD (SyRB) (Common Equity Tier 1 capital of a minimum of 0.5% of the total risk exposure amount). Any SyRB determined by BaFin in excess of 5% would require prior authorization of the European Commission. A SyRB with regard to residential real estate financing is currently set in Germany at 1%. Furthermore, since December 31, 2023, BaFin has imposed an additional SyRB of 4.5% to all risk exposure amounts in Norway and with effect from June 30, 2025, the reciprocal application of the sectoral systemic risk buffer of 1% ordered by the Banca d'Italia in Italy with respect to all credit risk exposures and counterparty credit risk exposures located in Italy entered into effect. G-SIIs are subject to an additional capital buffer (Common Equity Tier 1 capital of up to 3.5% of the total risk exposure amount, which the BaFin determines for German banks based on a scoring system measuring the bank’s global systemic importance. Deutsche Bank’s current G-SII capital risk buffer is 1.5% until December 31, 2025 and has been reduced to 1% effective January 1, 2026. BaFin can also determine a capital buffer of Common Equity Tier 1 capital of up to 3% of the total risk exposure amount for other systemically important banks (so-called O-SIIs) in Germany, based on criteria measuring, among others, the bank’s importance for the economy in Germany and the European Economic Area (EEA). Deutsche Bank is subject to treatment both as a G-SII, as well as an O-SII (on a consolidated basis). Any risk buffer for O-SIIs that exceeds the threshold of 3% requires prior authorization by the European Commission. Deutsche Bank’s current O-SII capital buffer is 2%. The buffers for G-SIIs and the buffer for O- SIIs are not cumulative; only the higher of these buffers applies. However, such higher buffer and the SyRB are cumulative. If the total buffer is higher than 5%, BaFin needs to seek approval by the European Commission. If a bank fails to build up the required capital buffers, it will be subject to restrictions on the pay-out of dividends, share buybacks and discretionary compensation payments. Also, within the single supervisory mechanism (SSM), the ECB may require banks to maintain higher capital buffers than those required by the BaFin. Leverage Ratio The CRR also provides for a Tier 1 capital-based binding minimum leverage ratio requirement of 3%. The minimum leverage ratio requirement is calculated on a non-risk basis and complements the other risk-based capital requirements. In addition to the minimum leverage ratio requirement, the CRR provides for a leverage ratio buffer requirement for G- SIIs (such as Deutsche Bank), which must be met with Tier 1 capital and is set at 50% of the G-SII's risk-weighted capital buffer rate. Certain aspects relating to the leverage ratio buffer requirement as contained in the CRD (such as, among others, restrictions on the pay out of dividends if the requirements are not met) must be implemented in the laws of the individual Member States. Pillar 2 Capital Requirements and Guidance Furthermore, the ECB may impose capital and leverage ratio requirements on individual significant credit institutions which are more stringent than the statutory minimum requirements set forth in the CRR, the German Banking Act or the related regulations. Upon completion of the supervisory review and evaluation process (SREP) discussed in greater detail below, the competent supervisory authority makes a SREP decision in relation to each relevant bank, which may include specific capital and liquidity requirements for each affected bank. Any such additional bank-specific capital requirements resulting from the SREP are referred to as Pillar 2 requirements for its solvency and leverage ratios in addition to the statutory minimum capital and buffer requirements. Institutions must meet their Pillar 2 requirements for solvency ratios with at least 75% of Tier 1 capital and at least 56.25% of Common Equity Tier 1 capital and for the leverage ratio with Tier 1 capital, respectively. In addition, the ECB may decide following the SREP to communicate to individual banks an expectation to hold a further Pillar 2 add-on, the so-called Pillar 2 guidance, to its Common Equity Tier 1 and leverage ratio. The ECB has stated that it generally expects banks to meet the Pillar 2 guidance, although it is not legally binding and failure to meet the Pillar 2 guidance does not automatically have legal consequences. The competent supervisory authority may take a range of other measures based on the SREP outcome to address shortcomings in a bank’s governance and risk management processes or its capital or liquidity position, such as prohibiting dividend payments to shareholders or distributions to holders of regulatory capital instruments. For details of Deutsche Bank’s regulatory capital, see “Management Report: Risk Report: Risk and Capital Performance” in Deutsche Bank’s Annual Report 2025. 60 Deutsche Bank Item 4: Information on the company Annual Report 2025 on Form 20-F Regulation and Supervision MREL Requirements As discussed below under “Recovery and Resolution”, to ensure that European banks have a sufficient amount of liabilities with loss-absorbing capacity, they are required to meet MREL determined for each institution individually on a case-by-case basis. The European Union implemented the Financial Stability Board’s (FSB) TLAC standard for global systemically important banks (“G-SIBs”, such as Deutsche Bank) by introducing a Pillar 1 MREL requirement for G-SIIs (the European equivalent term for G-SIBs). This requirement is based on both risk-based and non-risk-based denominators and will be set at the higher of 18% of total risk exposure and 6.75% of the leverage ratio exposure measure. It can be met with Tier 1 or Tier 2 capital or debt that meets specific eligibility criteria. Deduction rules apply for holdings by G-SIIs of TLAC instruments of other G-SIIs. In addition, the competent authorities have the ability to impose on G-SIIs individual MREL requirements that exceed the statutory minimum requirements. Limitations on Large Exposures The CRR also contains the primary restrictions on large exposures, which limit a bank’s concentration of credit risks. The German Banking Act and the German Large Exposure Regulation (Großkredit- und Millionenkreditverordnung) supplement the CRR in this regard. Under the CRR, Deutsche Bank’s exposure to a customer and any customers affiliated with such customer ("group of connected clients") is deemed to be a “large exposure” when the value of such exposure is equal to or exceeds 10% of its Tier 1 capital. All exposures to customers forming a group of connected clients are aggregated for these purposes. In general, no large exposure may exceed 25% of Deutsche Bank’s Tier 1 capital, or, in case the customer is a bank designated as G-SII, 15% of its Tier 1 capital. For exposures in the trading book, the large exposure regime may give greater latitude, subject to an additional own funds requirement. 61 Deutsche Bank Item 4: Information on the company Annual Report 2025 on Form 20-F Regulation and Supervision Liquidity Requirements The CRR introduced a liquidity coverage requirement intended to ensure that banks have an adequate stock of unencumbered high quality liquid assets that can be easily and quickly converted into cash to meet their liquidity needs for a 30-calendar day liquidity stress scenario. The required liquidity coverage ratio (LCR) is calculated as the ratio of a bank’s liquidity buffer to its net liquidity outflows. Also, banks must regularly report the composition of the liquid assets in their liquidity buffer to their competent authorities. In addition, the CRR provides for a net stable funding ratio (NSFR) to reduce medium- to long-term funding risks by requiring banks to fund their activities with sufficiently stable sources of funding over a one-year period. The NSFR is defined as the ratio of a bank’s available stable funding relative to the amount of required stable funding over a one-year period. Banks must maintain an NSFR of at least 100%. The NSFR applies to both the Group as a whole and to individual SSM regulated entities, including the parent entity Deutsche Bank AG. The ECB may impose on individual banks liquidity requirements which are more stringent than the general statutory requirements if the bank’s continuous liquidity would otherwise not be ensured. Separation of Proprietary Trading Activities by Universal Banks The German Separation Act (Gesetz zur Abschirmung von Risiken und zur Planung der Sanierung und Abwicklung von Kreditinstituten und Finanzgruppen) provides that deposit-taking banks and their affiliates are prohibited from engaging in proprietary trading that does not constitute a service for others, high-frequency trading, and credit or guarantee transactions with hedge funds and comparable enterprises that are substantially leveraged, unless such activities are exempt or excluded, or in the case where no such exemption or exclusion is available, is transferred to a separate legal entity, referred to as a financial trading institution (Finanzhandelsinstitut). The separation requirement applies if certain thresholds are exceeded, which is the case for Deutsche Bank. In addition, the German Separation Act authorizes the BaFin to prohibit the deposit-taking bank and its affiliates, on a case-by-case basis, from engaging in market-making and other activities that are comparable to the activities prohibited by law, if these activities may put the solvency of the deposit-taking bank or any of its affiliates at risk. In the event that the BaFin orders such a prohibition, the respective activities must be discontinued or transferred to a separate financial trading institution. The financial trading institution may be established in the form of an investment firm or a bank and may be part of the same group as the deposit-taking bank. However, it must be economically and organizationally independent from the deposit-taking bank and its other affiliates, and it has to comply with enhanced risk management requirements. Deutsche Bank has established a compliance and control framework to ensure that no prohibited activities are conducted. As a result, Deutsche Bank has not established a financial trading institution. Anti-Financial Crime, Money Laundering, Sanctions, Fraud, Bribery and Corruption Financial sector participants are required to take steps to prevent the abuse of the financial system through money laundering and other financial crime. The European Union has continually sought to strengthen its framework for anti- money laundering and combating the financing of terrorism, in line with international standards set by the Financial Action Task Force. To that end, a set of legal instruments (the “AML/CFT Package”) was published in the EU Official Journal with a July 2024 effective date. One key element of the AML/CFT Package is the establishment of an integrated European AML supervisory mechanism closely involving national supervisors and the newly established EU Anti-Money Laundering Authority (AMLA) as well as the creation of a single rulebook. The single rulebook expands the list of obliged entities and includes harmonized, more detailed and granular rules on requirements such as customer due diligence, beneficial ownership, and AML/CFT risk management. The requirements of the Anti-Money Laundering Regulation and Anti-Money Laundering Directive 6 will be applicable from July 10, 2027. Eventually, once the AML/CFT Package has been implemented, AMLA will directly supervise certain cross-border financial sector entities in the highest risk category, which is expected to include Deutsche Bank, facilitate cooperation among financial intelligence units and coordinate national authorities. Generally, the requirements (such as know-your-customer requirements) currently set out in the German AML Act (Geldwäschegesetz) and the German Banking Act apply to all business lines and infrastructure units as well as all subsidiaries and affiliates that undertake AML-relevant business and in which Deutsche Bank AG has a dominating influence. A robust and effective internal control environment and adequate infrastructure (comprising people, policies and procedures, controls, testing, IT systems and data) are necessary to ensure that the bank conducts its business and performs its processes in compliance with applicable laws, regulations, and associated supervisory expectations. The bank continually enhances the effectiveness of its internal control environment and improves its infrastructure to align with updated regulatory requirements and to close gaps identified by the bank and/or by regulators and monitors. 