Deutsche Bank
Green Financing 
Instruments  
Report 2021/2022

Deutsche Bank’s Green Financing Framework summary
Being a global financial intermediary, Deutsche Bank is committed to supporting and, where possible, accelerating the 
transition toward sustainable growth and a low-carbon economy in line with, among other things, the Paris Agreement 
and the United Nations Sustainable Development Goals (UN SDGs).
 
Green Bonds are one of the key tools to finance such transition, and Deutsche Bank actively participates in the develop-
ment of this market segment. In May 2020, the bank published its first Green Bond Framework (renamed Green Financ-
ing Framework in September 2020). Since then, the bank has issued several Green Bonds, underlining its commitment to 
the development of the sustainable finance market.
 
Deutsche Bank further developed its Green Financing Framework by adding the following eligible sectors: Green Build-
ings – Residential Real Estate, Clean Transportation, and Information and Communications Technology (ICT). Moreover, 
the bank further refined its three-pronged approach to evaluate and select eligible assets. 
The bank’s updated Green Financing Framework aligns with the 2021 edition of the Green Bond Principles (GBP), admin-
istered by the International Capital Market Association (ICMA), and follows its four core components: Use of Proceeds, 
Process for Project Evaluation and Selection, Management of Proceeds, and Reporting. It also follows the GBP’s recom-
mendation regarding an external review. 
This Green Financing Instruments Report covers the period from January 1, 2021 to June 30, 2022. The development 
of the impact of Deutsche Bank's Green Asset Pool is shown for the period from January 1, 2021 to December 31, 2021 
and from January 1, 2022 to June 30, 2022. Deutsche Bank intends to provide a further Green Financing Instruments 
Report covering the period from July 1, 2022 to December 31, 2022 in 2023 and will in future strive to provide green 
financing instruments reports covering periods that correspond to the bank's financial year, subject to any legislative 
developments affecting green financing instruments and changes Deutsche Bank implements in respect of its Green 
Financing Framework.
The table below provides a summary of Deutsche Bank’s Green Financing Framework. 
Component
Detail1
Use of proceeds
Eligible for the Green Asset Pool / SDG mapping:
Renewable Energy: SDG 7: Affordable and clean energy, SDG 13: Climate action
Loans or investments in corporations, assets, or projects related to renewable energy projects, including, but not 
limited to, wind (onshore/offshore), solar (photovoltaic/concentrated solar power), geothermal energy, hydro power, 
and biomass.
Energy Efficiency: SDG 7: Affordable and clean energy, SDG 13: Climate action 
Loans or investments in corporations, assets, or projects related to the development and implementation of prod-
ucts or technology that reduce the use of energy. Examples include, but are not limited to, energy efficient lighting 
(e. g. LEDs), energy storage (e. g. fuel cells), and improvement in energy services (e. g. smart grid meters).
Green Buildings: SDG 7: Affordable and clean energy, SDG 11: Sustainable cities and communities, SDG 13:  
Climate action
Loans or investments in corporations, assets, or projects related to the construction, acquisition, operation, and ren-
ovation of new and existing buildings (with a minimum energy-efficiency upgrade), and individual energy efficiency 
measures in the commercial and residential real estate sector. 
For its loan portfolio related to residential real estate activities, Deutsche Bank worked with the engineering consul-
tant Drees & Sommer to develop a robust methodology for selecting energy-efficient residential mortgages from 
its loan portfolio.
Clean Transportation: SDG 9: Industry, innovation, and infrastructure, SDG 11: Sustainable cities and communities, 
SDG 13: Climate action
Loans or investments in corporations, assets, or projects related to the development, manufacture, acquisi-
tion, financing, leasing, renting, and operation of means of clean transportation, including required and dedi-
cated components, for rail and road transport (passenger and freight), water transport (passenger and freight),  
personal mobility or transport devices, and infrastructure for low-carbon transport (land and water).
Information and Communications Technology (ICT): SDG 9: Industry, innovation, and infrastructure, SDG 13:  
Climate action
Loans or investments in corporations, assets, or projects related to acquisition and capital expenditure relating to 
energy-efficient data centers and equipment (buildings, cooling, power and data distribution equipment, and mon-
itoring systems) for data processing, hosting, and related activities – storage, manipulation, management, move-
ment, control, display, switching, interchange, transmission, or processing of data through data centers, including 
edge computing. 
Excluded from the Green Asset Pool:
–	 Fossil fuels (exploration and production)
–	 Nuclear and nuclear-related technologies
–	 Weapons, alcohol, tobacco, gambling, adult entertainment
–	 Deforestation and degradation of forests
Project evaluation 
and selection
–	 Green asset screening and preselection: Preselection of eligible assets by Deutsche Bank’s originating businesses 
 	 based on category-specific selection criteria
–	 Quarterly validation of preselected assets by Deutsche Bank’s Group Sustainability to confirm compliance with 
	
