DEUTSCHE BANK AKTIENGESELLSCHAFT

The compensation structures are designed to provide a mechanism that promotes and supports long-term performance

of employees and the bank. Whilst a portion of Variable Compensation is paid upfront, these structures require that an

appropriate portion is deferred to ensure alignment to the sustainable performance of the Group. For both parts of

Variable Compensation, Deutsche Bank shares are used as instruments and as an effective way to align compensation

with Deutsche Bank’s sustainable performance and the interests of shareholders.

The bank continues to go beyond regulatory requirements with the scope as well as the amount of Variable

Compensation that is deferred and the minimum deferral periods for certain employee groups. The deferral rate and

period are determined based on the risk categorization of the employee as well as the business unit. Where applicable,

the bank starts to defer parts of Variable Compensation for MRTs where Variable Compensation is set at or above

€ 50,000 or where Variable Compensation exceeds 1/3 of Total Compensation. For non-MRTs, deferrals start at higher

levels of Variable Compensation. MRTs are on average subject to deferral rates in excess of the minimum 40% (60% for

Senior Management) as required by InstVV. For MRTs in Material Business Units (MBU) the bank applies a deferral rate of

at least 50%. The Variable Compensation threshold for MRTs requiring at least 60% deferral is set at € 500,000. Moreover,

for all employees whose Fixed Pay exceeds the amount of € 600,000, the full amount of the Variable Compensation is

deferred.

As detailed in the table below, deferral periods range from three to five years, dependent on employee groups

Overview of 2025 award types (excluding DWS Group)

N/A – Not applicable

1 For the purpose of Performance Year 2025 annual awards, Senior Management is defined DB AG MB-1 positions; incumbents of MB-2 positions in IB and CB reporting to

Co-Heads of CB and Co-Heads of IB; further individuals with significant business responsibilities; MB members of Significant Institutions in the meaning of the German

Banking Act; respective MB-1 positions with managerial responsibility; for the specific deferral rules for the Management Board of Deutsche Bank AG refer to the

Compensation Report for the Management Board

Employees are not allowed to sell, pledge, transfer or assign a deferred award or any rights in respect to the award. They

may not enter into any transaction having the economic effect of hedging any Variable Compensation, for example

offsetting the risk of price movement with respect to the equity-based award. Compliance, overseen by the

Compensation Officer, monitors that employee trading activity complies with this requirement.