62 Deutsche Bank Item 4: Information on the company Annual Report 2025 on Form 20-F Regulation and Supervision Preventing, detecting and reporting financial crime and complying with applicable laws and regulations is vital to ensuring the stability of banks, such as Deutsche Bank, and the integrity of the international financial system. Deutsche Bank is required to comply with economic sanctions laws and regulations in the jurisdictions in which it operates, including sanctions administered and enforced by the United Nations Security Council, the European Union, the United States, the United Kingdom, and other sanctions measures imposed by governments in jurisdictions where the bank operates, as applicable. Deutsche Bank therefore operates a sanctions program reasonably designed to comply with applicable sanctions. As sanctions continue to increase in breadth and complexity, this necessitates continued updating of the bank’s policies, procedures, processes, and controls. Deutsche Bank, its management board and supervisory board members and its employees are subject to fraud, bribery and corruption laws and regulations under the German Criminal Code (Strafgesetzbuch) and in the other countries in which it conducts business. The UK Bribery Act 2010 has extraterritorial reach and requires Deutsche Bank to design and develop appropriate measures to mitigate bribery and corruption risk and to establish controls and safeguards to mitigate such risks. Data Protection and Cyber Risk Deutsche Bank has to comply with all applicable data protection laws in the countries in which it operates. In Germany and the other European Union Member States, the regulation on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, also referred to as the General Data Protection Regulation (GDPR), became applicable in the European Union in May 2018. It relates to data protection and privacy rights of individuals within the European Union and addresses the export of personal data to other jurisdictions. The GDPR primarily aims at giving individuals control over their personal data and to unifying the regulatory environment for cross-border business. The GDPR contains provisions and requirements pertaining to the processing of personal data of individuals and applies to businesses inside the European Union that are processing personal data. The regulation furthermore applies to businesses outside of the European Union if goods or services are offered to data subjects in the European Union, or if the behavior of data subjects in the European Union is being monitored. The GDPR imposes compliance obligations and grants broad enforcement powers to supervisory authorities, including the authority to levy significant fines for non-compliance. For the U.S., Deutsche Bank maintains a cyber security and data privacy program that complies with the Gramm Leach Bliley Act as well as SEC and New York Department of Financial Services rules. Under the German Banking Act (Gesetz über das Kreditwesen) and the BaFin’s Minimum Requirements for Risk Management for Banks (Mindestanforderungen an das Risikomanagement), information security needs to be an integral part of a financial institution’s IT strategy and risk management. The BaFin requires that financial institutions establish a comprehensive information and cyber security program, define standards, implement controls and adhere to their resulting security policies and standards in accordance with evolving business requirements, regulatory guidance, and an emerging threat landscape. In addition, the Digital Operational Resilience Act (DORA), applicable since January 17, 2025, and its pertinent Regulatory Technical Standards (RTS) and Implementing Technical Standards (ITS) provide for a comprehensive framework of rules on digital operational resilience for regulated financial institutions, including Deutsche Bank AG, in a harmonized form throughout the European Union. Information security risk management within Deutsche Bank is part of vendor risk management for any procurement if information technology or outsourcing activity include the use of new technologies like cloud services. Information security risk (also referred to as cyber risk) is a component of operational risk assessed in the context of the SREP under Guidelines on ICT Risk Assessment issued by the EBA, which expects financial institutions to protect the confidentiality, integrity, and availability of customer data and information assets. Such guidelines are complemented by the EBA’s Guidelines on ICT and Security Risk Management an updated version of which was issued on February 11, 2025 in the context of the application of DORA. 63 Deutsche Bank Item 4: Information on the company Annual Report 2025 on Form 20-F Regulation and Supervision Remuneration Rules Under the German Banking Act and the German Credit Institution Remuneration Regulation (Institutsvergütungsverordnung), as well as the directly applicable EBA Guidelines on sound remuneration policies under Directive 2013/36/EU, Deutsche Bank AG is subject to certain restrictions on the remuneration it pays to its management board members and employees. These remuneration rules implement requirements of the CRD and impose a cap on bonuses. Pursuant to this cap, the variable remuneration for management board members and employees must not exceed the fixed remuneration. The maximum variable remuneration may be increased to twice the management board member's or employee’s fixed remuneration if expressly approved by the shareholders’ meeting with the required majority. In addition, Deutsche Bank AG is obliged to identify individuals who have a material impact on the bank’s risk profile (“material risk takers”). Such material risk takers are subject to additional rules, such as the requirement that at least 40% or, as the case may be, up to 60% of the variable remuneration granted to them must be on a deferred basis. The minimum deferral period is four years and may increase to five years depending on certain factors. For certain material risk takers the minimum deferral period is set at five years. Also, at least 50% of the variable remuneration for material risk takers must be paid in shares of the bank or instruments linked to shares of the bank. Variable compensation of material risk takers has to be subject to an ex-post risk adjustment mechanism and to a claw back provision in case of personal wrongdoing. These deferral and claw back provisions do not apply to a material risk taker whose variable remuneration does not exceed € 50,000 gross and 1/3 of the total annual remuneration. Finally, Deutsche Bank is required to comply with certain disclosure requirements relating to the remuneration it pays to, and its remuneration principles in respect of, its material risk takers and other affected employees. In addition, as an issuer whose shares are listed on the New York Stock Exchange (NYSE), the bank has adopted compensation recovery mechanisms to recoup previously awarded compensation in the event of an accounting restatement. See below under “Regulation and Supervision in the United States”. For details of Deutsche Bank’s remuneration system, see “3 - Compensation Report” in Deutsche Bank’s Annual Report 2025. Deposit Protection and Investor Compensation in Germany The Deposit Protection Act and the Investor Compensation Act The German Deposit Protection Act (Einlagensicherungsgesetz) and the German Investor Compensation Act (Anlegerentschädigungsgesetz) provide for a mandatory deposit protection and investor compensation system in Germany, based on a European Union directive on deposit guarantee schemes (DGS Directive) and a European Union directive on investor compensation schemes. The German Deposit Protection Act (which implements the DGS Directive into German law) requires that each German bank participates in one of the statutory government-controlled deposit protection schemes (Entschädigungseinrichtungen). Since October 2021, the Entschädigungseinrichtung deutscher Banken GmbH (EdB), which has been commissioned by the German Federal Ministry of Finance to operate the mandatory deposit protection scheme, is the sole German deposit protection scheme for all German banks. The EdB collects and administers the contributions of the member banks, and settles any compensation claims of depositors in accordance with the German Deposit Protection Act. Under the German Deposit Protection Act, deposit protection schemes are generally liable for obligations resulting from deposits denominated in any currency in an amount of up to € 100,000 per depositor and bank. Certain depositors, such as banks, insurance companies, investment funds and governmental bodies, are excluded from coverage. Deposit protection schemes are financed by annual contributions of the participating banks proportionate to their potential liabilities, depending on the amount of covered deposits and the degree of risk the bank is exposed to. The target level of 0.8% of the total covered deposits of the participating banks has been reached by July 3, 2024. Deposit protection schemes may also levy special contributions if required to settle compensation claims. Deposit protection schemes will be required to contribute to bank resolution costs if resolution tools are used. The contribution made by the deposit protection scheme is limited to the compensation it would have to pay if the affected bank had become subject to insolvency proceedings. Furthermore, deposit protection schemes may provide funding to its participating banks to avoid their failure under certain circumstances. 