the Green Financing Framework’s criteria and to ensure that eligible assets do not have material negative environ- 
	
mental and/or social impact
–	 Annual evaluation through external verifier of the Green Asset Pool’s compliance with the Green Financing  
	
Framework criteria
Management of 
proceeds
–	 An amount corresponding to the net proceeds of Deutsche Bank’s green financing instruments is used to finance 	
	
the Green Asset Pool
–	 Selected and validated eligible green assets are recorded in the Deutsche Bank Green Asset Inventory 
–	 Routine internal monitoring of Deutsche Bank’s Green Asset Inventory to detect potential shortfalls and take 
	
corrective action
Reporting
–	 Annual publication of Green Financing Instruments Report on the Investor Relations website, including 
	
i) allocation reporting and ii) impact reporting
External review
–	 Pre-issuance review has been obtained in the form of a Second Party Opinion
–	 Annual verifier to assess compliance of all issued Green Financing Instruments with the methodology set out in the 
 	 Green Financing Framework
1 Detailed eligibility criteria are outlined within the Deutsche Bank Green Financing Framework.
2

Asset allocation and impact reporting
Deutsche Bank significantly expanded its Green Asset Pool in the reporting period by adding €5.4 billion of eligible assets in new eligible sectors such 
as green residential mortgages and green transportation. Eligible assets falling under existing sectors such as wind, solar, and commercial real estate 
have grown by over €1.1 billion.
In the reporting period, Deutsche Bank has issued ten Green Bonds and over 70 Green Structured Notes and has entered into multiple Green Deposits. 
Overall, the amount of Green Liabilities under the Green Financing Framework has increased by almost €4.6 billion to over €5.1 billion in total. 
In November 2022, Institutional Shareholder Services (ISS ESG), an independent consultant, renewed the Second-Party Opinion on Deutsche Bank’s  
Green Financing Framework and Green Asset Pool. The assessment is published on the bank’s Investor Relations website.
Allocation report as of June 30, 20222
Asset category
Number of loans
Funded amount 
(in € m)
Renewable Energy
            Solar
23
981
            Wind
11
323
            Biomass
1
12
Energy Efficiency
            Efficient Lighting
1
53
Clean Transportation
            Clean Transportation
2
103
Green Buildings
            Commercial Real Estate
23
2,426
            Residential Real Estate
33,610
5,283
Total
9,181
Eligible Green Asset Portfolio
Instrument type
Number of instruments
Amount 
(in € m)
Bonds3
11
3,932
Structured Notes3
81
665
Deposits
–
516
Total
5,113
Green Liabilities
2 All amounts were rounded; foreign currencies were converted to € based on the conversion rate as of June 30, 2022.
3 Instrument-level details to be found in Annex I: Green Financing Instruments.
Net Proceeds of Green Liabilities allocated to Eligible Green Assets 	
100 %
Percentage of Eligible Green Asset Portfolio allocated (usage) 	
56 %
Unallocated eligible Green Asset Portfolio	
4,069 €
Share of assets originated and added to the asset pool since the last reporting date relative to the total asset pool volume	
12 %
Green Asset Pool and Liabilities
3

Composition of Deutsche Bank’s Green Asset Pool4
4 All amounts were rounded; due to rounding, numbers may not sum precisely; foreign currencies were converted to € based on the conversion  
	 rate as of June 30, 2022. 
5 For eligibility criteria, see Green Financing Framework. 
6 Leadership in Energy and Environmental Design.
7 Building Research Establishment Environmental Assessment Methodology.
Total Green Asset Pool
Germany	
5,463
USA	
2,711
Canada	
240
Australia	
239
India	
113
Sweden	
109
Chile	
102
Others	
204
Funded amount by country
Funded amount by eligible asset category
Green Buildings	
7,709
Renewable Energy	
1,317 
Clean Transportation	
 103 
Energy Efficiency	
53
Renewable Energy
Solar	
 981
Wind	
323
Biomass	
12
Funded amount by renewable energy technology 
Green Buildings
Funded amount by certification
Funded amount by usage
German Residential Mortgages5	
  5,283
CRE: LEED6 Gold	
  1,582
CRE: LEED6 Platinum	
803
CRE: BREEAM7 Excellent	
41
Residential	
 5,283 
Office	
 1,868 
Retail	
 301
Hotel	
191 
Office / Retail	
66
4

