Pillar 3 Report 
 as of March 31, 2022
Deutsche Bank

Content
3	
Regulatory framework
3	
Introduction
3	
Basel 3 and CRR/CRD
4	
MREL (SRMR/BRRD) and TLAC (CRR)
4	
ICAAP, ILAAP and SREP
5 
New Definition of Default
5	
Key metrics
5 
Key metrics (Article 447 (a-g) and Article 438 (b) CRR)
7 
Key metrics of own funds and eligible liabilities  
(Article 447 (h) CRR and Article 45i(3)(a,c) BRRD)
8	
Own funds
8	
Transitional arrangements for mitigating the impact of the 
­introduction of IFRS 9 on own funds (Article 473a CRR)
8	
Temporary treatment of unrealised gains and losses measured at  
fair value through other comprehensive income (Article 468 CRR)
9	
Capital requirements
9	
Overview of RWA and capital requirements (Article 438 (d) CRR)
10	
Credit risk exposure and credit risk mitigation 
in the internal-rating-based approach
10	
	 Development of credit risk RWA (Article 438 (h) CRR)
11	
Counterparty credit risk (CCR)
11	
CCR exposures development (Article 438 (h) CRR) 
12	
Market risk
12	
Own funds requirements for market risk under the IMA
12	
	 Development of market risk RWA (Article 438 (h) CRR)
13	
Liquidity risk
13	
Qualitative information on LCR (Article 451a CRR) (EU LIQB)
15	
Quantitative information on LCR (Article 451a CRR)
16 
List of tables

3 
 
Deutsche Bank  
Regulatory framework 
 
Pillar 3 Report as of March 31, 2022 
Basel 3 and CRR/CRD 
 
  
Regulatory framework 
Introduction 
This Pillar 3 Report provides disclosures for the consolidated Deutsche Bank Group (the Group) as required by the global 
regulatory framework for capital and liquidity, which was established by the Basel Committee on Banking Supervision, also 
known as Basel 3. 
In the European Union (EU), the Basel 3 framework is implemented by the amended versions of “Regulation (EU) 575/2013 
on prudential requirements for credit institutions and investment firms” (Capital Requirements Regulation or “CRR”) and the 
“Directive (EU) 2013/36 on access to the activity of credit institutions and the prudential supervision of credit institutions and 
investment firms” (Capital Requirements Directive or “CRD”). As a single rulebook, the CRR is directly applicable to credit 
institutions and investment firms in the European Union and provides the grounds for the determination of regulatory capital 
requirements, regulatory own funds, leverage and liquidity as well as other relevant requirements. In addition, the CRD was 
implemented into German law by means of further amendments to the German Banking Act (“Kreditwesengesetz” or “KWG”) 
and the German Solvency Regulation (SolvV) and accompanying regulations. Jointly, these laws and regulations represent 
the regulatory framework applicable in Germany.  
The disclosure requirements are provided in Part Eight of the CRR and in Section 26a of the KWG. Further disclosure guidance 
has been provided by the European Banking Authority (“EBA”) in its “Final draft implementing technical standards on public 
disclosures by institutions of the information referred to in Titles II and III of Part Eight of Regulation (EU) No 575/2013” (EBA 
ITS).  
The information provided in this Pillar 3 Report is unaudited. Due to rounding, numbers presented throughout this document 
may not add up precisely to the totals we provide and percentages may not precisely reflect the absolute figures.  
Basel 3 and CRR/CRD 
Regarding the regulatory minimum capital requirements, the CRR/CRD lays the foundation for the calculation of risk weighted 
assets (RWA) for credit risk, including counterparty credit risk, credit valuation adjustments, market risk and operational risk.  
Regulation (EU) 2019/876 and Directive (EU) 2019/878 introduced amendments to the CRR/CRD with various changes to the 
regulatory framework that are applicable since the reporting period ended June 30, 2021. A new standardized approach for 
counterparty credit risk (SA-CCR) was introduced and replaces the mark-to-market method to determine the exposure value 
for derivatives that are not in scope of the internal model method. In addition, a new framework to determine the risk weight 
for banking book investments in collective investment undertakings and default fund contributions to central counterparties 
was introduced. The large exposure framework was also modified such that a stricter definition of eligible capital is used. 
Eligible capital is now limited to Tier 1 capital, while previously it was Tier 1 and Tier 2 capital capped at one third of Tier 1 
capital. This effectively reduces the general large exposure limit of 25 % of eligible capital. In addition, a new large exposure 
limit of 15 % of Tier 1 capital was introduced for exposures between Global Systemically Important Institutions (G-SIIs). At the 
same time the exposure measure for large exposure purposes was modified such that for derivatives SA-CCR is applied 
instead of the internal model method. Moreover, credit risk mitigation techniques became mandatory where credit risk 
mitigation is applied for RWA purposes, and entails a mandatory substitution of the exposure to the provider of the credit risk 
mitigation (e.g. to the issuer of the financial collateral). 
Regulation (EU) 2021/558 and Regulation (EU) 2021/557 introduced targeted amendments to the securitization framework 
for securitizations of non-performing exposures and extended the framework applied to simple, transparent and standardized 
securitizations to synthetic securitizations. These changes applied for the first time in the Groups reporting period ended June 
30, 2021. 
Regulation (EU) 2019/876 has introduced a minimum regulatory leverage ratio of 3 % determined as the ratio of Tier 1 
capital and the regulatory leverage exposure. The binding leverage ratio is applicable since the reporting period ended June 
30, 2021. The minimum regulatory leverage ratio of 3 % is increased if certain Euro-based exposures facing Eurosystem 
central banks are excluded from the leverage exposure. This is currently the case based on Decision (EU) 2021/1074 of the 
European Central Bank until March 31, 2022. The regulatory leverage exposure is generally determined based on the 
accounting carrying value as the relevant exposure measure for assets. Specific regulatory exposure measures apply to 
derivatives, where a modified version of SA-CCR applies, and securities financing transactions (SFT) as well as off balance 
sheet exposures. The exposure for SFT is determined based on the sum of an asset component and an add-on for