64 Deutsche Bank Item 4: Information on the company Annual Report 2025 on Form 20-F Regulation and Supervision Under the German Investor Compensation Act, in the event that the BaFin ascertains a compensation case, EdB as Deutsche Bank AG’s deposit protection scheme is also required to compensate 90% of the aggregate claims of each covered creditor arising from securities transactions denominated in Euro or in a currency of any other Member State up to an amount of the equivalent of € 20,000. Many financial markets participants such as banks, insurance companies, investment funds, governmental bodies or medium-sized and large corporations, however, do not benefit from this coverage. Voluntary Deposit Protection System Liabilities to creditors that are not covered by a statutory compensation scheme may be covered by the Deposit Protection Fund (Einlagensicherungsfonds) set up by the Association of German Banks (Bundesverband deutscher Banken e.V.) of which Deutsche Bank AG is a member. The Deposit Protection Fund protects deposits, i.e., generally credit balances credited to an account or resulting from interim positions which the bank is required to repay, up to certain maximum amounts and subject to certain exclusions, of private individuals, foundations and corporates. Deposits of banks, broker-dealers and other financial sector entities, such as insurance and re-insurance undertakings or investment funds as well as governmental agencies, are excluded. The financial resources of the Deposit Protection Fund are funded by contributions of the participating banks. If the resources of the Fund are insufficient, banks may be required to make special contributions, in particular if the resources of the Deposit Protection Fund become stretched due to bank insolvencies or otherwise. In order to avoid the need for special contributions in the context of the failure of a member of the Deposit Protection Fund, Deutsche Bank may on occasion participate in solutions to address such bank failure outside of the statutory or voluntary deposit protection system. In 2021, the Association of German Banks launched a far-reaching reform project for its Deposit Protection Fund that has started phasing in from 2023 onwards. Deposits held with non-German branches of Deutsche Bank AG are no longer covered unless grandfathering rules apply. Also, absolute cover limit amounts will apply to all depositors. These amounts were € 5 million per depositor from January 1, 2023 onwards which have been reduced to € 3 million from January 1, 2025 and will be further reduced to € 1 million from January 1, 2030. For corporates the limits will be ten times higher but limited to deposits with a maturity of up to twelve months. Market Conduct, Investor Protection and Infrastructure Regulation Under the German Securities Trading Act (Wertpapierhandelsgesetz), the BaFin regulates and supervises securities trading, including the provision of investment services, in Germany. The German Securities Trading Act contains, among other things, disclosure and transparency rules for issuers of securities that are listed on a German exchange and organizational requirements as well as rules of conduct which apply to all businesses that provide investment services. Investment services include, in particular, the purchase and sale of securities or derivatives for others and the intermediation of transactions in securities or derivatives as well as investment advice. The BaFin has broad powers to investigate businesses providing investment services to monitor their compliance with the organizational requirements, rules of conduct and reporting requirements. In addition, the German Securities Trading Act requires an independent auditor to perform an annual audit of the investment services provider’s compliance with its obligations under the German Securities Trading Act. A related area is the Market Abuse Regulation (MAR) which establishes a common European Union framework for, inter alia, insider dealing, the public disclosure of inside information, market manipulation, and managers’ transactions. The German Securities Trading Act, which had contained rules on market abuse prior to the entering into force of the MAR, continues to supplement the MAR in this respect, for example by providing for sanctions in case of violations of the MAR. In addition, the Markets in Financial Instruments Directive (MiFID), implemented primarily by the German Securities Trading Act, and the Markets in Financial Instruments Regulation (MiFIR) provide for more far-reaching regulation and oversight of financial firms providing investment services or activities in the European Union by covering additional markets and instruments, the extension of pre- and post-trade transparency rules from equities to all financial instruments, greater restrictions on operating trading platforms, and greater sanctioning powers. The trading venues under supervision include organized trading facilities. In addition, MiFID/MiFIR, also provide for a trading obligation for over-the-counter (OTC) derivatives subject to mandatory clearing and which are sufficiently standardized, and investor protection rules that significantly impact the way investment firms distribute products. The Regulation on Key Information Documents for Packaged Retail and Insurance-based Investment Products (PRIIPs) imposes disclosure and transparency requirements when advising on or selling to clients classified as “retail” structured products and other complex and packaged investment products and aims at increasing investor protection. 65 Deutsche Bank Item 4: Information on the company Annual Report 2025 on Form 20-F Regulation and Supervision Beyond the infrastructure-related provisions of MiFID, PRIIPs and MiFIR, market infrastructure has been the focus of other regulatory initiatives of the European Union that are relevant for Deutsche Bank. The Regulation on Transparency of Securities Financing Transactions aims at increasing transparency and reducing risks associated with such transactions. The regulation requires that repos, securities lending transactions and transactions with equivalent effect and margin lending transactions be reported to trade repositories and requires risk disclosures and consent before assets are reused or re-hypothecated. For the OTC derivatives markets, the European Regulation on OTC Derivatives, CCPs and Trade Repositories, also referred to as EMIR, pursues the goals of reducing system, counterparty and operational risk and increase transparency in the OTC derivatives markets. The regulation introduced requirements for standardized OTC derivatives, such as central clearing, margining, portfolio reconciliation or reporting to trade repositories. In addition, the European Union’s Regulation on Financial Benchmarks seeks to ensure the integrity and accuracy of indices used as benchmarks for financial instruments and contracts, and prevent their manipulation. Benchmark administrators are required to obtain authorization or registration in respect of certain benchmarks (including critical and significant benchmarks) and are subject to rules and oversight regarding their organization, governance and conduct, although as of January 1, 2026, many ‘non-significant’ benchmarks are no longer in scope of the EU’s benchmark regulation. European Union-regulated banks, investment firms, fund managers and certain other supervised entities are only permitted to use benchmarks provided in accordance with the regulation. Legal Requirements relating to Financial Statements and Audits As required by the German Commercial Code (Handelsgesetzbuch), Deutsche Bank AG prepares its non-consolidated financial statements in accordance with German GAAP. Deutsche Bank Group’s consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) as endorsed by the European Union, and the bank’s compliance with capital adequacy requirements and large exposure limits is determined solely based upon such consolidated financial statements. Under German law, Deutsche Bank AG is required to be audited annually by a certified public accountant (Wirtschaftsprüfer). Deutsche Bank AG’s auditor is appointed each year at the annual shareholders’ meeting. However, the supervisory board mandates the auditor and supervises the audit. The BaFin and the Deutsche Bundesbank (“Bundesbank”), the German central bank, must be informed of the appointment and the BaFin may reject the auditor’s appointment. The German Banking Act requires that a bank’s auditor inform the BaFin and the Bundesbank of any facts that come to the auditor’s attention which would cause it to refuse to certify or to limit its certification of the bank’s annual financial statements or which would adversely affect the bank’s financial position. The auditor is also required to notify the BaFin and the Bundesbank in the event of a material breach by management of the articles of association or of any applicable law. The auditor is required to prepare a detailed and comprehensive annual audit report (Prüfungsbericht) for submission to the bank’s supervisory board, the BaFin and the Bundesbank. The BaFin and the Bundesbank share their information with the ECB. In addition to the statutory audit directive and its amendment that has been implemented into national law, Deutsche Bank is also subject to the European Union’s Regulation on Specific Requirements regarding Statutory Audit of Public-Interest Entities which includes requirements for mandatory audit firm rotation and restrictions on non-audit services. Banking Supervision under the Single Supervisory Mechanism Under the European Union’s system of financial supervision referred to as SSM, the ECB is the primary supervisor of all systemically important or significant credit institutions (such as Deutsche Bank AG) and their banking affiliates in the relevant Member States. The competent national authorities supervise the remaining, less significant banks under the oversight of the ECB. As a result, Deutsche Bank AG is supervised by the ECB, the BaFin and the Bundesbank. With respect to Deutsche Bank and other significant credit institutions, the ECB is the primary supervisor and is responsible for most tasks of prudential supervision, such as compliance with regulatory requirements concerning own funds, large exposure limits, leverage, liquidity, securitizations, corporate governance, business organization and risk management requirements. The ECB carries out its day-to-day supervisory functions through a joint supervisory team (JST) established for Deutsche Bank Group. The JST is led by the ECB and comprises staff from the ECB and national supervisory authorities, including the BaFin and the Bundesbank. In addition, and regardless of whether an institution is significant or not, the ECB is responsible for issuing new licenses to credit institutions and for assessing the acquisition and increase of significant participations (also referred to as qualifying holdings) in credit institutions established in those Member States of the European Union that participate in the SSM and where notification of such changes must be filed. 66 Deutsche Bank Item 4: Information on the company Annual Report 2025 on Form 20-F Regulation and Supervision The BaFin is Deutsche Bank’s principal supervisor for regulatory matters with respect to which the bank is not supervised by the ECB. These include business conduct in the securities markets, in particular when providing investment services to clients, payment services and implementing measures against money laundering and terrorist financing, and they also include certain special areas of bank regulation, such as those related to the issuance of covered bonds (Pfandbriefe) and the supervision of German home loan banks (Bausparkassen) with regard to certain regulatory requirements specifically applicable to such home loan banks. Generally, the BaFin also supervises Deutsche Bank with respect to those requirements under the German Banking Act that are not based upon European law. The Bundesbank supports the BaFin and the ECB and closely cooperates with them. The cooperation includes the ongoing review and evaluation of reports submitted by Deutsche Bank and of its audit reports as well as assessments of the adequacy of the bank’s capital base and risk management systems. The ECB, the BaFin and the Bundesbank receive comprehensive information from Deutsche Bank in order to monitor its compliance with applicable legal requirements and to obtain information on its financial condition. Supervisory Review and Evaluation Process (SREP) For significant institutions such as Deutsche Bank, the JST conducts the SREP for an ongoing assessment of risks, governance arrangements and the capital and liquidity situation. The SREP requires that the JSTs review the arrangements, strategies, processes and mechanisms of supervised banks on a regular basis, in order to evaluate risks to which these banks are or might be exposed, risks they could pose to the financial system, and risks revealed by stress testing. The SREP framework consists of a business model analysis, an assessment of internal governance and institution-wide control arrangements, an assessment of risks to capital and adequacy of capital to cover these risks; and an assessment of risks to liquidity and adequacy of liquidity resources to cover these risks. The SREP can result in Pillar 2 capital and liquidity requirements or guidance for the relevant institution (see above “Pillar 2 Capital Requirements and Guidance”). Audits, Investigations and Enforcement Investigations and Supervisory Audits The ECB and the BaFin may conduct audits of