Renewable Energy 
By financing renewable energy, Deutsche Bank strives to support the development of a low-carbon energy supply. The 
bank used the indicator “(Expected) avoided carbon emissions” calculated in metric tons of CO2e to determine the impact of 
financing renewable energy projects. For the impact calculation, the bank used the annual average carbon intensity (grams 
of CO2 per kWh) of the electricity mix of the country where the project is located and of the actual electricity production. 
The annual average carbon intensity for a given country for the period January 1, 2021 to December 31, 2021 was de-
rived from data provided by Enerdata, an energy intelligence and consulting company. For the period January 1, 2022 to 
June 30, 2022, the average carbon intensities were not available as data has been provided on an annual basis only by 
Enerdata. To compensate for this lack of data, the 2019–2021 average of each country’s annual average carbon intensity 
was used as a proxy for the six reported months of 2022. Data for this calculation was also derived from Enerdata.
The information on actual electricity generation was taken from the technical information on the project. At the reporting 
date, “Renewable Energy” assets constituted 14.3% of the bank’s overall Green Asset Pool. For this impact reporting, 
Deutsche Bank assumed that renewable energy has zero or negligible CO2 emissions, except in the case of biomass 
projects and hydropower projects with large storage reservoirs. 
Energy Efficiency 
For assets Deutsche Bank financed in the “Energy Efficiency” category, no impact was estimated or calculated due to 
a lack of reliable data. At the reporting date, “Energy Efficiency” assets constituted only 0.6% of the bank’s overall  
Green Asset Pool. 
Green Buildings 
The real estate sector is a key sector requiring energy efficiency and decarbonization efforts. At 83.9%, the “Green Build-
ings” category constituted the largest share of the bank’s Green Asset Pool at the reporting date. 
Drees & Sommer was engaged to evaluate the impact of the bank’s green Commercial Real Estate asset portfolio. To 
determine the impact of this category, the bank used the indicator “Expected energy savings” calculated in kilowatt 
hours per year. The associated “Avoided carbon emissions” were calculated in metric tons CO2e. Respective reductions in 
energy consumption and avoided carbon emissions were calculated by comparison with national reference benchmarks 
for energy and carbon8.
For the Residential Real Estate assets, no impact was estimated or calculated since the assets have only been part of 
Deutsche Bank’s Green Asset Pool for less than one month.
Clean Transportation
For assets Deutsche Bank financed in the “Clean Transportation” category, no impact was estimated or calculated, as the 
assets have been part of the bank’s Green Asset Pool for less than one month. At the reporting date, “Clean Transporta-
tion” assets constituted only 1.1% of the overall Green Asset Pool. 
Overall comment
If Deutsche Bank did not finance an entire project, it adjusted the impact calculation by the share of financing attributable 
to the bank. All assets considered in this impact report operated and generated energy for a minimum of one month in 
the reporting period. Assets that did not meet this threshold were excluded from the assessment. All impacts reported 
represent estimates.
Impact report for the period January 1, 2021 to June 30, 2022
–	(Expected) avoided carbon emissions (metric tons of CO2e) 
–	Renewable energy produced (MWh) 
–	Installed capacity of renewable energy constructed or rehabilitated (MW)
–	Expected or achieved energy savings for Green Buildings (MWh)
Deutsche Bank is determining the impact of its Green Asset Pool based on the following indicators:
8 Data sources: Building Performance Database, 2021 (USA), National Energy Code of Canada for Buildings, 2017 (Canada), 
  Energy Star® Portfolio Manager (USA, Canada).
5