4 
 
Deutsche Bank  
Regulatory framework 
 
Pillar 3 Report as of March 31, 2022 
ICAAP, ILAAP and SREP 
 
  
counterparty credit risk. When determining the asset component, netting of SFT receivables and payables is only allowed 
where specific conditions are met. The add-on for counterparty credit risk is determined as a net exposure from the 
transaction towards the institution’s counterparty, taking the securities legs and regulatory netting into account. For off-
balance sheet items the leverage exposure is determined based on the credit conversion factors used in the credit risk 
standardized approach subject to a floor of 10 %. From January 1, 2023 an additional leverage ratio buffer requirement of 
50 % of the applicable G-SII buffer rate will apply. It is currently expected that this additional requirement will increase the 
leverage ratio requirement by 0.75 %. 
The CRR/CRD framework further defines liquidity standards. The Liquidity Coverage Ratio (LCR) aims to measure a bank’s 
short-term resilience to a severe liquidity stress scenario during a stress period of 30 calendar days. Detailed rules for the 
calculation of the LCR are set out in the Commission Delegated Regulation 2015/61. The binding minimum liquidity coverage 
ratio is set to 100 % since 2018.  
Regulation (EU) 2019/876 has introduced a minimum Net Stable Funding Ratio (NSFR) of 100 % that requires banks to 
maintain a stable funding profile in relation to their on and off balance sheet exposures. The NSFR is calculated as the ratio 
of available stable funding (ASF) divided by required stable funding (RSF) and is applicable since the reporting period June 
30, 2021. All liabilities and capital instruments are assigned an ASF weight, while assets and certain off balance sheet positions 
receive an RSF weight. 
There is still uncertainty as to how some of the CRR / CRD rules should be interpreted and there are still related binding 
Technical Standards for which a final version is not yet available. Thus, we will continue to refine assumptions and models in 
line with evolution of these regulations as well as the industry’s understanding and interpretation of the rules. Against this 
background, current CRR/CRD measures may not be comparable to previous expectations. Also  CRR/CRD measures may 
not be comparable with similarly labeled measures used by competitors as our competitors’ assumptions and estimates may 
differ from Deutsche Banks.  
MREL (SRMR/BRRD) and TLAC (CRR) 
Banks in the European Union are required to meet at all times a Minimum requirement for own funds and eligible liabilities 
(“MREL”) which ensures that banks have sufficient loss absorbing capacity in resolution to avoid recourse to taxpayers’ money. 
Relevant laws are the Single Resolution Mechanism Regulation (“SRMR”) and the Bank Recovery and Resolution Directive 
(“BRRD”) as implemented through the German Recovery and Resolution Act (Sanierungs- und Abwicklungsgesetz, “SAG”). 
In addition and as required in the CRR, G-SIIs in Europe need to have at least the maximum of 18 % plus the combined buffer 
requirement of their RWA and 6.75 % of their LRE as Total Loss Absorbing Capacity (“TLAC”).  
Instruments which qualify for MREL and TLAC are own funds (Common Equity Tier 1, Additional Tier 1 and Tier 2) and certain 
eligible liabilities (mainly plain-vanilla unsecured bonds). Instruments qualifying for TLAC need to be fully subordinated to 
general creditor claims (e.g. senior non-preferred bonds). While this is not required for MREL, current and future MREL 
regulations allow the Single Resolution Board (“SRB”) to also set an additional “subordination” requirement within MREL (but 
separate from TLAC) against which only subordinated liabilities and own funds can be counted.  
MREL is determined by the competent resolution authorities for each supervised bank individually and depending on the 
preferred resolution strategy. In the case of Deutsche Bank AG, MREL is determined by the SRB. While there is no statutory 
minimum level of MREL, the CRR, SRMR, BRRD and delegated regulations set out criteria which the resolution authority must 
consider when determining the relevant required level of MREL. Guidance is provided through an MREL policy published 
annually by the SRB. Any binding MREL ratio determined by the SRB is communicated to Deutsche Bank via the German 
Federal Financial Supervisory Authority (BaFin).  
In the fourth quarter of 2021, the SRB provided Deutsche Bank AG with the next update of its total MREL and subordinated 
MREL requirement. The update now reflects for the first time the legal changes of the banking reform package via amendments 
to the SRMR and the BRRD provided in June 2019 with the publication of Regulation (EU) 2019/877 and Directive (EU) 
2019/879.  
ICAAP, ILAAP and SREP 
The internal capital adequacy assessment process (“ICAAP”) as stipulated in Pillar 2 of Basel 3 requires banks to identify and 
assess risks, to apply effective risk management techniques and to maintain adequate capitalization. The Groups internal 
liquidity adequacy assessment process (“ILAAP”) aims to ensure that sufficient levels of liquidity are maintained on an ongoing

5 
 
Deutsche Bank  
Key metrics 
 
Pillar 3 Report as of March 31, 2022 
Key metrics (Article 447 (a-g) and Article 438 (b) CRR) 
 
  
basis by identifying the key liquidity and funding risks to which the Group is exposed, by monitoring and measuring these risks, 
and by maintaining tools and resources to manage and mitigate these risks.  
In accordance with Article 97 CRD supervisors regularly review, as part of the supervisory review and evaluation process 
(“SREP”), the arrangements, strategies, processes and mechanisms implemented by banks and evaluate: (a) risks to which 
the institution is or might be exposed; (b) risks the institution poses to the financial system; and (c) risks revealed by stress 
testing. 
New Definition of Default 
In the third quarter of 2021, the Group introduced the new definition of default, which consists of two EBA guidelines. One 
guideline comprises an EBA technical standard regarding the materiality threshold for credit obligations past due (implemented 
with ECB regulation (EU) 2018/1845) and the second guideline covers the application of the definition of default. Both of these 
new requirements are jointly referred to below as EBA Guidelines on definition of default. The EBA Guidelines on definition of 
default replaced the default definition under Basel II and is applied to all key risk metrics throughout this Report, including as 
a trigger to Stage 3 in the Groups IFRS 9 expected credit loss (ECL) model. 
Key metrics  
Key metrics (Article 447 (a-g) and Article 438 (b) CRR) 
In the following table EU KM1 we provide key regulatory metrics and ratios as well as related input components as defined by 
CRR and CRD. They comprise own funds, RWAs, capital ratios, additional requirements based on SREP, capital buffer 
requirements, leverage ratio, liquidity coverage ratio and net stable funding ratio.