banks on a discretionary basis, as well as for cause. In particular, the ECB may audit Deutsche Bank’s compliance with requirements with respect to which it supervises Deutsche Bank, such as those set forth in the CRR/CRD. Findings that result from such audits may deviate from or reflect interpretations of the laws or regulatory technical standards that differ from the bank’s or industry practice, so that the remediation of these findings may be costly and impose restrictions on how the bank conducts its business. The BaFin may also decide to audit the bank’s compliance with requirements with respect to which it supervises the bank, such as those relating to business conduct in the securities markets and the regulation of anti-money laundering, to counter terrorist financing and payment services, as well as certain special areas of bank regulation, such as those related to the issuance of covered bonds and the supervision of German home loan banks. The ECB as well as the BaFin may require a bank to furnish information and documents in order to ensure that the bank is complying with applicable bank supervisory laws. The ECB and the BaFin may conduct investigations without having to state a reason therefor. Such investigations may also take place at a foreign entity that is part of a bank’s group for regulatory purposes. Investigations of foreign entities are limited to the extent that the law of the jurisdiction where the entity is located restricts such investigations. The ECB and the BaFin may attend meetings of a bank’s supervisory board and shareholders meetings. They also have the authority to require that such meetings be convened. Supervisory and Enforcement Powers The ECB has a wide range of enforcement powers in the event it discovers any irregularities concerning adherence to requirements with respect to which it supervises Deutsche Bank. It may, for example, –Impose additional own funds or liquidity requirements in excess of statutory minimum requirements; –Restrict or limit a bank’s business; –Require the cessation of activities to reduce risk; –Require a bank to use net profits to strengthen its own funds; –Restrict or prohibit dividend payments to shareholders or distributions to holders of Additional Tier 1 instruments; or –Remove the members of the bank’s management or supervisory board members from office. 67 Deutsche Bank Item 4: Information on the company Annual Report 2025 on Form 20-F Regulation and Supervision To the extent necessary to carry out the tasks granted to it, the ECB may also require national supervisory authorities to make use of their powers under national law. If these measures are inadequate, the ECB may revoke the bank’s license. Furthermore, the ECB has the power to impose administrative fines in case of breaches of directly applicable European Union laws, such as the CRR, or of applicable ECB regulations and decisions. Fines imposed by the ECB may amount to up to twice the amount of profits gained or losses avoided because of the violation, or up to 10% of the total annual turnover of the relevant entity in the preceding business year or such other amounts as may be provided for in relevant European Union law. In addition, where necessary to carry out the tasks granted to it, the ECB may also require that the BaFin initiate proceedings to ensure that appropriate penalties are imposed on the affected bank. The BaFin also retains a wide range of enforcement powers. As discussed above, it may take action if instructed by the ECB in connection with supervisory tasks granted to the ECB. With respect to supervisory tasks remaining with the BaFin, the BaFin may take action upon its own initiative. In particular, if a bank is in danger of defaulting on its obligations to creditors, the BaFin may take emergency measures to avert default. These emergency measures may include: –Issuing instructions relating to the management of the bank; –Prohibiting the acceptance of deposits and the granting of loans; –Prohibiting or restricting the bank’s managers from carrying on their functions; –Prohibiting payments and disposals of assets; –Closing the bank’s customer services; and –Prohibiting the bank from accepting any payments other than payments of debts owed to the bank. The BaFin may also impose administrative fines under the German Banking Act and other German laws. Fines under the German Banking Act may amount to generally up to € 5 million or, in certain cases, € 20 million, depending on the type of offense. If the economic benefit derived from the offense is higher, the BaFin may impose fines of up to 10% of the net turnover of the preceding business year or twice the amount of the economic benefit derived from the violation. Finally, violations of the German Banking Act may result in criminal penalties against the members of the Management Board or senior management. Recovery and Resolution Germany participates in the European Union’s single resolution mechanism (SRM), which centralizes at a European level the key competences and resources for managing the failure of banks in Member States of the European Union participating in the banking union. The SRM is based on the SRM Regulation and the BRRD, which in Germany are mainly implemented through the German Recovery and Resolution Act (Sanierungs- und Abwicklungsgesetz). Under the SRM, broad resolution powers with respect to banks domiciled in the participating Member States are granted to the Single Resolution Board (SRB) as the central European resolution authority and to the competent national resolution authorities. Resolution powers in particular include the power to reduce, including to zero, the nominal value of shares, or to cancel shares outright, and to write down certain eligible subordinated and unsubordinated unsecured liabilities, including to zero, or convert them into equity (commonly referred to as “bail-in”). For a bank directly supervised by the ECB, such as Deutsche Bank, the SRB draws up the resolution plan, assesses the bank’s resolvability and may require legal and operational changes to the bank’s structure to ensure its resolvability. In the event that a bank is failing or likely to fail and certain other conditions are met, in particular where there is no reasonable prospect that any alternative private sector measures would prevent the failure and resolution measures are necessary in the public interest, the SRB is responsible for adopting a resolution scheme for resolving the bank pursuant to the SRM Regulation. The European Commission and, to a lesser extent, the Council of the European Union, have a role in endorsing or objecting to the resolution scheme proposed by the SRB. The resolution scheme would be addressed to and implemented by the competent national resolution authorities (the BaFin in Germany). Resolution measures that could be imposed on a failing bank may consist of a range of measures including the transfer of shares, assets or liabilities of the bank to another legal entity, the reduction, including to zero, of the nominal value of shares, the dilution of shareholders of a failing bank or the outright cancellation of shares, or the amendment, modification or variation of the terms of the bank’s outstanding debt instruments, for example by way of deferral of payments or a reduction of the applicable interest rate. Furthermore, by way of a “bail-in”, certain liabilities may be written down, including to zero, or converted into equity after the bank’s regulatory capital has been exhausted. To ensure that resolution measures can be taken effectively, contractual obligations governed by the laws of a non-EU country or that are subject to jurisdiction outside the European Union are required to include contractual provisions that ensure that the relevant obligation can be bailed in. In the case of financial contracts governed by the laws of a non-EU country or that are subject to jurisdiction outside the European Union, stay acceptance clauses need to be included. 68 Deutsche Bank Item 4: Information on the company Annual Report 2025 on Form 20-F Regulation and Supervision To ensure sufficient availability of liabilities with loss-absorbing capacity that could be bailed in, the SRM Regulation and the German Recovery and Resolution Act introduced a requirement for banks to meet Minimum Requirements for Own Funds and Eligible Liabilities (MREL). The required level of MREL is determined by the competent resolution authorities for each supervised bank individually on a case-by-case basis, depending on the preferred resolution strategy. In the case of Deutsche Bank AG, MREL is determined by the SRB. In addition, G-SIIs are subject to a special Pillar 1 MREL requirement that implements the FSB’s TLAC standard for G-SIBs (see “MREL Requirements” above). G-SIIs will need to predominantly rely on capital instruments or eligible subordinated debt for this purpose. Effective January 1, 2017, the German Banking Act provided for a new class of statutorily subordinated debt securities that rank as senior non- preferred below the bank’s other senior liabilities (but in priority to the bank’s contractually subordinated liabilities, such as those qualifying as Tier 2 instruments). Following a harmonization effort by the European Union implemented in Germany effective July 21, 2018, banks are permitted to decide if a specific issuance of eligible senior debt will rank as senior non- preferred debt or as senior preferred debt. The SRB is charged with administering the Single Resolution Fund (SRF), a pool of money which is financed by bank levies in the form of annual ex-ante contributions raised at national level, with the target level being 1% of insured deposits of all banks in Member States participating in the SRM. The target level was reached for the first time at the end of the initial build-up period which started in 2016 and ended on December 31, 2023. The SRB continues to verify on an annual basis whether the SRF’s available financial means have diminished below the target level in the relevant contribution period. Based on the 2025 verification exercise, no ex-ante contributions to the SRF were collected from banks in the collection period 2025. At the beginning of 2026, the SRB verified that at the reference date (31 December 2025), the SRF amounted to more than € 81 billion, which is above the 1% of covered deposits. Therefore, unless needed, no collection of annual contributions is foreseen until the next verification exercise In early 2027, the SRB will verify, again, whether the available financial means in the Single Resolution Fund equal at least 1% of covered deposits held in the banking union. Should that not be the case, the SRB will decide whether ex ante contributions to the SRF will be calculated and restarted to be collected in the 2027 contribution period. The SRF will be used for resolving failing banks after other options, such as the bail-in tool, have been exhausted. In line with the German Recovery and Resolution Act, public financial support for a failing bank should only be used as a last resort, after having assessed and exploited, to the maximum extent possible, resolution measures set forth in the SRM Regulation and the German Recovery and Resolution Act, including the bail-in tool. Regulation in the EEA and Brexit The European Union pursues common standards of laws and regulations to create consistency across the internal market and reduce compliance and regulatory burdens for businesses operating on a cross-border basis. The EEA Agreement extends this objective to Iceland, Liechtenstein and Norway. Within the EEA, Deutsche Bank AG generally operates in a branch structure (and on a cross-border basis from its headquarters in Frankfurt am Main) throughout the EU Member States under the “European Passport” legislative provisions enacted within the EU. To the extent that any Member State deems the regulated activities of Deutsche Bank AG to be carried out within its supervisory jurisdiction, the