Deka Group Interim Report 2023 Deka Group at a glance BUSINESS DEVELOPMENT INDICATORS 30 Jun 2023 31 Dec 2022 Change (%) Total assets Asset management volume Deka certificate volume Number of securities accounts Asset management net sales Retail customers Institutional customers Gross certificate sales PERFORMANCE INDICATORS Total income Total expenses Economic result Total of profit or loss before tax Return on equity before tax (balance sheet) Cost/income ratio RISK INDICATORS – NORMATIVE PERSPECTIVE Own funds Risk-weighted assets Total capital ratio Common Equity Tier 1 capital ratio Leverage ratio MREL Ratio (RWA based) MREL Ratio (leverage ratio exposure based) Subordinated MREL requirements (risk-weighted assets based) Subordinated MREL requirements (leverage ratio exposure based) Net Stable Funding Ratio (NSFR) Liquidity Coverage Ratio (LCR) RISK INDICATORS – ECONOMIC PERSPECTIVE Risk appetite Total risk Utilisation of risk appetite RATING LONG-TERM (SHORT-TERM) Moody's Standard & Poor's SUSTAINABILITY RATING MSCI ESG ISS ESG Sustainalytics Moody's ESG Solutions KEY EMPLOYEE FIGURES Number of employees Number of active employees 7.3 –0.3 10.7 2.0 –269.9 –45.2 (< –300) 80.3 –18.6 7.4 –34.7 –23.6 –12.8 %-Points 12.5 %-Points 0.5 – 7.6 1.9 %-Points 1.3 %-Points –0.2 %-Points 4.9 %-Points –0.3 %-Points 3.4 %-Points –0.1 %-Points –4.3 %-Points –9.2 %-Points 1.2 2.3 0.7 %-Points €m €m €m thousand 104,544 346,219 27,132 5,417 97,396 347,247 24,506 5,309 €m €m €m €m €m €m €m €m % % €m €m % % % % % % % % % €m €m % 1st half 2023 1st half 2022 –14,618 3,519 –18,138 11,106 8,605 6,428 2,177 6,160 1,281.1 1,573.8 647.5 633.6 698.4 21.2 52.0 602.9 970.9 914.5 34.1 39.5 30 Jun 2023 31 Dec 2022 6,787 28,982 23.4 18.8 6.9 56.9 18.8 39.4 14.1 113.8 149.9 4,200 2,544 60.6 6,751 31,360 21.5 17.4 7.1 52.0 19.1 35.9 14.2 118.1 159.1 4,150 2,488 59.9 Aa2 (P-1) A (A-1) Aa2 (P-1) A (A-1) A A C+ (Prime) C+ (Prime) 16.5 Low Risk 16.5 Low Risk 55/100 Robust 55/100 Robust 5,298 4,512 5,084 4,373 4.2 3.2 Due to roundings, numbers and percentages presented in this report may not add up precisely to the totals provided. 2

At a glance Information about the Deka Group Economic report Forecast report Risk report 5 6 10 29 35 INTERIM MANAGEMENT REPORT

Interim management report 2023 | Information about the Deka Group Deka Group Interim Report 2023 Information about the Deka Group Deka Group profile and strategy ................................................................................................... 6 Market position and awards ......................................................................................................... 9 Deka Group profile and strategy The Deka Group is the securities service provider (the Wertpapierhaus) for the savings banks. The Group consists of DekaBank Deutsche Girozentrale (DekaBank) and its subsidiaries in Germany and other countries. Through its asset management and banking activities, it acts as a service provider for the investment, administration and management of assets, supporting its customers at every stage in the investment and advisory process within the securities business. It also offers comprehensive advice and solutions around investment, liquidity and risk management, and refinancing. The Deka Group acts as an all-round solution provider, serving customers’ needs without bias towards particular products. This philosophy drives the development of its complete range of asset management and banking services to meet the securities business needs of savings banks and their customers and the targeted sales support it provides as a partner to the savings banks. Organisational structure The Deka Group divides its business into five business divisions that bring together similar activities. Asset management activities are handled by the Asset Management Securities and Asset Management Real Estate business divisions. The Group’s banking business is covered by the Capital Markets and Financing business divisions. The fifth business division – Asset Management Services – provides banking services for asset management. The sales units – Savings Banks Sales, Private Banking & Wealth Management, and Institutional Customer Sales – serve as the interface with sales partners and customers. The corporate centres perform essential functions and support the business divisions and sales departments throughout the value chain. Management DekaBank is managed collectively by the Board of Management. The Board of Management takes a holistic approach, always considering the entirety of the Deka Group and the strategic direction and risks. The Board is divided into divisions, each under the responsibility of a designated member. This ensures a clear distribution of roles and core competencies in the Board of Management. The Board of Management consists of six members. The responsibilities are as follows: CEO: Dr. Georg Stocker Deputy CEO & Asset Management: Dr. Matthias Danne Risk (CRO): Birgit Dietl-Benzin Finance (CFO) & Operations (COO): Daniel Kapffer Sales: Torsten Knapmeyer Banking business: Martin K. Müller 6