6 
Deutsche Bank  
Key metrics 
Pillar 3 Report as of March 31, 2022 
Key metrics (Article 447 (a-g) and Article 438 (b) CRR) 
EU KM1 – Key metrics 
a 
b 
c 
d 
in € m. (unless stated otherwise) 
Mar 31, 2022 
Dec 31, 2021 
Sep 30, 2021 
Jun 30, 2021 
Available own funds (amounts) 
1 
Common Equity Tier 1 (CET 1) capital 
46,687 
46,506 
45,633 
45,476 
2 
Tier 1 capital 
53,206 
55,375 
53,751 
53,595 
3 
Total capital 
63,093 
62,732 
61,203 
61,128 
Risk weighted exposure amounts 
4 
Total risk-weighted exposure amount 
364,431 
351,629 
350,733 
344,945 
Capital ratios (as percentage of risk.weighted exposure amount) 
5 
Common Equity Tier 1 ratio (%) 
12.8 
13.2 
13.0 
13.2 
6 
Tier 1 ratio (%) 
14.6 
15.7 
15.3 
15.5 
7 
Total capital ratio (%) 
17.3 
17.8 
17.5 
17.7 
Additional own funds requirements based on SREP (as a 
percentage of risk-weighted exposure amount) 
EU 7a 
Additional own funds requirements to address risks other than the 
risk of excessive leverage (%) 
2.5 
2.5 
2.5 
2.5 
of which: 
EU 7b 
to be made up of CET 1 capital (percentage points) 
1.4 
1.4 
1.4 
1.4 
EU 7c 
to be made up of Tier 1 capital (percentage points) 
1.9 
1.9 
1.9 
1.9 
EU 7d 
Total SREP own funds requirements (%) 
10.5 
10.5 
10.5 
10.5 
Combined buffer requirement (as a percentage of risk-weighted 
exposure amount) 
8 
Capital conservation buffer (%) 
2.5 
2.5 
2.5 
2.5 
EU 8a 
Conservation buffer due to macro-prudential or systemic risk 
identified at the level of a Member State (%) 
0.0 
0.0 
0.0 
0.0 
9 
Institution specific countercyclical capital buffer (%) 
0.02 
0.03 
0.02 
0.02 
EU 9a 
Systemic risk buffer (%) 
0.0 
0.0 
0.0 
0.0 
10 
Global Systemically Important Institution buffer (%) 
1.5 
1.5 
1.5 
1.5 
EU 10a 
Other Systemically Important Institution buffer (%) 
2.0 
2.0 
2.0 
2.0 
11 
Combined buffer requirement (%) 
4.5 
4.5 
4.5 
4.5 
EU 11a 
Overall capital requirements (%) 
15.0 
15.0 
15.0 
15.0 
12 
CET 1 available after meeting the total SREP own funds 
requirements 
24,507 
25,738 
24,376 
24,909 
Leverage ratio² 
13 
Leverage ratio total exposure measure 
1,163,662 
1,124,628 
1,119,468 
1,111,115 
14 
Leverage ratio (%) 
4.6 
4.9 
4.7 
4.7 
Additional own funds requirements to address risks of excessive 
leverage (as a percentage of leverage ratio total exposure amount) 
EU 14a 
Additional own funds requirements to address the risk of excessive 
leverage (%) 
0.0 
0.0 
0.0 
0.0 
EU 14b 
of which: to be made up of CET 1 capital (percentage points) 
0.0 
0.0 
0.0 
0.0 
EU 14c 
Total SREP leverage ratio requirements (%) 
3.2 
3.2 
3.2 
3.2 
Leverage ratio buffer and overall leverage ratio requirement (as a 
percentage of total exposure measure) 
EU 14d 
Leverage ratio buffer requirement (%) 
0.0 
0.0 
0.0 
0.0 
EU14e 
Overall leverage ratio requirements (%) 
3.2 
3.2 
3.2 
3.2 
Liquidity Coverage Ratio 
15 
Total high-quality liquid assets (HQLA) (Weighted value - average) 
218,448 
219,604 
220,467 
221,606 
EU 16a 
Cash outflows - Total weighted value 
211,611 
212,302 
212,397 
212,712 
EU 16b 
Cash inflows - Total weighted value 
55,092 
57,441 
58,515 
61,603 
16 
Total net cash outflows (adjusted value) 
156,519 
154,861 
153,882 
151,109 
17 
Liquidity coverage ratio (%) 
140 
142 
143 
147 
Net Stable Funding Ratio 
18 
Total available stable funding 
607,174 
602,317 
592,566 
590,835 
19 
Total required stable funding 
501,046 
497,510 
483,164 
483,982 
20 
NSFR ratio (%)¹ 
121 
121 
123 
122 
1 NSFR has been updated for June 30, 2021 
2 Starting with the first quarter of 2022, the leverage ratio is presented as reported. The fully loaded definition has been discontinued in the first quarter 2022 due to immaterial 
differences. The comparison periods show the fully loaded numbers following EBA guidance and do not include the IFRS 9 transitional provision as per Article 473a of 
the CRR. The transitional impact amounted to € 20 million as of March 31, 2022, € 39 million as of December 31, 2021 and € 29 million as of September 30, 2021 as 
well as of June 30, 2021.