national competent authorities of that Member State supervise the conduct of such regulated activities. This includes, for example, rules on treating clients fairly and rules governing a bank’s conduct in the securities market. As a result of Brexit, the U.K. ceased to be a Member State of the European Union and European law ceased to be applicable within the U.K. as from December 31, 2020. This meant, therefore, for the purposes of Deutsche Bank AG’s continuation of regulated activities in the U.K., the European Passport provisions were no longer available and it was obliged to rely upon temporary regulatory permissions while it sought new regulatory (Part 4A) permissions from the U.K. national competent authority, namely the PRA. Deutsche Bank AG received its (Part 4A) authorization from the PRA on December 19, 2022. With respect to its regulated activities in the U.K., and the continued operation of its London Branch, Deutsche Bank AG is currently authorized by the PRA and subject to regulation by the FCA and limited regulation by the PRA. Deutsche Bank AG continues to provide banking and other financial services in the U.K. both from its London Branch and also on a cross-border basis. In June 2023, the U.K. enacted the Financial Services and Markets Act 2023, which provides for the eventual repeal of EU financial services laws that were retained and subsequently “assimilated” into U.K. law in the U.K. post-Brexit, and eventual replacement with U.K. rules under a new regulatory framework. Such laws have since been subject to consultation and varying degrees of amendment, repeal and replacement following Brexit. The growing divergence between the financial services laws and regulations in the U.K. and the EEA gives rise to new challenges for both Deutsche Bank AG and the financial services industry generally. 69 Deutsche Bank Item 4: Information on the company Annual Report 2025 on Form 20-F Regulation and Supervision Since Brexit, other Deutsche Bank Group entities have also had to assess whether they conduct regulated activities in the U.K. (e.g., by providing U.K. regulated services to U.K. based clients), and where so, determine whether to seek authorization in the U.K., or otherwise ensure such activity can be conducted pursuant to a U.K. licensing exemption (i.e., the “overseas persons exclusion”) or outside of U.K. licensing requirements. Regulation and Supervision in the United States Deutsche Bank’s operations are subject to extensive federal and state banking, securities and derivatives regulation and supervision in the United States. Deutsche Bank engages in U.S. banking activities directly through its New York branch. It also controls U.S. bank subsidiaries, such as Deutsche Bank Trust Company Americas (DBTCA), a U.S. broker-dealer, Deutsche Bank Securities Inc., U.S. non-depository trust companies and other subsidiaries. Deutsche Bank holds its U.S. subsidiaries through two intermediate holding companies, DB USA Corporation, through which Deutsche Bank’s U.S. banking subsidiaries and the large majority of its other U.S. subsidiaries are held, and DWS USA Corporation, through which Deutsche Bank’s U.S. asset management subsidiaries are held. Deutsche Bank’s operations are subject to the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd- Frank Act”) and its implementing regulations, including the Dodd-Frank Act provisions known as the “Volcker Rule,” which limit the ability of banking entities and their affiliates to engage as principal in certain types of proprietary trading and to sponsor or invest in private equity or hedge funds or similar funds (“covered funds”), subject to certain exclusions and exemptions. In the case of non-U.S. banking entities such as Deutsche Bank AG, these exemptions permit certain activities conducted outside the United States, provided that certain criteria are satisfied. The Volcker Rule also limits the ability of banking entities and their affiliates to enter into certain transactions with covered funds with which they or their affiliates have certain relationships. The Volcker Rule also requires banking entities to establish comprehensive compliance programs designed to help ensure and monitor compliance with restrictions under the Volcker Rule. The Dodd-Frank Act also mandates that regulators provide for greater capital, leverage and liquidity requirements and other prudential standards, particularly for financial institutions that pose significant systemic risk. U.S. regulators are also able to restrict the size and growth of systemically significant non-bank financial companies and large interconnected bank holding companies. U.S. regulators are also required to impose bright-line debt-to-equity ratio limits on financial companies that the Financial Stability Oversight Council determines pose a grave threat to financial stability if it determines that the imposition of such limits is necessary to minimize the risk. Federal Reserve Board rules set forth how the U.S. operations of certain foreign banking organizations (FBOs), such as Deutsche Bank AG, are required to be structured, as well as impose enhanced prudential standards that apply to their U.S. operations. Under these rules, a large FBO with combined U.S. assets of U.S. $100 billion or more and U.S. non- branch assets of US$ 50 billion or more, such as Deutsche Bank, is required to establish or designate a separately capitalized top-tier U.S. intermediate holding company (an “IHC”) that holds substantially all of the FBO’s ownership interests in its U.S. subsidiaries. The Federal Reserve Board may permit an FBO subject to the U.S. IHC requirement to establish or designate multiple IHCs upon written request. Deutsche Bank AG submitted such a request and received Federal Reserve Board approval to designate two IHCs: DB USA Corporation and DWS USA Corporation. DWS USA Corporation is a subsidiary of DWS Group GmbH & Co. KGaA, which is approximately 80% owned by Deutsche Bank AG and holds the bank’s Asset Management division and subsidiaries. Each IHC is subject, on a consolidated basis, to the risk-based and leverage capital requirements under the U.S. Basel III capital framework, capital planning and stress testing requirements, U.S. liquidity buffer requirements and other enhanced prudential standards comparable to those applicable to large U.S. banking organizations. They are also subject to supplementary leverage ratio requirements, requirements on the maintenance of TLAC and long-term debt, liquidity coverage ratio and net stable funding ratio requirements. The Federal Reserve Board’s October 2019 final rules categorize the U.S. operations of large FBOs based on size, complexity and risk for purposes of tailoring the application of the U.S. enhanced prudential standards (the “Tailoring Rules”). The Tailoring Rules did not significantly change the capital requirements that apply to DB USA Corporation or DWS USA Corporation, though the Tailoring Rules did provide modest relief for such companies with respect to applicable liquidity requirements so long as their combined weighted short term wholesale funding remains below US$ 75 billion. 70 Deutsche Bank Item 4: Information on the company Annual Report 2025 on Form 20-F Regulation and Supervision In July 2023, the U.S. federal banking agencies issued a Notice of Proposed Rulemaking (“2023 NPR”) to implement in the United States the Basel III reforms finalized by the Basel Committee in 2017. The 2023 NPR would have required Category I-IV banking organizations, including DB USA Corporation, and their depository institution subsidiaries to calculate risk-weighted assets under both the current standardized approach and a new, more risk sensitive, approach. The risk sensitive approach in the 2023 NPR included standardized approaches for credit risk, operational risk and credit valuation adjustment risk, as well as a new approach for market risk that would be based on internal models and standardized supervisory models. Changes in policy priorities and personnel at the U.S. federal banking agencies in 2025 have made it uncertain when a final rule will be adopted, and how and to what extent any new proposal will differ from the 2023 NPR. Recent public statements by the U.S. federal banking agencies indicate that they are actively reconsidering their approach to implement the final Basel III reforms. As a result, the timing and content of any final rule, and the potential effects of any final rule on DB USA Corporation and its depository institution subsidiaries, remain uncertain. The Federal Reserve Board has the authority to supervise and examine an IHC, such as DB USA Corporation and DWS USA Corporation, and its subsidiaries, as well as U.S. branches and agencies of FBOs, such as Deutsche Bank’s New York branch. An FBO’s U.S. branches and agencies are not required to be held beneath an IHC; however, the U.S. branches and agencies of an FBO are subject to certain separate liquidity requirements, as well as other enhanced prudential standards applicable to the combined U.S. operations, such as risk management and oversight and, under certain circumstances, asset maintenance requirements. Additionally, the FBO itself is subject to certain requirements related to the adequacy and reporting of the FBO’s home country capital and stress testing regime. The Federal Reserve Board's single counterparty credit limits rules, which apply to the combined U.S. operations and IHCs of certain large FBOs, including Deutsche Bank, prohibit Deutsche Bank’s IHCs from having net credit exposure to a single unaffiliated counterparty in excess of 25 percent of the respective IHC’s Tier 1 capital. Deutsche Bank’s combined U.S. operations (including its IHCs and New York branch) would have become separately subject to similar restrictions beginning July 1, 2021, unless Deutsche Bank AG certified compliance with a home country large exposure regime that is consistent with the Basel large exposure framework. Deutsche Bank AG has availed itself of substituted compliance through certification for its combined U.S. operations, as the European Union’s framework became effective on June 28, 2021. As a bank holding company with assets of U.S.$ 250 billion or more whose combined U.S. operations meet the criteria for a “triennial full filer”, Deutsche Bank AG is required under Title I of the Dodd-Frank Act to prepare and submit to the Federal Reserve Board and the Federal Deposit Insurance Corporation (FDIC) a resolution plan (the “U.S. Resolution Plan”) on a timeline prescribed by such agencies, alternating between filing a full plan and a targeted plan. The U.S. Resolution Plan must demonstrate that Deutsche Bank AG has the ability to execute a strategy for the orderly resolution of its designated U.S. material entities and operations. For FBOs subject to these resolution planning requirements such as Deutsche Bank AG, the U.S. Resolution Plan relates only to subsidiaries, branches, agencies and businesses that are domiciled in or whose activities are carried out in whole or in material part in the United States. Deutsche Bank’s U.S. Resolution Plan describes the single point of entry strategy for Deutsche Bank’s U.S. material entities and operations and prescribes that DB USA Corporation would provide liquidity and capital support to its U.S. material entity subsidiaries and ensure their partial sale or solvent wind-down outside of applicable resolution proceedings. Deutsche Bank submitted its most recent full U.S. Resolution Plan by the October 1, 2025 due date. Deutsche Bank's next resolution plan submission is a targeted U.S. Resolution Plan that is due by July 1, 2028. The Dodd-Frank Act also established a new regime for the orderly liquidation of failing financial companies through the appointment of the FDIC as receiver that is available only if the U.S. Secretary of the Treasury determines in consultation with the U.S. President that certain criteria are met, including that the failure of the company and its resolution under otherwise applicable federal or state law would have serious adverse effects on U.S. financial stability. 