Impact report as of June 30, 20229
Asset 
category
Renewable Energy
            Solar
            Wind
            Biomass
Energy Efficiency
            Efficient Lighting
Green Buildings
            Commercial Real Estate11
Total
Final energy 
savings
(in MWh/
year)
Installed 
capacity
(in MW)
Production
(in MWh/
year)
Avoided 
emissions 
(in tCO2e/
year)
–
5,145
13,753,216
1,712,903
–
3,314
9,577,172
336,317
–
25
174,677
7,450
n/a¹⁰
–
–
n/a10
40,567
–
–
12,609
40,567
8,484
23,505,065
2,069,280
Jan 1, 2021 - Dec 31, 2021
Impact report for the period January 1, 2021 to December 31, 2021 and January 1, 2022 to June 30, 2022
Final energy 
savings
(in MWh/
six months)
Installed 
capacity
(in MW)
Production
(in MW/
six months)
Avoided 
emissions 
(in tCO2e/
six months)
–
5,145
6,876,608
1,334,045
–
3,314
4,788,586
243,564
–
25
87,339
5,423
n/a¹⁰
–
–
n/a10
20,284
–
–
6,304
20,284
8,484
11,752,533
1,589,338
Jan 1, 2022 - Jun 30, 2022
9	 All amounts were rounded; due to rounding, numbers may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures. Foreign currencies were converted to € based on the conversion 	
	 rate as of June 30, 2022.
10 	Due to insufficient data and/or estimates, the appropriate calculation of impact was not possible at this point in time.
11 	In the reporting period, existing buildings only. Due to confidentiality and insufficient data availability, impact could not be calculated for some assets in the Green Asset Pool.
The reporting period of this report spans 18 month from January 1, 2021 to June 30, 2022. For transparency reasons, the impact for the period January 1, 2021 to December 31, 2021 as well 
as the period January 1, 2022 to June 30, 2022 is disclosed in separate tables, see below. 
6

Impact of Deutsche Bank’s Green Asset Pool12
Avoided emissions by certification (in tCO2e)
Renewable Energy
Avoided emissions by renewable energy technology (in tCO2e)
Total Green Asset Pool
Avoided emissions by country (in tCO2e)
Avoided carbon emissions (in tCO2e) illustrated in the charts below cover the full reporting period from  
January 1, 2021 to June 30, 2022.
USA	
2,204,421
Chile	
451,115
Spain	
246,935
Taiwan	
191,699
India	
183,500
China	
158,236
Netherlands	
129,775
Australia	
63,320
Others	
29,617
Avoided emissions by usage (in tCO2e)
Renewable Energy	
 3,639,704
Green Buildings	
18,913
Avoided emissions by eligible asset category (in tCO2e)
12 All amounts were rounded; due to rounding, numbers may not sum precisely to the totals provided.
Solar	
 3,046,949
Wind	
579,882
Biomass	
12,873
Green Buildings
Office	
 14,865
Retail	
2,387
Hotel	
1,661
CRE: LEED Gold	
  12,027
CRE: LEED Platinum	
6,886
7