7 
Deutsche Bank  
Key metrics 
Pillar 3 Report as of March 31, 2022 
Key metrics of own funds and eligible liabilities (Article 447 (h) CRR and Article 45i(3)(a,c) BRRD) 
Key metrics of own funds and eligible liabilities (Article 447 (h) 
CRR and Article 45i(3)(a,c) BRRD) 
The table below provides summary information about Deutsche Bank Group’s “Minimum requirement for own funds and 
eligible liabilities” (“MREL”) and its “G-SII Requirement for own funds and eligible liabilities” (“TLAC”). 
EU KM2 – Key metrics - MREL and G-SII Requirement for own funds and eligible liabilities (TLAC) 
Minimum requirement for own 
funds and eligible liabilities 
(MREL) 
G-SII Requirement for own 
funds and eligible liabilitites 
(TLAC) 
a 
b 
c 
d 
e 
in € m. (unless stated otherwise) 
Mar 31, 2022 
Dec 31, 2021 
Mar 31, 2022 
Dec 31, 2021 
Sep 30, 2021 
Jun 30, 2021 
Own funds and eligible liabilities, ratios and 
components 
1 
Own funds and eligible liabilities 
119,408 
114,853 
110,007 
109,094 
108,721 
108,145 
EU-1a 
Own funds and subordinated liabilities 
110,007 
109,094 
– 
– 
– 
– 
2 
Total risk exposure amount of the resolution group  
(TREA) 
364,431 
351,629 
364,431 
351,629 
350,733 
344,945 
3 
Own funds and eligible liabilities as percentage of 
TREA 
32.77 
32.66 
30.19 
31.03 
31.00 
31.35 
of which: 
EU-3a 
Own funds and subordinated liabilities 
30.19 
31.03 
– 
– 
– 
– 
4 
Total exposure measure of the resolution group 
(TEM) 
1,163,662 
1,124,667 
1,163,662 
1,124,667 
1,119,497¹ 
1,111,144¹ 
5 
Own funds and eligible liabilities as percentage of 
TEM 
10.26 
10.21 
9.45 
9.70 
9.71¹ 
9.73¹ 
of which: 
EU-5a 
Own funds and subordinated liabilities 
9.45 
9.70 
– 
– 
– 
– 
6a 
Does the subordination exemption in Article 72b(4) 
of the CRR apply? (5% exemption) 
– 
– 
no 
no 
no 
no 
6b 
Pro-memo item - Aggregate amount of permitted 
non-subordinated eligible liabilities instruments if 
the subordination discretion as per Article 72b(3) 
CRR is applied (max 3.5% exemption) 
– 
– 
0 
0 
0 
0 
6c 
Pro-memo item: If a capped subordination 
exemption applies under Article 72b (3) CRR, the 
amount of funding issued that ranks pari passu 
with excluded liabilities and that is recognized 
under row 1, divided by funding issued that ranks 
pari passu with excluded Liabilities and that would 
be recognized under row 1 if no cap was applied 
(%) 
– 
– 
0 
0 
0 
0 
Minimum requirement for own funds and eligible 
liabilities (MREL) 
EU-7 
MREL requirement expressed as percentage of the 
TREA 
24.05 
24.05 
– 
– 
– 
– 
of which: 
EU-8 
to be met with own funds or subordinated 
liabilities 
20.27 
20.27 
– 
– 
– 
– 
EU-9 
MREL requirement expressed as percentage of 
TEM 
6.88 
6.88 
– 
– 
– 
– 
of which: 
EU-10 
to be met with own funds or subordinated 
liabilities 
6.88 
6.88 
– 
– 
– 
– 
 
1 Numbers have been updated. 
As of March 31, 2022 the MREL ratio was 32.77 % as percentage of Total Risk Exposure Amount (TREA) compared to a 
requirement of 28.57 % of TREA including the 4.53 % combined buffer requirement, equalling a surplus of € 15.3 billion above 
its MREL requirement. The subordinated MREL ratio was 30.19 % as percentage of TREA compared to a requirement of 
24.79 % of TREA including the 4.53 % combined buffer requirement. The subordinated MREL surplus is € 19.7 billion. 
As of March 31, 2022 the TLAC ratio was 30.19 % as percentage of TREA compared to a requirement of 22.53 % including 
the 4.53 % combined buffer requirement, resulting in a surplus of € 27.9 billion. TLAC as a percentage of TEM was 9.45 % 
compared to a requirement of 6.75 %, which corresponds to a surplus of € 31.5 billion.

8 
Deutsche Bank  
Own funds 
Pillar 3 Report as of March 31, 2022 
Temporary treatment of unrealized gains and losses measured at fair value through other comprehensive income 
(Article 468 CRR) 
Own funds 
Transitional arrangements for mitigating the impact of the 
introduction of IFRS 9 on own funds (Article 473a CRR) 
As of June 30, 2020, we applied the transitional arrangements in relation to IFRS 9 as provided in Article 473a CRR to all of 
the CET 1 measures. The CRR allowed for a phase-in of the CET 1 reduction due to the increase in credit loss allowance, as 
a result of the implementation of IFRS 9, over a five year period until year end 2022. The transitional provisions were structured 
such that there is a static component relating to increases of credit loss allowance observed as of January 2018 and a dynamic 
component relating to credit loss allowance increases observed between January 2018 and the current reporting date.  
As per the CRR amendment published on June 26, 2020 the transitional provisions have been modified such that the dynamic 
component is reset and the phase-in period was extended until year-end 2024 (i.e. it separately covers the periods from 
January 1, 2018 to January 1, 2020 and the period from January 1, 2020 to the current reporting date where the phase-in 
percentages have been modified to reflect the extended phase-in period).  
In addition, the CRR amendment simplifies the implementation of the transitional provisions as the requirement to recalculate 
the exposure at default (EAD) for each individual credit risk standardized approach (CRSA) exposure taking into account the 
amounts added back to CET 1 no longer applies. Instead, an additional credit risk RWA amount equal to 100 % times the 
credit loss allowance for the CRSA portfolio that has not reduced CET 1 due to the application of the transitional provisions is 
applied. The same amount is included in the leverage exposure. The Group do make use of this simplification in application 
of transitional provisions. 
The capital add back as of March 31, 2022 is € 19.7 million which includes € 14.6 million from the static component solely 
stemming from the CRSA portfolio due to the increase in credit loss allowances for the CRSA portfolio at transition from IAS 39 
to IFRS 9 at the end of 2017 and beginning of 2018. There was no contribution from the IRBA portfolios, given the regulatory 
expected loss exceeded IFRS 9 credit loss allowances for the relevant reporting dates. 
There is no contribution from the dynamic component from both CRSA and IBRA portfolios which compares credit loss 
allowance levels between January, 1 2018 and January, 1 2020. This is due to a reduction in credit loss allowance levels in 
the aforementioned period for the CRSA portfolio and the regulatory expected loss exceeding the credit loss allowance levels 
for the IRBA portfolio. 
There is a contribution of € 5.1 million from the dynamic component which compares the credit loss allowance levels since 
January 1, 2020 and the reporting date. This is due to an increase in provisions for the CRSA portfolio since January 1, 2020. 
The impact of the € 19.7 million capital add back as of March 31, 2022 on the CET 1, Tier 1 and Total Capital as well as risk 
weighted assets and leverage exposure did not lead to a material change of the related ratios. Therefore template ‘IFRS 9-
FL: Comparison of institutions’ own funds and capital and leverage ratios with and without the application of transitional 
arrangements for IFRS 9 or analogous ECLs” is not being disclosed due to immateriality. 
Temporary treatment of unrealized gains and losses measured 
at fair value through other comprehensive income (Article 468 
CRR) 
Deutsche Bank did not elect to apply the new Article 468 of CRR ‘quick fix’ which relates to the temporary treatment of 
unrealized gains and losses measured at fair value through other comprehensive income in view of the COVID-19 pandemic.

