Deutsche Bank Transition toward a sustainable and climate-neutral economy Non-Financial Report 2022 Climate risk Climate risk in Asset Management GRI 3-3, FS5 For DWS, the bank’s Asset Management arm, climate risks mainly arise from its fiduciary activity. Therefore, DWS aims to measure, analyze, and manage material risks and opportunities that may impact its clients’ investments and to make its clients aware of these issues to enable them to make sustainable investment decisions. At the same time, DWS seeks to manage the impact of its business activities on the environment and society in which it operates. Governance GRI 2-9/13, 3-3 Climate risk governance is fully embedded in the sustainability governance of DWS. For details, please refer to the chapter “Sustainable finance – Asset Management – Overview”. Risk management strategy and processes GRI 2-13, 3-3, 201-2, FS3 As fiduciaries, it is the asset manager’s duty to measure, analyze and manage all material risks and opportunities of its investments - including climate-related risks and opportunities. DWS integrates climate-related risks, alongside other sustainability-related risks, into the existing corporate and investment risk measurement and management frameworks. The DWS approach on integration of climate-related risks in the risk management strategy and processes has been formalized within a dedicated Sustainability Risk Management Policy. Within the revised version of this policy, ESG risk themes impacting DWS group as well as the interaction of such ESG risk themes on corporate and investment risks has been documented. Furthermore, ESG risk theme strategies have been allocated to the identified ESG risk themes to provide strategic guidance on the implementation of climate risk management processes. In addition to and in alignment with the above, DWS risk management has continued the integration of climate-related risks in corporate and investment risk processes. The integration activities resulted amongst others in the implementation of dedicated processes for climate-related investment risk across the product ranges in Europe, Middle East and Africa as well as the integration of climate-related risks – and other sustainability risks – in risk assessment processes. Furthermore, the integration of climate-related risks in the risk appetite statement has been evolving. Within a revision of the DWS risk appetite statement performed in 2022, dedicated qualitative statements as well as quantitative indicators have been formulated addressing climate and sustainability related adverse impacts, financial and strategy risks, non-financial risks and investment risks. DWS approach to Net Zero GRI 2-23, 3-3, 305-1/2/4, FS5 DWS is committed to become climate-neutral in its actions well ahead of 2050 and has substantiated this by being a founding (*). This initiative sees asset managers commit to support the goal of net member of the Net Zero Asset Managers initiative zero greenhouse gas (GHG) emissions by 2050 or sooner in line with global efforts to limit warming to 1.5°C. To make this commitment tangible, DWS has set an operational interim target for 2030, aiming to reduce Scope 1 and 2 emissions on defined assets by 50% in 2030, compared to the base year 2019. The target setting utilized the Science Based Targets Initiative framework which is considered a credible and robust foundation. Based on this approach, DWS has initially put 35.4% or € 281.2 billion of its total AuM as per December 31, 2020, in scope to be managed towards net zero (subject to the consent of clients, legal entities, and fund boards). As of December 31, 2021, 38.6% or € 358.0 billion AuM are in scope of net zero. In 2022 DWS reported a 6.3% reduction in the inflation adjusted “net” Weighted Average Carbon Intensity of the assets in- scope. By comparison, the Weighted Average Carbon Intensity of the MSCI All-Country World Index over the same year saw an inflation adjusted decline of just 0.3%. The non-inflation adjusted “gross” Weighted Average Carbon Intensity reduction was 7.4%, i.e., 1.2% of the reduction was inflation driven. The Weighted Average Carbon Intensity is currently only calculated for liquid in-scope AuM where carbon data is available from current vendors. Illiquid assets in scope for net zero (€ 29.3 billion as of year end 2021) are currently not part of the Weighted Average Carbon Intensity calculation. The 6.3% decrease is derived as follows: (1-7.4%) x (1+1.2%)-1=-6.3%. 50