Prospects Overview The following discussion and analysis should be read in conjunction with the consolidated financial statements and the related notes to them included in “Item 18: Financial Statements” of this document, on which Deutsche Bank has based this discussion and analysis. The Group has prepared its consolidated financial statements in accordance with IFRS as issued by the International Accounting Standards Board. Material accounting policies and critical accounting estimates The Group’s material accounting policies are essential to understanding its reported results of operations and financial condition. Certain of these accounting policies require critical accounting estimates that involve complex and subjective judgments and the use of assumptions, some of which may be for matters that are inherently uncertain and susceptible to change. Such critical accounting estimates could change from period to period and have a material impact on the bank’s financial condition, changes in financial condition or results of operations. Critical accounting estimates could also involve estimates where management could have reasonably used another estimate in the current accounting period. Actual results may differ from these estimates if conditions or underlying circumstances were to change. See Note 01 “Material accounting policies and critical accounting estimates” to the consolidated financial statements for a discussion on the Group’s material accounting policies and critical accounting estimates. Deutsche Bank has identified the following material accounting policies that involve critical accounting estimates: –The impairment of loans and provisions for off-balance sheet positions –The impairment of financial assets at fair value through other comprehensive income –The determination of fair value –The recognition of trade date profit –The impairment of goodwill and other intangibles –The recognition and measurement of deferred tax assets –The accounting for legal and regulatory contingencies and uncertain tax positions Recently adopted accounting pronouncements and new accounting pronouncements See Note 2 “Recently adopted and new accounting pronouncements” to the consolidated financial statements for a discussion on the Group’s recently adopted and new accounting pronouncements. 79 Deutsche Bank Item 5: Operating and Financial Review and Prospects Annual Report 2025 on Form 20-F Operating results Operating results The following discussion and analysis should be read in conjunction with the bank’s consolidated financial statements. Executive summary Please see “Combined Management Report: Operating and financial review: Executive summary” in the Annual Report 2025. Trends and uncertainties For insight into the trends impacting the bank’s performance please see the “Combined Management Report: Operating and financial review” section of the Annual Report 2025. Key risks and uncertainties for the bank are discussed in “Item 3: Key Information – Risk Factors”. The Group’s aspirations are subject to various external and internal factors, some of which the bank cannot influence. Successful achievement of the bank’s strategic targets may be adversely impacted by reduced revenue generating capacities of some of the bank’s core businesses should downside risks crystallize. These risks include but are not limited to uncertainty around U.S. trade policy, the wider implications of U.S. actions in Venezuela and discourse on Greenland, Russia’s ongoing war in Ukraine, cyber events, the ongoing headwinds posed by regulatory reforms or regulatory actions to address perceived weaknesses in the financial sector and potential impacts on the bank’s legal and regulatory proceedings. While the Group continuously plans and adapts to changing situations, the bank runs the risk that a significant deterioration in the global macroeconomic environment, an adverse change in market confidence in the banking sector and/or client behavior, as well as higher competition, inflation or unforeseen costs could lead to the bank missing its financial targets and capital objectives. As such, Deutsche Bank may incur unexpected losses including impairments and provisions, experience lower than planned profitability or an erosion of the bank’s capital or liquidity base and broader financial condition, leading to a material adverse effect on Deutsche Bank’s results of operations and share price. In addition to the risks outlined above, risks to the divisional outlook include second order effects on energy and supply chain disruptions from geopolitical uncertainty which may also have an adverse impact on client activity. Client activity and investors’ confidence could also be impacted by market uncertainties including higher than expected volatility in equity and credit markets. Results of operations Please see “Combined Management Report: Operating and financial review: Results of operations” in the Annual Report 2025 and the Group’s discussion of Non-GAAP financial measures in the “Supplementary Information (Unaudited): Non- GAAP financial measures”. Financial position Please see “Combined Management Report: Operating and financial review: Financial position” in the Annual Report 2025. 80 Deutsche Bank Item 5: Operating and Financial Review and Prospects Annual Report 2025 on Form 20-F Liquidity and capital resources Liquidity and capital resources Deutsche Bank believes that its working capital is sufficient for the bank’s present requirements. For a detailed discussion of the bank’s liquidity risk management, see “Combined Management Report: Risk Report: Liquidity risk” in the Annual Report 2025. For a detailed discussion of the Group’s capital management, see “Combined Management Report: Risk Report: Capital management” in the Annual Report 2025. Post-employment benefit plans Please see “Combined Management Report: Employees: Post-employment benefit plans” in the Annual Report 2025. Off-balance sheet arrangements For information on the nature, purpose and extent of the Group’s off-balance sheet arrangements, please see Note 38 “Structured entities” to the consolidated financial statements. For further information on off-balance sheet arrangements, including allowances for off-balance sheet positions, please refer to “Combined Management Report: Risk Report: Asset quality: Allowance for credit losses” in the Annual Report 2025 and Note 19 “Allowance for credit losses” to the consolidated financial statements. For information on irrevocable lending commitments and contingent liabilities with respect to third parties, please see Note 28 “Credit related commitments and contingent liabilities” to the consolidated financial statements. Tabular disclosure of contractual obligations Please see “Combined Management Report: Operating and financial review: Tabular disclosure of contractual obligations” in the Annual Report 2025. Research and development, patents and licenses Not applicable. 81 Deutsche Bank Item 6: Directors, Senior Management and Employees Annual Report 2025 on Form 20-F Directors and Senior Management