9 
Deutsche Bank  
Capital requirements 
Pillar 3 Report as of March 31, 2022 
Overview of RWA and capital requirements (Article 438 (d) CRR) 
Capital requirements 
Overview of RWA and capital requirements (Article 438 (d) 
CRR) 
The table below shows RWA broken down by risk types and model approaches compared to the previous quarter end. It also 
shows the corresponding minimum capital requirements, which is derived by multipliying the respective RWA by an 8 % capital 
ratio. 
EU OV1 – Overview of RWA 
Mar 31, 2022 
Dec 31, 2021 
a 
c1 
b 
c2 
in € m. 
RWA 
Minimum 
capital 
requirements 
RWA 
Minimum 
capital 
requirements 
1 
Credit risk (excluding CCR) 
224,482 
17,959 
212,294 
16,984 
of which: 
2 
The standardized approach (SA) 
18,640 
1,491 
19,056 
1,524 
3 
The foundation IRB (FIRB) approach 
2,092 
167 
2,071 
166 
4 
Slotting approach 
680 
54 
699 
56 
EU 4a 
Equities under the simple riskweighted approach 
13,234 
1,059 
13,539 
1,083 
5 
The advanced IRB (AIRB) approach 
189,836 
15,187 
176,929 
14,154 
6 
Counterparty credit risk (CCR) 
30,686 
2,455 
31,285 
2,503 
of which: 
7 
The standardized approach 
2,783 
223 
2,217 
177 
8 
Internal model method (IMM) 
19,045 
1,524 
19,957 
1,597 
EU 8a 
Risk exposure to a CCP 
655 
52 
737 
59 
EU 8b 
Credit Valuation Adjustment (CVA) 
6,256 
501 
6,327 
506 
9 
Other CCR 
1,948 
156 
2,047 
164 
15 
Settlement risk 
295 
24 
60 
5 
16 
Securitization exposures in the banking book (after the cap) 
12,555 
1,004 
12,189 
975 
of which: 
17 
SEC-IRBA approach 
7,302 
584 
7,124 
570 
18 
SEC-ERBA (including IAA) 
532 
43 
476 
38 
19 
SEC-SA approach 
4,312 
345 
4,079 
326 
EU 19a 
1250% / deduction 
408 
33 
509 
41 
20 
Market risk 
21,939 
1,755 
19,773 
1,582 
of which: 
20 
Standardized approach 
3,255 
260 
3,071 
246 
21 
IMA 
18,683 
1,495 
16,702 
1,336 
EU 22a 
Large exposures 
0 
0 
0 
0 
23 
Operational risk 
60,369 
4,829 
61,718 
4,937 
of which: 
EU 23a 
Basic indicator approach 
0 
0 
0 
0 
EU 23b 
Standardized approach 
0 
0 
0 
0 
EU 23c 
Advanced measurement approach 
60,369 
4,829 
61,718 
4,937 
24 
Amounts below the thresholds for deduction (subject 
to 250% risk weight) 
14,106 
1,128 
14,311 
1,145 
29 
Total 
364,431 
29,154 
351,629 
28,130 
As of March 31, 2022, RWA was € 364.4 billion compared to € 351.6 billion as of December 31, 2021. The increase of 
€ 12.8 billion was primarily driven by credit risk (excluding CCR) and market risk, which was partially offset by reductions in 
operational risk and counterparty credit risk (CCR) RWA. The increase in credit risk RWA (excluding CCR) by € 12.2 billion 
was mainly driven by impacts resulting from ECB mandated model adjustments, changes in counterparty ratings, business 
growth within the Core Bank and foreign exchange movements. The market risk RWA increased by € 2.2 billion primarily 
driven by the Stressed Value-at-Risk (SVaR) component, included in the internal model approach (IMA), due the change of 
the SVaR window from the Euro crisis to the COVID crisis. These RWA increases were partly offset by decreased operational 
risk RWA of € 1.3 billion resulting from a more favorable development of the Groups internal loss profile feeding into the capital 
model and a reduction due to updates to the qualitative adjustments. Additionally, counterparty credit risk (CCR) RWA 
decreased by € 0.6 billion mainly due to reduced internal model method (IMM)-exposure and termination of trades within the 
Investment Bank and Capital Release Unit, partly offset by an increase within the standardized approach. 
The movements of RWA for credit and market risk are discussed below in sections “Development of credit risk RWA (Article 
438 (h) CRR)”, “CCR exposures development (Article 438 (h) CRR)” and “Development of market risk RWA (Article 438 (h) 
CRR)”.

10 
 
Deutsche Bank  
Credit risk exposure and credit risk mitigation in the internal-rating-based approach 
 
Pillar 3 Report as of March 31, 2022 
Overview of RWA and capital requirements (Article 438 (d) CRR) 
 
  
Credit risk exposure and credit risk mitigation in the 
internal-rating-based approach 
Development of credit risk RWA (Article 438 (h) CRR) 
The following table provides an analysis of key drivers for RWA movements observed for credit risk, excluding counterparty 
credit risk, to the extent covered in the IRB approaches in the current and previous reporting period. 
EU CR8 – RWA flow statement of credit risk exposures under the IRB approach 
 
Three months 
ended Mar 31, 
2022 
Three months 
ended Dec 31, 
2021 
 
a 
a 
in € m. 
RWA 
RWA 
1 
Risk weighted exposure amount as at the end of the previous reporting period 
179,700 
175,642 
2 
Asset size 
4,877 
996 
3 
Asset quality 
1,285 
1,809 
4 
Model updates 
(135) 
(136) 
5 
Methodology and policy 
5,541 
116 
6 
Acquisitions and disposals 
0 
0 
7 
Foreign exchange movements 
1,341 
1,273 
8 
Other 
0 
0 
9 
Risk weighted exposure amount as at the end of the reporting period 
192,608 
179,700 
 
 
    