71 Deutsche Bank Item 4: Information on the company Annual Report 2025 on Form 20-F Regulation and Supervision DB USA Corporation and DWS USA Corporation are each subject, on an annual basis, to the Federal Reserve Board’s supervisory stress testing and capital requirements. DB USA Corporation and DWS USA Corporation are also each subject to the Federal Reserve Board’s Comprehensive Capital Analysis and Review (CCAR), which is an annual supervisory exercise that assesses the capital positions and planning practices of large bank holding companies and IHCs. On June 27, 2025, the Federal Reserve Board publicly released the results of its annual supervisory stress test, which showed that DB USA Corporation and DWS USA Corporation would continue to have capital levels above minimum requirements even under the stress test’s severely adverse scenario. DB USA Corporation and DWS USA Corporation submitted their annual capital plans in April 2025 and will make their next capital plan submissions to the Federal Reserve Board in April 2026. The CCAR process combines the CCAR quantitative assessment and the buffer requirements in the Federal Reserve Board’s capital rules to create an institution-specific stress capital buffer (SCB), which is floored at 2.5%. The SCB equals (i) a bank holding company's projected peak-to-trough decline in Common Equity Tier 1 capital under the annual CCAR supervisory severely adverse stress testing scenario prior to any planned capital actions, plus (ii) one year of planned common stock dividends. The SCB is reset each year. On August 29, 2025, the Federal Reserve Board announced an SCB for each CCAR firm based on 2025 supervisory stress testing results, which for DB USA Corporation was 11.5% and for DWS USA Corporation was 5.3%. This SCB became effective October 1, 2025. As discussed below, in October 2025 the Federal Reserve Board proposed a rule to disclose and seek public comments on the supervisory stress testing models. Because this proposal remains subject to public comment, the Federal Reserve Board is maintaining the SCB requirements for all participating firms at their current levels. Consequently, absent further action from the Federal Reserve Board, DB USA Corporation’s and DWS USA Corporation’s SCB is scheduled to be recalibrated in 2027. In April 2025, the Federal Reserve Board issued an NPR that proposed amendments to the SCB rule (“Proposed SCB Averaging Rule”) intended to reduce volatility in the SCB requirement by averaging the stress test results across the current and previous capital planning cycles. In October 2025, the Federal Reserve Board also proposed a rule to enhance the transparency and accountability of its annual stress test (“Proposed Stress Test Transparency Rule”). Under the proposal, the Federal Reserve Board would codify an enhanced process for annually disclosing and seeking public comments on the supervisory stress testing models and the annual supervisory stress test scenarios and make targeted changes to reporting requirements related to stress testing. The Proposed Stress Test Transparency Rule would also amend the Federal Reserve Board’s framework for designing stress testing scenarios and amend the Federal Reserve Board’s stress testing policy statement. The Federal Reserve Board disclosed for public comment the 2026 supervisory stress testing models and scenarios. Under the Proposed Stress Test Transparency Rule, the Federal Reserve Board would disclose proposed scenarios by October 15 of the year prior to the year in which the stress test is performed. The Federal Reserve Board would disclose all details of the final scenarios by March 1 of the year in which the stress test is performed. The Federal Reserve Board would also publish the supervisory stress testing models, including any material proposed changes to the models, by May 15 of the year in which the stress test is performed. To accommodate the public comment process for proposed scenarios and set the balance sheet date prior to the release of the proposed scenarios, the proposal would move the jump-off date for the annual supervisory and company-run stress tests from December 31 to September 30, before the proposed scenarios are disclosed. Under the proposal, the Federal Reserve Board would continue to publish the results of the annual supervisory stress test by June 30 of each year. Large U.S. bank holding companies and certain of their subsidiary depositary institutions are subject to U.S. LCR and net stable funding ratio (NSFR) requirements that are generally consistent with the Basel Committee’s revised Basel III liquidity standards. These requirements are each applicable to DB USA Corporation, DWS USA Corporation and DBTCA. The current U.S. LCR requirements applicable to these entities provide for 85 percent coverage of net outflows over a projected 30-day period. The current U.S. NSFR requirements applicable to these entities provide for 85 percent coverage of the required amount of stable funding, so long as the IHCs’ combined weighted short term wholesale funding remains below US$ 75 billion. These entities are required to publicly report LCR information on a quarterly basis and NSFR information on a semi-annual basis. 72 Deutsche Bank Item 4: Information on the company Annual Report 2025 on Form 20-F Regulation and Supervision The Federal Reserve Board’s TLAC rules require, among other things, the U.S. IHCs of non-U.S. G-SIBs, including DB USA Corporation and DWS USA Corporation, to maintain a minimum TLAC amount, and separately require them to maintain a minimum amount of eligible long-term debt. The required TLAC amount and the ability or inability of the IHC to count long-term debt issued externally towards the requirements varies depending on the G-SIB’s planned resolution strategy. DB USA Corporation and DWS USA Corporation are each considered a “non-resolution covered IHC”, which means that they are intended, under the planned global resolution strategy of their G-SIB parent (Deutsche Bank AG), to continue to operate outside of resolution proceedings while the G-SIB parent is subject to a bail-in under the applicable European resolution regime. The TLAC rules require a “non-resolution covered IHC” to maintain (i) internal minimum TLAC of at least 16% of its risk-weighted assets, 6% of its Basel III leverage ratio denominator and 8% of its average total consolidated assets, and (ii) internal eligible long-term debt of at least 6% of its risk-weighted assets, 2.5% of its Basel III leverage ratio denominator and 3.5% of its average total consolidated assets. Eligible long-term debt instruments for non-resolution covered IHCs are required to meet certain criteria, including issuance to a foreign company that controls directly or indirectly the covered IHC or a foreign affiliate (a non-U.S. entity that is wholly owned, directly or indirectly, by the non-U.S. G-SIB) and the inclusion of a contractual trigger allowing for, in limited circumstances, the immediate conversion or exchange of some or all of the instrument into Common Equity Tier 1 instruments upon an order by the Federal Reserve Board. Internal TLAC requirements may be satisfied with a combination of eligible long-term debt instruments and Tier 1 capital. Each of DB USA Corporation and DWS USA Corporation would also face restrictions on its discretionary bonus payments and capital distributions if it fails to maintain a TLAC buffer consisting of Common Equity Tier 1 capital above the minimum TLAC requirement equal to 2.5% of risk-weighted assets. The TLAC rules also prohibit or limit the ability of DB USA Corporation and DWS USA Corporation to engage in certain types of financial transactions. In August 2023, the FDIC, Federal Reserve Board, and Office of the Comptroller of the Currency issued a joint NPR on long-term debt requirements that would make limited amendments to the existing TLAC rules and would extend the long term debt and clean-holding company portions of the Federal Reserve Board’s existing TLAC rule for U.S. G-SIBs and U.S. IHCs of foreign G-SIBs to all large banking organizations with US$ 100 billion or more in total assets, with virtually no tailoring and only a few other amendments to the existing TLAC rule. The timing and content of any final rule, and the potential effects of any final rule, remain uncertain. Furthermore, the Dodd-Frank Act provides for an extensive framework for the regulation of OTC derivatives, including mandatory clearing, exchange trading and transaction reporting of certain OTC derivatives, as well as rules regarding registration, capital, margin, business conduct standards, recordkeeping and other requirements for swap dealers, security-based swap dealers, major swap participants and major security-based swap participants. The Commodity Futures Trading Commission (CFTC) has adopted rules implementing the most significant provisions of the Dodd-Frank Act. Pursuant to the Dodd-Frank Act, the CFTC imposes position limits on certain commodities and economically equivalent swaps, futures and options. In addition, the CFTC's cross-border application of U.S. swap rules build on the CFTC’s cross-border guidance from 2013 and related no-action relief letters. The Securities and Exchange Commission's (SEC) rules regarding registration, capital, margin, risk-mitigation techniques, trade reporting, business conduct standards, trade acknowledgement and verification requirements, recordkeeping and financial reporting, and cross- border requirements for security-based swap dealers generally came into effect in November 2021, the first compliance date for registration of security-based swap dealers and major security-based swap participants. Finally, the Federal Reserve Board, the FDIC, the Office of the Comptroller of the Currency, the Farm Credit Administration and the Federal Housing Finance Agency impose rules establishing margin requirements for non-cleared swaps and security-based swaps on swap dealers and security-based swap dealers that are subject to U.S. prudential regulations in lieu of the CFTC’s and SEC’s margin rules. In addition, the Dodd-Frank Act requires U.S. regulatory agencies to prescribe regulations with respect to incentive- based compensation at financial institutions in order to prevent inappropriate behavior that could lead to a material financial loss; such rules were proposed in 2011 and 2016, but were not finalized. Other provisions require issuers with securities listed on U.S. stock exchanges to establish a “claw back” policy to recoup previously awarded executive compensation in the event of an accounting restatement; in November 2022, the SEC adopted rules to implement these provisions that cover foreign private issuers such as Deutsche Bank. The New York Stock Exchange (NYSE), on which Deutsche Bank’s ordinary shares are listed, has adopted listing standards to implement these rules, pursuant to which NYSE-listed issuers, including Deutsche Bank, were required to adopt a compensation recovery policy by December 1, 2023. The compensation recovery policies the bank has adopted are attached as Exhibits 97.1 and 97.2 hereto. The Dodd-Frank Act also grants the SEC discretionary rule-making authority to impose a new fiduciary standard on brokers, dealers and investment advisers, which the SEC has implemented through rules and interpretive guidance applicable to the relationships between such entities and their retail customers. The Dodd-Frank Act also expands the extraterritorial jurisdiction of U.S. courts over actions brought by the SEC or the United States with respect to violations of the antifraud provisions of the Securities Act of 1933, the Securities Exchange Act of 1934 and the Investment Advisers Act of 1940. 73 Deutsche Bank Item 4: Information on the company Annual Report 2025 on Form 20-F Regulation and Supervision In March 2024, the SEC adopted rules that would have required U.S.