Interim management report 2023 | Information about the Deka Group Deka Group Interim Report 2023 Digital processes: Process digitalisation is often useful initially to map out customer journeys. Digital technologies are also used to enhance process efficiency and resilience. The use of key digital technologies such as cloud computing is also creating more modern and efficient IT processes. Digitalisation activities at a glance (Fig. 1) Sustainability As the Wertpapierhaus for the savings banks, the Deka Group is helping the Sparkassen-Finanzgruppe to get ready for the future. The “Target vision 2025 – Guidelines on sustainability in savings banks” (Zielbild 2025 – Leitfaden zur Nachhaltigkeit in Sparkassen) provides a comprehensive roadmap for more sustainability. In keeping with regulatory requirements, the Deka Group understands sustainability as an ongoing process to fully integrate ESG criteria (climate and environmental (E), social (S), and governance (G) aspects) into the business model. This applies in equal measure to customers, to Deka’s expectations of itself and to its public engagement. In its role as the Wertpapierhaus for the savings banks, the Deka Group puts customers’ needs front and centre. Using a wide range of products with sustainability characteristics, from investments in securities and real estate to financing solutions, it helps its customers achieve their ambition of financing and investing in a climate-friendly and sustainable way. The Deka Group’s sustainable positioning enables it to respond to risks and opportunities. It identifies relevant ESG considerations and gradually integrates them into its organisational structures and processes, taking into account the relevant responsibilities. Potential sustainability risks in relevant business processes are systematically identified and managed. Regulatory requirements are reliably implemented with a long- term focus. The ESG governance structure also includes the involvement of the most senior management body, the full Board of Management, in current ESG issues and decision making with significant strategic and economic impact. The Deka Group’s sense of social responsibility is reflected in its actions. It is supporting the transformation to more climate-conscious and sustainable ways of doing business. As an active investor, it follows this through by engaging in dialogue with investors, businesses and issuers to help them with the steps to achieving their sustainability goals, closely following its own guidelines. Reflecting the tradition of the savings banks and their focus on the greater good, the Deka Group supports social, architectural, artistic, musical, sporting, educational and academic activities as part of its corporate citizenship. 8

Interim management report 2023 | Economic report Deka Group Interim Report 2023 In June 2023, Scope reaffirmed Deka Immobilien GmbH’s AA+ asset management rating in the real estate segment and rated its quality and expertise as very good. The Deka Group’s certificates are sold through the German savings banks. According to statistics from the German Derivatives Association (DDV), Deka has confirmed its very good position as an issuer of structured products in Germany, with a 23.1% market share by market volume at the end of March 2023. The Structured Retail Products (SRP) finance portal presents its SRP awards each year for the European certificates market in various categories. Deka won in three categories: “Best House Germany & Austria”, “Best Distributor Germany” and “Best Distributor Germany & Austria”. The financial magazine Finanztest tested the securities accounts of 15 banks and online brokers in June 2023. S Broker was rated “very good” for its features, user friendliness and information in the “online securities account via desktop browser” category. It also received an overall quality rating of “very good”. In the most recently published study of robo-advisors by FondsConsult, bevestor achieved the top score of 1.7, putting it among the best providers in Germany. On top of this, bevestor was once again awarded the score of “very good” in the 2023 Robo-Advisor-Test by ETF Extra magazine. In the Focus Money study, it was classed as “recommended by investors” in the robo-advisory category. Economic report Economic environment ............................................................................................................... 10 Business development and profit performance in the Deka Group ............................................... 15 Business development and profit performance by business division ............................................. 20 Financial position of the Deka Group .......................................................................................... 27 Human resources report ............................................................................................................. 29 Economic environment Macroeconomic conditions The global economy revealed itself to be in better condition than expected in the first half of 2023. The extremely high inflation rates, the resulting significant rise in central bank interest rates, and the war in Ukraine, with its risks to energy supplies in Europe, all suggested at least a mild recession was likely. Eurozone gross domestic product did indeed contract in the two winter quarters, especially in Germany. In contrast, the US economy saw moderate expansion. Overall, the world economy proved sufficiently resilient to defy the various headwinds. Stable labour markets and high employment rates had a positive effect in boosting household spending, as did progressively higher wage rises and fiscal policy measures designed to cushion the inflation-induced loss of purchasing power. Mild winter weather helped too, preventing the gas shortages that had been feared particularly in Germany. In addition, the ending of the zero-COVID strategy in China also contributed to reducing the problems of broken supply chains. 10