Organic changes in the Groups portfolio size and composition are considered in the category “asset size”. The category “asset 
quality” represents the effects from portfolio rating migrations, loss given default, model parameter recalibrations as well as 
collateral coverage and netting activities. “Model updates” include model refinements and further roll out of advanced internal 
models. RWA movements resulting from externally, regulatory-driven changes, e.g. applying new regulations, are considered 
in the “methodology and policy” section. “Acquisition and disposals” show significant exposure movements which can be 
clearly assigned to acquisition or disposal related activities. Changes that cannot be attributed to the above categories are 
reflected in the category “other”.  
The increase in RWA for credit risk exposures under the IRB approach of 7.2 % or € 12.9 billion since December 31, 2021 is 
primarily observed in the “methodology and policy” category, which includes impacts resulting from ECB mandated model 
adjustments. The category “asset quality” reflects an RWA increase stemming from counterparty ratings deterioration, 
particularly relating to Russian clients, and parameter recalibrations. Additionally, an increase in the category “asset size” 
reflects growing client demand within the Core Bank business, partially offset by de-risking in the Capital Release Unit. Further 
increases resulted from Foreign exchange movements.

11 
 
Deutsche Bank  
Counterparty credit risk (CCR) 
 
Pillar 3 Report as of March 31, 2022 
CCR exposures development (Article 438 (h) CRR) 
 
  
Counterparty credit risk (CCR) 
CCR exposures development (Article 438 (h) CRR) 
The following table provides an analysis of key drivers for RWA movements observed for counterparty credit risk exposures 
calculated under the internal model method (IMM) in the current and previous reporting period. 
EU CCR7 – RWA flow statement of counterparty credit risk exposures under the internal model method 
 
Three months 
ended Mar 31, 
2022 
Three months 
ended Dec 31, 
2021 
 
a 
a 
in € m. 
RWA 
RWA 
1 
Counterparty credit risk RWA under the IMM opening balance 
20,171 
19,894 
2 
Asset size 
(1,322) 
177 
3 
Credit quality of counterparties 
(18) 
(155) 
4 
Model updates (IMM only) 
0 
0 
5 
Methodology and policy  (IMM only) 
0 
0 
6 
Acquisitions and disposals 
0 
0 
7 
Foreign exchange movements 
385 
255 
8 
Other 
0 
0 
9 
Counterparty credit risk RWA under the IMM closing balance 
19,216 
20,171 
 
 
    
Organic changes in portfolio size and composition are considered in the category “asset size”. The category “credit quality of 
counterparties” represents the effects from portfolio rating migrations, loss given default, model parameter recalibrations as 
well as collateral coverage and netting activities. “Model updates (IMM only)” include model refinements and further roll out of 
advanced internal models. RWA movements resulting from externally, regulatory-driven changes, e.g. applying new 
regulations, are considered in the “methodology and policy (IMM only)” section. “Acquisition and disposals” shows significant 
exposure movements which can be clearly assigned to acquisition or disposal related activities. Changes that cannot be 
attributed to the above categories are reflected in the category “other”. 
The RWA for counterparty credit risk exposures under the IMM decreased by 4.7 % or € 1.0 billion since December 31, 2021. 
The decrease in “asset size” reflects reduced IMM-exposure and termination of trades within the Investment Bank and Capital 
Release Unit. This was partly offset by increases stemming from Foreign exchange movements.

12 
 
Deutsche Bank  
Market risk 
 
Pillar 3 Report as of March 31, 2022 
Own funds requirements for market risk under the IMA 
 
  
Market risk 
Own funds requirements for market risk under the IMA 
Development of market risk RWA (Article 438 (h) CRR) 
The following table EU MR2-B provides an analysis of key drivers for movements observed for market risk RWA covered by 
internal models (i.e. value-at-risk, stressed value-at-risk, incremental risk charge and comprehensive risk measure) in the 
current and previous reporting period. It also shows the corresponding movements in capital requirements, derived from RWA 
with an 8 % capital ratio. 
EU MR2-B – RWA flow statements of market risk exposures under the IMA 
 
Three months ended Mar 31, 2022 
 
a 
b 
c 
d 
e 
f 
g 
in € m. 
VaR 
SVaR 
IRC 
Compre- 
hensive 
risk measure 
Other² 
Total RWA 
Total capital 
requirements 
1 
Market Risk RWA opening balance 
3,538 
9,360 
3,657 
– 
147 
16,702 
1,336 
1a Regulatory adjustment¹ 
(2,625) 
(6,996) 
0 
– 
0 
(9,621) 
(770) 
1b RWA at the previous quarter-end (end of 
the day) 
913 
2,364 
3,657 
– 
147 
7,081 
566 
2 
Movement in risk levels 
432 
619 
18 
– 
(147) 
921 
74 
3 
Model updates/changes 
0 
0 
0 
– 
0 
0 
0 
4 
Methodology and policy 
0 
0 
0 
– 
0 
0 
0 
5 
Acquisitions and disposals 
0 
0 
0 
– 
0 
0 
0 
6 
Foreign exchange movements 
0 
0 
0 
– 
0 
0 
0 
6a Market data changes and recalibrations 
13 
1,256 
0 
– 
0 
1,269 
102 
7 
Other 
0 
0 
0 
– 
0 
0 
0 
8a RWA at the end of the reporting period 
(end of the day) 
1,357 
4,239 
3,675 
– 
0 
9,271 
742 
8b Regulatory adjustment¹ 
2,530 
6,860 
23 
– 
0 
9,412 
753 
8 
Market Risk RWA closing balance 
3,887 
11,099 
3,698 
– 
0 
18,683 
1,495 
 
 
1 Indicates the difference between reported RWA (based on 60day average) and RWA (based on VaR / SVaR as of quarter-end) at the beginning (1b) and end (8b) of period. 
2 Other includes risks that exceed the incremental impact of Risk Not In VaR (RNIV) thresholds and therefore need to be capitalized.  As of December 31, 2021 the threshold 
was exceeded by €147 million and was capitalized.  As of March 31, 2022, the RNIV threshold was not exceeded and the €147 million from the prior quarter was reversed. 
 