-listed companies (such as Deutsche Bank) to provide certain climate-related information in their registration statements and annual reports, including climate-related risks that have materially impacted, or are reasonably likely to have a material impact on, its business strategy, results of operations, or financial condition. The rules also would have required disclosures related to climate-related risks, Scope 1 and Scope 2 greenhouse gas (GHG) emissions and climate-related financial metrics. These rules have now been stayed by the SEC pending the outcome of ongoing litigation, which the SEC has declined to defend. However, bills proposed or adopted by the legislatures of certain U.S. states may still impose disclosure or other sustainability requirements. Deutsche Bank is monitoring such legislative developments and their impact on Deutsche Bank’s U.S. operations and reporting obligations. Regulatory Authorities Deutsche Bank AG as well as its wholly owned subsidiary DB USA Corporation are bank holding companies under the U.S. Bank Holding Company Act of 1956, as amended (the “Bank Holding Company Act“), by virtue of, among other things, their ownership of DBTCA. Deutsche Bank AG and DB USA Corporation have elected to be financial holding companies pursuant to the provisions of the Gramm-Leach-Bliley Act (the “GLB Act”). As such, Deutsche Bank’s U.S. operations are subject to regulation, supervision and examination by the Federal Reserve Board as Deutsche Bank’s U.S. “umbrella supervisor”. DBTCA is a New York state-chartered bank whose deposits are insured by the FDIC to the extent permitted by law. DBTCA is subject to regulation, supervision and examination by the Federal Reserve Board and the New York State Department of Financial Services and to applicable FDIC rules. In addition, DBTCA is also subject to regulation by the Consumer Financial Protection Bureau in relation to retail products and services offered to its customers. Deutsche Bank Trust Company Delaware is a Delaware state-chartered bank which is subject to regulation, supervision and examination by the FDIC and the Office of the State Bank Commissioner of Delaware. Deutsche Bank AG’s New York branch is supervised by the Federal Reserve Board and the New York State Department of Financial Services. Deutsche Bank’s federally chartered non-depository trust companies are subject to regulation, supervision and examination by the Office of the Comptroller of the Currency. Deutsche Bank and its subsidiaries are also subject to regulation, supervision and examination by state banking regulators of certain states in which they conduct banking operations. Restrictions on Activities As described below, federal and state banking laws, regulations and supervisory authorities restrict Deutsche Bank’s ability to engage, directly or indirectly through subsidiaries, in activities in the United States. Among other requirements, Deutsche Bank and its subsidiaries are required to obtain the prior approval of the Federal Reserve Board before directly or indirectly acquiring the ownership or control of more than 5% of any class of voting shares of U.S. banks, certain other depository institutions, and bank or depository institution holding companies. Under applicable U.S. federal banking law, Deutsche Bank’s U.S. banking operations are also restricted from engaging in certain “tying” arrangements involving products and services. Deutsche Bank’s two U.S. FDIC-insured bank subsidiaries, as well as its New York branch, are subject to requirements and restrictions under federal and state law, including requirements to maintain reserves against deposits, restrictions on the types and amounts of loans that may be made and the interest that may be charged thereon, and limitations on the types of investments that may be made and the types of services that may be offered. The Federal Reserve Board has implemented a supervisory rating system for bank holding companies with U.S. $ 100 billion or more in total consolidated assets and for IHCs with U.S.$ 50 billion or more in total consolidated assets, such as DB USA Corporation (the "LFI Rating System"). The LFI Rating System also generally applies to DWS USA Corporation. Under the LFI Rating System, covered companies receive separate ratings from the Federal Reserve Board for (i) capital planning and positions, (ii) liquidity risk management and positions and (iii) governance and controls. Each of these component areas will receive one of the following four ratings: (i) Broadly Meets Expectations, (ii) Conditionally Meets Expectations, (iii) Deficient-1, and (iv) Deficient-2. In November 2025, the Federal Reserve Board revised the LFI Rating System, which is effective as of January 16, 2026. Following these revisions, a covered company with at least two Broadly Meets Expectations or Conditionally Meets Expectations component ratings and no more than one Deficient-1 component rating would be considered “well managed.” The Federal Reserve Board’s revisions to the LFI Rating System also removed the presumption that the Federal Reserve Board would bring a formal or informal enforcement action against a covered company that receives one or more Deficient-1 ratings. 74 Deutsche Bank Item 4: Information on the company Annual Report 2025 on Form 20-F Regulation and Supervision A financial institution’s status as a financial holding company, and resulting ability to engage in a broader range of non- banking activities, are dependent on the institution and its subsidiary IHCs and insured U.S. depository institutions qualifying as “well capitalized” and “well managed” under applicable regulations and upon the insured U.S. depository institutions meeting certain requirements under the Community Reinvestment Act. The Federal Reserve Board’s and other U.S. regulators’ “well capitalized” standards are generally based on specified quantitative thresholds set at levels above the minimum requirements to be considered “adequately capitalized.” For Deutsche Bank’s two insured depository institution subsidiaries, DBTCA and Deutsche Bank Trust Company Delaware, the well-capitalized thresholds under the U.S. Basel III framework are a Common Equity Tier 1 capital ratio of 6.5%, a Tier 1 capital ratio of 8%, a Total capital ratio of 10%, and a U.S. leverage ratio of 5%. For bank holding companies, including Deutsche Bank AG and DB USA Corporation, the well-capitalized thresholds are a Tier 1 capital ratio of 6% and a Total capital ratio of 10%, both of which in the case of Deutsche Bank AG are calculated for Deutsche Bank AG under its home country standards. State-chartered banks (such as DBTCA) and state-licensed branches and agencies of foreign banks (such as the New York branch) may not, with certain exceptions that require prior regulatory approval, engage as principal in any type of activity not permissible for their federally chartered or licensed counterparts. In addition, DBTCA and Deutsche Bank Trust Company Delaware are subject to their respective state banking laws pertaining to legal lending limits and permissible investments and activities. Likewise, the United States federal banking laws also subject state-licensed branches and agencies of foreign banking organizations to the single-borrower lending limits that apply to federally licensed branches or agencies, which are substantially similar to the lending limits applicable to national banks. The single-borrower lending limits applicable to branches and agencies are calculated based on the dollar equivalent of the capital of the foreign bank (i.e., Deutsche Bank AG in the case of the New York branch). The Federal Reserve Board may terminate the activities of any U.S. office of a foreign bank if it determines that the foreign bank is not subject to comprehensive supervision on a consolidated basis in its home country or that there is reasonable cause to believe that such foreign bank or its affiliate has violated the law or engaged in an unsafe or unsound banking practice in the United States or, for a foreign bank that presents a risk to the stability of the United States financial system, the home country of the foreign bank has not adopted, or made demonstrable progress toward adopting, an appropriate system of financial regulation to mitigate such risk. Also, under the so-called swaps “push-out” provisions of the Dodd-Frank Act, certain structured finance derivatives activities of FDIC-insured banks and U.S. branch offices of foreign banks (including Deutsche Bank’s New York branch) are restricted. There are various qualitative and quantitative restrictions on the extent to which Deutsche Bank and its non-bank subsidiaries can borrow or otherwise obtain credit from Deutsche Bank’s U.S. banking subsidiaries or engage in certain other transactions involving those subsidiaries, including derivative transactions and securities borrowing or lending transactions. In general, these transactions must be on terms that would ordinarily be offered to unaffiliated entities, must be secured by designated amounts of specified collateral and are subject to volume limitations. These restrictions also apply to certain transactions of Deutsche Bank’s New York branch with its U.S. broker-dealers and certain of its other U.S. affiliates. A major focus of U.S. governmental policy relating to financial institutions is aimed at preventing money laundering and terrorist financing and compliance with economic sanctions in respect of designated countries, persons or activities. Failure of an institution to have policies and procedures and controls in place to prevent, detect and report money laundering and terrorist financing could in some cases have serious legal, financial and reputational consequences for the institution. 75 Deutsche Bank Item 4: Information on the company Annual Report 2025 on Form 20-F Regulation and Supervision New York Branch The New York branch of Deutsche Bank AG is licensed by the Superintendent of the New York State Department of Financial Services to conduct a commercial banking business and is required to maintain and pledge eligible high-quality assets with banks in the State of New York. The Superintendent of Financial Services may also impose asset maintenance requirements on foreign banks with branch offices in New York. In addition, the Federal Reserve Board is authorized to impose institution-specific asset maintenance requirements under certain conditions, pursuant to the Tailoring Rules. The New York State Banking Law authorizes the Superintendent of Financial Services to take possession of the business and property of a New York branch of a foreign bank under certain circumstances, generally involving violation of law, conduct of business in an unsafe manner, impairment of capital, suspension of payment of obligations, or initiation of liquidation proceedings against the foreign bank at its domicile or elsewhere. In liquidating or dealing with a branch’s business after taking possession of a branch, only the claims of depositors and other creditors which arose out of transactions with a branch are to be accepted by the Superintendent of Financial Services for payment out of the business and property of the foreign bank in the State of New York or in the United States and reflected on the books of the New York branch, without prejudice to the rights of the holders of such claims to be satisfied out of other assets of the foreign bank. After such claims are paid, the Superintendent of Financial Services will turn over the remaining assets, if any, first to the liquidators of other offices of the foreign bank that are being liquidated in the United States and then, if any assets remain, to the foreign bank or its duly appointed liquidator or receiver. The New York branch’s deposits and other note obligations are not insured by the FDIC. In general, under the International Banking Act and FDIC regulations, the New York branch is not permitted to