Limited Assurance Report of the Independent Auditor

To the Management Board of Deutsche Bank Aktiengesellschaft, Frankfurt am Main

We have performed an independent limited assurance engagement on the disclosures on sustainability performance in the Non-Financial Report 2017 (further „Report”), of Deutsche Bank Aktiengesellschaft, Frankfurt am Main (further „Deutsche Bank“) for the period from January 1 to December 31, 2017.

It was not part of our engagement to review product or service related information, references to external information sources, expert opinions and future-related statements in the Report.

Management´s Responsibility for the Report

The legal representatives of Deutsche Bank are responsible for the accurate preparation of the Report in accordance with the principles and standard disclosures of the Standards of the Global Reporting Initiative in combination with the Corporate Accounting and Reporting Standard (Scope 1 and 2) and the Corporate Value Chain (Scope 3) Standard of World Resources Institute / World Business Council for Sustainable Development and the ISO 14064-3 for the calculation of the greenhouse gas emissions for scope 1, 2 and 3, as described in the chapter “Reporting transparently” (further: “Reporting Criteria”).

This responsibility includes the selection and application of appropriate methods to prepare the Report and the use of assumptions and estimates for individual sustainability disclosures, which are reasonable in the circumstances. Furthermore, the responsibility includes designing, implementing and maintaining systems and processes relevant for the preparation of the Report in a way that is free of – intended or unintended – material misstatements.

Independence and Quality Assurance on the Part of the Auditing Firm

We are independent from the company in accordance with the requirements of independence and quality assurance set out in legal provisions and professional pronouncements and have fulfilled our additional professional obligations in accordance with these requirements.

Our audit firm applies the legal provisions and professional pronouncements for quality assurance, in particular the Professional Code for German Public Auditors and Chartered Accountants (in Germany) and the quality assurance standard of the German Institute of Public Auditors (Institut der Wirtschaftsprüfer, IDW) regarding quality assurance requirements in audit practice (IDW QS 1).

Practitioner’s Responsibility

Our responsibility is to express a conclusion based on our work performed of the Report within a limited assurance engagement.

We conducted our work in accordance with the International Standard on Assurance Engagements (ISAE) 3000 (Revised): “Assurance Engagements other than Audits or Reviews of Historical Financial Information” and the International Standard on Assurance Engagements (ISAE) 3410: “Assurance Engagements on Greenhouse Gas Statement” of the International Auditing and Assurance Standards Board. These standards require that we plan and perform the assurance engagement to obtain limited assurance whether any matters have come to our attention that cause us to believe that the Report, has not been prepared, in all material respects in accordance with the aforementioned Reporting Criteria. We do not, however, issue a separate conclusion for each disclosure. In a limited assurance engagement the evidence gathering procedures are more limited than in a reasonable assurance engagement and therefore less assurance is obtained than in a reasonable assurance engagement. The choice of audit procedures is subject to the auditor’s own judgement. This includes the assessment of the risk of material misstatement in the Report under consideration of the reporting criteria.

Within the scope of our engagement, we performed amongst others the following procedures:

• Inquiries of personnel at Group level who are responsible for the materiality analysis to get an understanding of the process for identifying material topics and respective report boundaries for Deutsche Bank
• A risk analysis, including a media research, to identify relevant information on Deutsche Bank’s sustainability performance in the reporting period
• Evaluation of the design and implementation of the systems and processes for the collection, processing and control of the sustainability disclosures, including the collection and consolidation of quantitative data
• Inquiries of personnel who are responsible for providing the data and information, carrying out internal control procedures and consolidating the data and information
• Evaluation of selected internal and external documents
• Analytical evaluation of data and trends of quantitative disclosures which are reported by all sites on group level
• Assessment of the overall presentation of the disclosures in the Report

Conclusion

Based on the procedures performed and the evidence received to obtain assurance, nothing has come to our attention that causes us to believe that the Non-Financial Report 2017 of Deutsche Bank Aktiengesellschaft for the period from January 1 to December 31, 2017 is not prepared, in all material respects, in accordance with the Reporting Criteria.

Restriction of Use / Clause on General Engagement Terms

This report is issued for purposes of the Management Board of Deutsche Bank Aktiengesellschaft, Frankfurt am Main, only. We assume no responsibility with regard to any third parties.

Our assignment for the Management Board of Deutsche Bank Aktiengesellschaft, Frankfurt am Main, and professional liability is governed by the General Engagement Terms for Wirtschaftsprüfer and Wirtschaftsprüfungsgesellschaften (Allgemeine Auftragsbedingungen für Wirtschaftsprüfer und Wirtschaftsprüfungsgesellschaften) in the version dated January 1, 2017 (https://www.kpmg.de/bescheinigungen/lib/aab_english.pdf). By reading and using the information contained in this report, each recipient confirms notice of provisions of the General Engagement Terms (including the limitation of our liability for negligence to EUR 4 million as stipulated in No. 9) and accepts the validity of the General Engagement Terms with respect to us.

Frankfurt am Main, March 12, 2018

KPMG AG
Wirtschaftsprüfungsgesellschaft

[Original German version signed by:]