Three months ended Dec 31, 2021 
 
a 
b 
c 
d 
e 
f 
g 
in € m. 
VaR 
SVaR 
IRC 
Compre- 
hensive 
risk measure 
Other² 
Total RWA 
Total capital 
requirements 
1 
Market Risk RWA opening balance 
3,063 
8,681 
6,948 
– 
0 
18,692 
1,495 
1a Regulatory adjustment¹ 
(2,272) 
(5,751) 
0 
– 
0 
(8,023) 
(642) 
1b RWA at the previous quarter-end (end of 
the day) 
791 
2,930 
6,948 
– 
0 
10,668 
853 
2 
Movement in risk levels 
(113) 
(628) 
(3,291) 
– 
147 
(3,885) 
(311) 
3 
Model updates/changes 
0 
0 
0 
– 
0 
0 
0 
4 
Methodology and policy 
0 
63 
0 
– 
0 
63 
5 
5 
Acquisitions and disposals 
0 
0 
0 
– 
0 
0 
0 
6 
Foreign exchange movements 
0 
0 
0 
– 
0 
0 
0 
6a Market data changes and recalibrations 
235 
0 
0 
– 
0 
235 
19 
7 
Other 
0 
0 
0 
– 
0 
0 
0 
8a RWA at the end of the reporting period 
(end of the day) 
913 
2,364 
3,657 
– 
147 
7,081 
566 
8b Regulatory adjustment¹ 
2,625 
6,996 
0 
– 
0 
9,621 
770 
8 
Market Risk RWA closing balance 
3,538 
9,360 
3,657 
– 
147 
16,702 
1,336 
 
 
1 Indicates the difference between reported RWA (based on 60day average) and RWA (based on VaR / SVaR as of quarter-end) at the beginning (1b) and end (8b) of period. 
2 Other includes risks that exceed the incremental impact of Risk Not In VaR (RNIV) thresholds and therefore need to be capitalized.  As of December 31, 2021 the threshold 
was exceeded by €147 million and was capitalized.  As of March 31, 2022, the RNIV threshold was not exceeded and the €147 million from the prior quarter was reversed. 
The market risk RWA movements due to position changes are represented in line “Movement in risk levels”. Changes to our 
market risk RWA internal models, such as methodology enhancements or risk scope extensions, are included in the category 
of “Model updates/changes”. In the “Methodology and policy” category we reflect regulatory driven changes to our market risk 
RWA models and calculations. Significant aquisitions and disposals would be assigned to the line item “Acquisition and 
disposals”. The impacts of “Foreign exchange movements” are not calculated for IMA (Internal Models Approach) components. 
Changes in market data levels, volatilities, correlations, liquidity and ratings are included under the “Market data changes and 
recalibrations” category.

13 
 
Deutsche Bank  
Liquidity risk 
 
Pillar 3 Report as of March 31, 2022 
Qualitative information on LCR (Article 451a CRR) (EU LIQB) 
 
  
As of March 31, 2022, the IMA components for market risk totaled € 18.7 billion, which was an increase of € 2 billion since 
December 31, 2021. The increase in average stressed value-at-risk is driven by change in SVaR window from Euro crisis 
(August 02, 2011 – July 30, 2012) to Covid crisis (June 04, 2019 – June 01, 2020), worsening of FX non-linear exposures and 
reduction in short EUR rates exposure. The increase in average value-at-risk is driven by reduction in long interest rates 
volatility exposure.  
Liquidity risk 
Qualitative information on LCR (Article 451a CRR) (EU LIQB) 
The Liquidity Coverage Ratio (LCR) 
The LCR is intended to promote the short-term resilience of a bank’s liquidity risk profile over a 30 day stress scenario. The 
ratio is defined as the amount of High Quality Liquid Assets (“HQLA”) that could be used to raise liquidity, measured against 
the total volume of net cash outflows, arising from both contractual and modelled exposures, in a stressed scenario. 
This requirement has been implemented into European law, via the Commission Delegated Regulation (EU) 2015/61, adopted 
in October 2014. Compliance with the LCR was required in the EU from October 1, 2015.  
Our average LCR of 140 % (twelve months average) has been calculated in accordance with the Commission Delegated 
Regulation (EU) 2015/61 and the EBA Guidelines on LCR disclosure to complement the disclosure of liquidity risk 
management under Article 435 CRR.  
The Group’s Liquidity Coverage Ratio (LCR) was 135% as of March 31, 2022, or € 55 billion of excess over the regulatory 
minimum of 100 %. This compares to 133%, or € 52 billion of excess liquidity at December 31, 2021. The marginal increase 
in surplus was primarily driven by net new capital market issuances and retail deposit inflows partially offset by loan growth 
and higher outflows from commitments. 
Concentration of funding and liquidity sources 
Diversification of our funding profile in terms of investor types, regions and products is an important element of our liquidity 
risk management framework. Our most stable funding sources for which the Bank has introduced a minimum risk appetite 
stem from capital markets issuances and equity, as well as from retail, and transaction banking clients. Other customer 
deposits and secured funding and short positions are additional sources of funding. Unsecured wholesale funding represents 
unsecured wholesale liabilities sourced primarily by our Treasury Pool Management team. Given the relatively short-term 
nature of these liabilities, they are predominantly used to fund liquid trading assets.  
To promote the additional diversification of our refinancing activities, we hold a license to issue mortgage Pfandbriefe. We 
continue to run a program for the purpose of issuing Covered Bonds under Spanish law (Cedulas) and participate in the 
TLTRO III program. Additionally, we expanded in 2020 our potential investor base by introducing our Sustainable Finance 
Framework and issued a Green Bond in June 2020. 
Unsecured wholesale funding comprises a range of institutional products, such as Certificate of Deposits (CDs), Commercial 
Papers (CPs) as well as Money Market deposits.  
To avoid any unwanted reliance on these short-term funding sources, and to promote a sound funding profile which complies 
with the defined risk appetite, we have implemented limits (across tenors) on these funding sources which are derived from 
our daily stress testing analysis. In addition, we limit the total volume of unsecured wholesale funding to manage the reliance 
on this funding source as part of the overall funding diversification. 
Composition of HQLA 
The average HQLA of 218 billion has been calculated in accordance with the Commission Delegated Regulation (EU) 2015/61 
and the EBA Guidelines on LCR disclosure to complement the disclosure of liquidity risk management under Article 435 CRR. 
The HQLA as of March 31, 2022 of 214 billion is primarily held in Level 1 cash and central bank reserves (66%) and Level 1 
high quality securities (32%). This compares to 207 billion as of December 31, 2021 primarily held in Level 1 cash and central 
bank reserves (81%) and Level 1 high quality securities (17%).  
Derivative exposures and potential collateral calls 
The majority of outflows related to derivative exposures and other collateral requirements shown in item 11 are in relation to 
derivative contractual cash outflows that are offset by derivative cash inflows shown in item 19 Other cash inflows.