engage in domestic retail deposit activity (accepting an initial deposit of less than US$250,000). The New York branch may not engage as principal in any type of activity that is not permissible for a federally licensed branch of a foreign bank unless the Federal Reserve Board has determined that such activity is consistent with sound banking practice. The New York branch must also comply with the same single borrower (or issuer) lending and investment limits applicable to federally licensed branches, which are substantially similar to the lending limits applicable to national banks, as well as those imposed by the New York State Banking Law. The lending limits applicable to the New York branch take into account credit exposures from derivative transactions. These limits are based on the foreign bank's worldwide capital. In addition, regulations that the U.S. Financial Stability Oversight Council or other regulators may adopt could affect the nature of the activities which the New York branch may conduct, and may impose restrictions and limitations on the conduct of such activities. Deutsche Bank Trust Company Americas The Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA) provides for extensive regulation of depository institutions (such as DBTCA and its direct and indirect parent companies), including requiring federal banking regulators to take “prompt corrective action” with respect to FDIC-insured banks that do not meet minimum capital requirements. As an insured bank’s capital level declines and the bank falls into lower categories (or if it is placed in a lower category by the discretionary action of its supervisor), greater limits are placed on its activities and federal banking regulators are authorized (and, in many cases, required) to take increasingly more stringent supervisory actions, which could ultimately include the appointment of a conservator or receiver for the bank (even if it is solvent). In addition, FDICIA generally prohibits an FDIC-insured bank from making any capital distribution (including payment of a dividend) or payment of a management fee to its holding company if the bank would thereafter be undercapitalized. If an insured bank becomes “undercapitalized”, it is required to submit to federal regulators a capital restoration plan guaranteed by the bank’s holding company. Since the enactment of FDICIA, both of Deutsche Bank’s U.S. insured bank subsidiaries have maintained capital above the “well capitalized” standards, the highest capital category under applicable regulations. DBTCA, like other FDIC-insured banks, is required to pay assessments to the FDIC for deposit insurance under the FDIC’s Deposit Insurance Fund (calculated using the FDIC’s risk-based assessment system). The minimum reserve ratio for the Deposit Insurance Fund was increased under the Dodd-Frank Act from 1.15% to 1.35%. After having reached 1.35% as of September 30, 2018, the reserve ratio had declined below that amount following extraordinary growth in insured deposits across the banking industry in the first and second quarters of 2020. In response to this, the FDIC adopted a restoration plan to restore the Deposit Insurance Fund to 1.35% by September 28, 2028. The restoration plan, as amended, incorporates an increase in initial base deposit assessment rate schedules uniformly by two basis points beginning in the first quarterly assessment period of 2023. Such increase is applicable to insured depositary institutions generally, including to DBTCA. 76 Deutsche Bank Item 4: Information on the company Annual Report 2025 on Form 20-F Regulation and Supervision In November 2023, the FDIC approved a final rule to implement a special assessment to recover the loss to the Deposit Insurance Fund associated with protecting uninsured depositors following the closures of Silicon Valley Bank and Signature Bank. The special assessment allows banking organizations to deduct US$ 5 billion of uninsured deposits from their insured depository institutions’ assessment bases. For banking organizations like DB USA Corporation that have multiple insured depository institutions, the deduction is distributed across the affiliated insured depository institutions. On December 16, 2025, the FDIC issued an interim final rule providing that the FDIC collect the special assessment at an annual rate of approximately 13.4 basis points through the quarter with a payment date of December 31, 2025, and reduce the special assessment for the eighth and final assessment period to 2.97 basis points, payable on March 30, 2026. Under the interim final rule, upon termination of the FDIC’s receiverships of Silicon Valley Bank and Signature Bank, the FDIC will either provide an offset to insured depository institutions, if the special assessment amount then- collected exceeds losses, or collect from insured depository institutions a one-time final shortfall special assessment, if losses exceed the special assessment amount then-collected. In addition, the FDIC will provide an offset to regular quarterly deposit insurance assessments for banks subject to the special assessment if, following the final resolution of litigation between the FDIC and SVB Financial Trust, the total amount collected through the special assessment exceeds the loss estimate at that time. In addition, the FDIC has set the designated reserve ratio at 2% as a long-term goal. The FDIC’s standard maximum deposit insurance amount per depositor at an insured depository institution is US$ 250,000. Other In the United States, Deutsche Bank’s U.S. registered broker-dealer subsidiaries are regulated by the SEC. Broker-dealers are subject to regulations that cover all aspects of the securities business, including sales methods, trade practices among broker-dealers, use and safekeeping of customers’ funds and securities, capital structure, recordkeeping, the financing of customers’ purchases and the conduct of directors, officers and employees. Deutsche Bank’s principal U.S. SEC-registered broker-dealer subsidiary, Deutsche Bank Securities Inc., is a member of the NYSE (and other securities exchanges) and is regulated by the Financial Industry Regulatory Authority, Inc. (FINRA) and the individual state securities authorities in the states in which it operates. The U.S. government agencies and self- regulatory organizations, as well as state securities authorities in the United States having jurisdiction over Deutsche Bank’s U.S. broker-dealer affiliates, are empowered to conduct administrative proceedings that can result in censure, fine, the issuance of cease-and-desist orders or the suspension or expulsion of a broker-dealer or its directors, officers or employees. Deutsche Bank Securities Inc. is also registered with and regulated by the SEC as an investment adviser, and by the CFTC and the National Futures Association as a futures commission merchant and commodity pool operator. Under the Dodd-Frank Act, entities that are swap dealers or major swap participants are required to register with the CFTC and entities that are security-based swap dealers or major security-based swap participants are required to register with the SEC. Deutsche Bank AG is registered as a swap dealer with the CFTC and a security-based swap dealer with the SEC. As a registrant, Deutsche Bank AG is subject to certain requirements relating to capital, margin, business conduct standards and recordkeeping, among others. 77 Deutsche Bank Item 4: Information on the company Annual Report 2025 on Form 20-F Organizational Structure Organizational Structure In 2025, Deutsche Bank operated its business along the structure of four corporate divisions. Deutsche Bank AG is the direct or indirect holding company for its subsidiaries. The following table sets forth the significant subsidiaries the Group owns, directly or indirectly, as of December 31, 2025. Deutsche Bank used the three-part test set out in Section 1-02 (w) of Regulation S-X under the U.S. Securities Exchange Act of 1934 to determine significance. The bank does not have any other subsidiaries it believes are material based on other less quantifiable factors. Deutsche Bank owns 100% of the equity and voting interests in these subsidiaries except for DWS Group GmbH & Co. KGaA, of which it owns 79.49% of equity and voting interests. These subsidiaries are included in the consolidated financial statements and prepare standalone financial statements as of December 31, 2025. The principal countries of operations are the same as the countries of incorporation. Subsidiary Place of Incorporation DB USA Corporation1 Delaware, United States Deutsche Bank Americas Holding Corporation2 Delaware, United States DB U.S. Financial Markets Holding Corporation3 Delaware, United States Deutsche Bank Securities Inc.4 Delaware, United States Deutsche Bank Trust Corporation5 New York, United States Deutsche Bank Trust Company Americas6 New York, United States Deutsche Bank Luxembourg S.A.7 Luxembourg DB Beteiligungs-Holding GmbH8 Frankfurt am Main, Germany DWS Group GmbH & Co. KGaA9 Frankfurt am Main, Germany 1DB USA Corporation is the top-level holding company for its subsidiaries in the United States. 2Deutsche Bank Americas Holding Corporation is a second tier holding company for subsidiaries in the United States. 3DB U.S. Financial Markets Holding Corporation is a second tier holding company for subsidiaries in the United States. 4Deutsche Bank Securities Inc. is a U.S. company registered as a broker dealer and investment advisor with the Securities and Exchange Commission and as a futures commission merchant with the Commodities Futures Trading Commission. 5Deutsche Bank Trust Corporation is a bank holding company under Federal Reserve Board regulations. 6Deutsche Bank Trust Company Americas is a New York State-chartered bank and member of the Federal Reserve System. It originates loans and other forms of credit, accepts deposits, arranges financings and provides numerous other commercial banking and financial services. 7The company's primary business model comprises loan business with international clients (Corporate Bank & Investment Bank), where the bank acts globally as lending office and as risk transfer hub for the Strategic Corporate Lending of Deutsche Bank, as well as structured finance activities covering long-term infrastructure projects and high quality investment goods. Furthermore, the bank offers tailor-made solutions with a wide range of products and services to their ultra-high-net-worth (UHNW) clients. 8The company holds the majority stake in DWS Group GmbH & Co. KGaA. 9The company is a partnership limited by shares (Kommanditgesellschaft auf Aktien) with a German limited liability company (Gesellschaft mit beschränkter Haftung) as a general partner. The business purpose of the company is the holding of participations in as well as the management and support of a group of financial services providers. Following the public listing on March 23, 2018 on the Frankfurt Stock Exchange Deutsche Bank Group owns 79.49% of equity and voting interests in the entity. Property and Equipment As of December 31, 2025, Deutsche Bank operated in 55 countries out of 1,179 branches around the world, of which 64% were located in Germany. The Group leases a majority of its offices and branches under long-term agreements. Deutsche Bank continues to review its property requirements worldwide taking into account cost containment measures as well as growth initiatives in selected businesses. Please see Note 21 “Property and Equipment” to the consolidated financial statements for further information. Information required by subpart 1400 of SEC Regulation S-K Please see pages S-1 through S-13 of the Supplemental Financial Information (Unaudited), which pages are included herein, for information required by subpart 1400 of SEC Regulation S-K. 78 Deutsche Bank Item 5: Operating and Financial Review and Prospects Annual Report 2025 on Form 20-F Material accounting policies and critical accounting estimates