Annex I: Green Financing Instruments13
ISIN
Bonds
XS2496313458
DE000DL19WU8
XS2461251048
DE000DL19WL7
XS2437849214
XS0459881982
XS0459882105
XS2394051002
XS2371228870
US25160PAF45
DE000DL19VD6
Structured Notes
XS0459880406
XS0459914072
XS0460005365
XS0459880158
XS0459894373
DE000DB9U7D2
XS0459893649
DE000DB9U7A8
DE000DB9U7C4
DE000DB9U7B6
XS0459893300
DE000DB9U6Z7
XS0459905591
XS0459878764
DE000DB9U6V6
DE000DB9U6W4
XS0459904867
XS0459878251
DE000DB9U6T0
XS0459904602
XS0459904354
XS2011173130
XS0459877790
DE000DB9U6N3
DE000DB9U6S2
XS0459876719
XS2011173643
XS2011173569
DE000DB9U6G7
XS0459874698
XS0459872486
DE000DB9U5Y2
XS0459883921
XS2011171431
XS2011174294
XS2011172595
XS2011172249
DE000DB9U5V8
XS0459871165
XS0459870357
DE000DB9U5S4
XS2011171860
DE000DB9U5M7
XS0459862842
XS2011173213
DE000DB9U5K1
XS0459862099
XS2011171191
DE000DB9U5F1
XS0459861364
XS2011171944
DE000DB9U5B0
DE000DB9U4X7
XS2011171514
XS2011169880
XS2011169534
XS2011171274
XS2011170466
XS2011170979
DE000DB9U4V1
DE000DB9U4T5
XS2011165037
DE000DB9U4R9
DE000DB9U4M0
DE000DB9U4L2
DE000DB9U4J6
XS2011167249
XS2011167165
XS2011167918
XS2011162877
DE000DB9U4G2
XS2011166274
DE000DB9U4E7
XS2011165979
XS2011161390
XS2011160152
XS2011160319
DE000DM337M3
XS2011156127
XS2011154775
XS2011154692
Issuance Date
28.06.22
24.05.22
30.03.22
23.02.22
18.02.22
09.02.22
09.02.22
20.10.21
17.08.21
19.03.21
10.06.20
22.06.22
20.06.22
15.06.22
15.06.22
06.06.22
02.06.22
19.05.22
19.05.22
19.05.22
16.05.22
09.05.22
05.05.22
28.04.22
22.04.22
14.04.22
14.04.22
14.04.22
07.04.22
01.04.22
31.03.22
31.03.22
31.03.22
24.03.22
17.03.22
17.03.22
17.03.22
16.03.22
15.03.22
03.03.22
24.02.22
10.02.22
10.02.22
08.02.22
31.01.22
31.01.22
31.01.22
28.01.22
24.01.22
20.01.22
06.01.22
06.01.22
17.12.21
06.12.21
02.12.21
30.11.21
22.11.21
18.11.21
17.11.21
08.11.21
04.11.21
29.10.21
18.10.21
04.10.21
01.10.21
30.09.21
30.09.21
29.09.21
23.09.21
17.09.21
16.09.21
06.09.21
31.08.21
23.08.21
09.08.21
19.07.21
01.07.21
30.06.21
30.06.21
30.06.21
23.06.21
21.06.21
15.06.21
07.06.21
04.06.21
28.05.21
28.05.21
30.04.21
31.03.21
29.01.21
15.10.20
30.09.20
Maturity
28.06.56
24.05.28
30.03.56
23.02.28
18.02.56
06.02.32
09.02.29
20.10.55
17.08.55
19.03.26
10.06.26
24.06.27
20.12.25
15.06.27
17.06.32
06.06.25
02.06.25
19.05.25
19.05.26
19.05.25
16.05.24
09.05.24
05.05.26
28.04.25
22.04.24
14.04.25
14.04.27
14.04.25
07.04.25
01.04.27
25.03.24
31.03.25
31.03.32
24.03.26
17.03.25
17.03.26
17.03.26
18.03.32
17.03.32
03.03.25
24.02.26
10.02.27
10.02.28
08.02.29
30.01.32
28.01.26
29.01.27
30.01.32
24.01.29
20.01.27
06.01.27
06.01.28
19.12.31
06.12.28
02.12.27
30.11.26
22.11.28
18.11.27
19.11.31
08.11.28
04.11.27
28.10.31
18.10.28
04.10.28
30.09.31
30.09.26
30.09.26
29.09.26
23.09.26
16.09.31
16.09.31
06.09.28
29.08.31
23.08.28
09.08.28
19.07.28
01.07.27
30.06.25
30.06.25
30.06.26
23.06.26
21.06.28
15.06.26
07.06.28
03.06.31
04.06.26
30.12.26
05.05.25
31.03.25
29.01.31
30.09.24
30.09.26
Principal (in m)
30.0 USD
500.0 EUR
50.0 USD
1,250.0 EUR
460.0 USD
20.3 EUR
2.0 EUR
200.0 USD
200.0 USD
800.0 USD
500.0 EUR
12.3 USD
26.4 EUR
4.0 EUR
33.5 EUR
7.8 USD
19.1 EUR
7.1 USD
13.5 EUR
10.0 EUR
10.0 EUR
7.1 USD
8.1 EUR
2.1 USD
6.3 USD
8.8 EUR
5.3 EUR
5.2 USD
7.2 USD
6.7 EUR
5.0 USD
12.9 USD
1.6 EUR
2.2 USD
4.5 EUR
3.5 EUR
1.1 USD
14.7 USD
44.1 EUR
25.5 EUR
2.0 USD
5.5 USD
2.3 EUR
14.5 EUR
8.5 USD
3.1 EUR
11.0 EUR
42.7 EUR
1.5 EUR
5.1 USD
2.9 USD
2.1 EUR
6.5 USD
0.8 EUR
0.7 USD
4.4 EUR
3.7 EUR
3.4 USD
43.2 EUR
1.9 EUR
1.7 USD
8.5 EUR
0.6 EUR
3.5 EUR
4.5 EUR
9.8 EUR
5.6 EUR
2.0 USD
1.0 USD
4.2 EUR
1.3 EUR
0.9 EUR
3.2 EUR
1.0 EUR
11.9 EUR
1.3 EUR
4.2 EUR
5.0 EUR
4.9 EUR
1.4 USD
19.6 EUR
2.6 EUR
2.9 USD
7.1 EUR
24.7 EUR
9.3 EUR
21.9 NOK
8.4 EUR
7.2 EUR
16.3 EUR
4.9 EUR
8.4 EUR
Amount (in € m)
28.6
500.0
47.7
1,250.0
438.8
20.3
2.0
190.8
190.8
763.1
500.0
11.7
26.4
4.0
33.5
7.4
19.1
6.8
13.5
10.0
10.0
6.8
8.1
2.0
6.0
8.8
5.3
4.9
6.9
6.7
4.8
12.3
1.6
2.1
4.5
3.5
1.0
14.0
44.1
25.5
1.9
5.2
2.3
14.5
8.1
3.1
11.0
42.7
1.5
4.9
2.8
2.1
6.2
0.8
0.7
4.4
3.7
3.2
43.2
1.9
1.6
8.5
0.6
3.5
4.5
9.8
5.6
1.9
1.0
4.2
1.3
0.9
3.2
1.0
11.9
1.3
4.2
5.0
4.9
1.3
19.6
2.6
2.8
7.1
24.7
9.3
2.1
8.4
7.2
16.3
4.9
8.4
13 All amouts were rounded.
8