14 
 
Deutsche Bank  
Liquidity risk 
 
Pillar 3 Report as of March 31, 2022 
Qualitative information on LCR (Article 451a CRR) (EU LIQB) 
 
  
Other significant outflows relate to the impact of an adverse market scenario on derivatives based on the 24 month historical 
look back approach and the potential posting of additional collateral as a result of a 3 notch downgrade of DB’s credit rating 
(as per regulatory requirements).  
Currency mismatch in the LCR 
The LCR is calculated for EUR, USD and GBP which have been identified as significant currencies (having liabilities > 5 % of 
total group liabilities excluding regulatory capital and off balance sheet liabilities) in accordance with the Commission 
Delegated Regulation (EU) 2015/61. No explicit LCR risk appetite is set for the significant currencies. However, limits have 
been defined over the respective significant currency stressed Net Liquidity Position (sNLP). This allows the internal monitoring 
and management of risks stemming from currency mismatches that may arise from liquidity inflows and outflows over the 
short-term horizon.  
Other items in the LCR calculation that are not captured in the LCR disclosure template but that the institution considers 
relevant for its liquidity profile 
The Pillar 3 disclosure obligations require Banks to disclose the 12 months rolling averages each quarter. We do not consider 
anything else relevant for disclosure.

15 
 
Deutsche Bank  
Liquidity risk 
 
Pillar 3 Report as of March 31, 2022 
Quantitative information on LCR (Article 451a CRR) 
 
  
Quantitative information on LCR (Article 451a CRR) 
EU LIQ1 – LCR disclosure template 
in € b. 
Total unweighted value (average) 
Total weighted value (average) 
Quarter ending on 
Mar 31, 2022 
Dec 31, 2021 
Sep 30, 2021 
Jun 30, 2021 
Mar 31, 2022 
Dec 31, 2021 
Sep 30, 2021 
Jun 30, 2021 
Number of data points used in the 
calculation of averages 
12 
12 
12 
12 
12 
12 
12 
12 
High-quality liquid assets 
1 
Total high-quality liquid assets (HQLA) 
– 
– 
– 
– 
218 
220 
220 
222 
Cash-outflows 
2 
Retail deposits and deposits from 
small business costumers 
279 
280 
281 
279 
16 
16 
17 
17 
of which: 
3 
Stable deposits 
123 
120 
116 
114 
6 
6 
6 
6 
4 
Less stable deposits 
72 
77 
81 
82 
9 
10 
11 
11 
5 
Unsecured wholesale funding 
235 
228 
222 
216 
101 
98 
95 
91 
of which: 
6 
Operational deposits (all 
counterparties) and deposits in 
network of cooperative banks 
84 
83 
82 
83 
21 
20 
20 
21 
7 
Non-operational deposits (all 
counterparties) 
149 
144 
137 
132 
79 
76 
73 
69 
8 
Unsecured debt 
2 
2 
2 
2 
2 
2 
2 
2 
9 
Secured wholesale funding 
– 
– 
– 
– 
15 
17 
19 
19 
10 
Additional requirements 
207 
203 
200 
200 
66 
68 
69 
73 
of which: 
 
11 
Outflows related to derivative 
exposures and other collateral 
requirements 
25 
27 
28 
32 
20 
23 
25 
30 
12 
Outflows related to loss of funding 
on debt products 
0 
0 
0 
0 
0 
0 
0 
0 
13 
Credit and liquidity facilities 
181 
176 
172 
168 
46 
45 
44 
43 
14 
Other contractual funding obligations 
61 
56 
51 
47 
8 
7 
7 
6 
15 
Other contingent funding obligations 
201 
173 
142 
127 
5 
5 
5 
6 
16 
Total cash outflows 
– 
– 
– 
– 
212 
212 
212 
213 
Cash - inflows 
17 
Secured lending (e.g. reverse repos) 
300 
280 
265 
251 
16 
17 
17 
18 
18 
Inflows from fully performing 
exposures 
49 
47 
44 
42 
34 
33 
31 
30 
19 
Other cash inflows 
8 
11 
13 
18 
8 
11 
13 
18 
EU 19a Difference between total weighted 
inflows and total weighted outflows 
arising from transactions in third 
countries where there are transfer 
restrictions or which are denominated 
in non-convertible currencies 
– 
– 
– 
– 
3 
3 
3 
4 
EU 19b Excess inflows from a related 
specialized credit institution 
– 
– 
– 
– 
0 
0 
0 
0 
20 
Total cash inflows 
357 
337 
322 
310 
55 
57 
59 
62 
of which: 
EU 20a 
Fully exempt inflows 
0 
0 
0 
0 
0 
0 
0 
0 
EU 20b 
Inflows subject to 90 % cap 
0 
0 
0 
0 
0 
0 
0 
0 
EU 20c 
Inflows subject to 75 % cap 
324 
305 
290 
281 
55 
57 
59 
62 
Total adjusted value 
21 
Liquidity buffer 
– 
– 
– 
– 
218 
220 
220 
222 
22 
Total net cash outflows 
– 
– 
– 
– 
157 
155 
154 
151 
23 
Liquidity coverage ratio (%) 
– 
– 
– 
– 
140 
142 
143 
147

16 
 
Deutsche Bank  
List of tables 
 
Pillar 3 Report as of March 31, 2022 
 
  
List of tables 
EU KM1 – Key metrics ............................................................................................................................................................................................................. 6 
EU KM2 – Key metrics - MREL and G-SII Requirement for own funds and eligible liabilities (TLAC) ........................................................................................ 7 
EU OV1 – Overview of RWA..................................................................................................................................................................................................... 9 
EU CR8 – RWA flow statement of credit risk exposures under the IRB approach .................................................................................................................. 10 
EU CCR7 – RWA flow statement of counterparty credit risk exposures under the internal model method .......................................................................... 11 
EU MR2-B – RWA flow statements of market risk exposures under the IMA ........................................................................................................................ 12 
EU LIQ1 – LCR disclosure template ........................................................................................................................................................................................ 15