Purpose of this report
This report is intended to provide relevant information and documents regarding the activities of Deutsche Bank’s Green 
Financing Instruments as foreseen in its Green Financing Framework. No representation or warranty, expressed or im-
plied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness, or correctness of the 
information or opinions contained herein. All such representations and warranties, expressed or implied, are excluded to 
the extent permitted by law.
This report does not constitute an offer to sell, or a solicitation of any offer to buy, any securities or financial instruments, 
or any advice or recommendation with respect to such securities or other financial instruments. It is not intended to be, 
and should not be construed as, providing legal or financial advice. This report has not been approved by any regulatory 
authority. The distribution of this report and of the information it contains may be the subject of legal restrictions in some 
countries. Persons who might come into possession of it must inquire as to the existence of such restrictions and comply 
with them.
In any event, you should request any internal and/or external advice that you consider necessary or desirable to obtain, 
including any financial, legal, tax, or accounting advice, or any other specialist advice, in order to verify in particular that 
the securities referred to in this report meet your investment objectives and constraints, and to obtain an independent 
valuation of such securities, and the risk factors and rewards.
No uniform criteria for classification
There are currently no uniform criteria nor a common market standard for the assessment and classification of financial 
services and financial products as sustainable or green. This can lead to different parties assessing the sustainability of 
financial services and financial products differently. In addition, there are various new regulations on ESG (environment, 
social, and corporate governance) and sustainable finance, which need to be substantiated, and further draft legislation is 
currently being developed, which may lead to financial services and financial products currently classified as sustainable 
or green not meeting future legal requirements for qualification as sustainable.
Past performance not an indicator for future results
Past performance and simulations of past performance are not a reliable indicator and therefore do not predict future 
results.
Forward-looking statements
This report contains forward-looking statements. Forward-looking statements are statements that are not historical facts; 
they include statements about our beliefs and expectations and the assumptions underlying them. These statements 
are based on plans, estimates, and projections as they are currently available to the management of Deutsche Bank AG. 
Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update 
publicly any of them in light of new information or future events.
By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could 
therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors 
include the conditions in the financial markets in Germany, in Europe, in the USA, and elsewhere from which we derive 
a substantial portion of our revenues and in which we hold a substantial portion of our assets, the development of asset 
prices and market volatility, potential defaults of borrowers or trading counterparties, the implementation of our strategic 
initiatives, the reliability of our risk management policies, procedures, and methods, and other risks referenced in our fil-
ings with the U.S. Securities and Exchange Commission. Such factors are described in detail in our most recent SEC Form 
20-F under the heading “Risk Factors”. Copies of this document are readily available upon request or can be downloaded.
Disclaimer
9

Our purpose
This is why we’re here. This is what we do.
We are here to enable economic
growth and societal progress,
by creating positive impact for
our clients, our people, our investors,
and our communities.
Contact 
Deutsche Bank AG
Frankfurt, Germany
Phone: +49 69 910-00
deutsche.bank@db.com