Interim management report 2023 | Economic report Deka Group Interim Report 2023 With the start of the new year, the capital markets initially recovered from the negative market sentiment generated among market participants by the major international central banks and their surprisingly strong anti-inflationary rhetoric. In March, however, came the next shock, when multiple regional banks in the United States ran into balance sheet difficulties due to a significant loss in value of their Treasury holdings. This also had an indirect impact on Europe, as investors pulled out from business with a major Swiss bank that had fallen into disrepute following various supervisory law breaches. Yields on both US Treasuries and German Bunds subsequently climbed to their highest levels since the euro crisis. However, the decisive intervention by the Federal Reserve and Swiss National Bank, which involved extensive liquidity assistance and swiftly arranged takeovers of the ailing banks, succeeded in calming the capital markets. Yields quickly dropped back close to annual lows. Starting in the spring, concerns about structural problems combined with stubborn inflation increasingly weighed on bond markets, especially in Germany. Yields particularly for short maturities rose sharply in response to expectations of further key rate hikes and an extended period of very high key interest rates. This drove the yield curve to its most inverted level in decades. For corporates seeking debt capital funding, interest costs are higher than they are accustomed to. However, this is mainly due to the generally high level of interest rates. Risk premiums, on the other hand, have fallen significantly again since the shock in March. Investors are enjoying the high interest income and hoping for an economic recovery next year. Stock markets around the world rose strongly in the first six months. In most countries, this made up for the majority of the losses seen in 2022. The MSCI World Developed Markets Index climbed significantly in the first half of the year but remained considerably down on the highs recorded in early 2022. Meanwhile, the DAX even hit a new all-time high in June. Equity investors, too, were briefly shaken by the banking turbulence in the spring. However, share prices recovered very quickly due to the decisive intervention by the central banks. The prices of technology stocks climbed particularly strongly, triggered by the very high expectations surrounding the potential uses of artificial intelligence. The scale of these price rises in the United States was extraordinary. The sharp falls in sentiment indicators for economic growth have so far barely hit the capital market. Investors are looking beyond the current weak period and already anticipating that a return to falling key interest rates in 2024 will bolster equity prices. The real estate markets also continued to feel the effects of higher interest rates in the first half of 2023. Significantly increased financing costs reduced project developers’ construction activity. Further rises in initial yields resulted in a longer price negotiation phase on the investment market, with buyers and sellers taking a cautious approach. Transaction volumes were correspondingly low. Such conditions gave competitive advantages to investors who purchased property with a large proportion of equity capital and had a high level of market expertise. Office markets showed largely moderate vacancy rates and rising rents. However, they were subject to structural changes amid shifting work habits. Retail was hit by consumers’ weak purchasing power as a result of inflation. The recovery in the hotel sector continued, with occupancy rates rising in response to increased travel. The logistics market recorded high demand, with online retail and the safeguarding of supply chains needing large amounts of space. The global transaction volume declined significantly in the first half of 2023 versus the same period of the previous year. The financial assets of private households rose by €146.0bn as against the end of 2022 to €7,392.6bn (31 March 2023). This was due to both inflows and valuation gains on securities investments. The monetary policy tightening, which brought key interest rate hikes and thus a return to interest payments on interest- bearing investments, was evident particularly in the sharp decline of €52.9bn in holdings of cash and sight deposits. Compared against 31 December 2022, the share of equities and investment funds in the total financial assets of private households rose by around 1 percentage point to approximately 19 %. 12

Interim management report 2023 | Economic report Deka Group Interim Report 2023 Sustainability-related regulatory proposals Adopted in 2018, the EU Action Plan on Financing Sustainable Growth aims to reorient capital flows towards sustainable investment, manage financial risks stemming from climate change and foster transparency regarding the consideration of ESG aspects in financial and economic activity. The expectations associated with this EU Action Plan are constantly being addressed through various legal standards for the financial sector. The key standards are described below. Various regulatory initiatives in the context of sustainable reporting were relevant to DekaBank in the first half of 2023. These include the preparations for the taxonomy conformity review in accordance with the Taxonomy Regulation, which is geared towards the publication of additional quantitative and qualitative ESG information, including the Green Asset Ratio, in the sustainability report and CRR disclosure report, starting from the full-year reporting for 2023. In addition, in the 2022 reporting year, DekaBank published detailed quantitative and qualitative ESG information on the Bank’s lending business in the disclosure report for the first time in accordance with Article 449a CRR II. In addition to this, DekaBank is preparing to comply with the provisions of the Corporate Sustainability Reporting Directive (CSRD) in future reporting years. Institutions covered by the Non-Financial Reporting Directive (NFRD), which include DekaBank, must adhere to these starting from the 2024 reporting year. The provisions set out in the ECB guide on climate-related and environmental risks continue to be systematically implemented. Information on the implementation status is regularly gathered within the Bank and reported to the Board of Management. The content and timing of activities in this context are coordinated as part of the supervisory dialogue. The further management of climate and environmental risks at DekaBank will take into account the recommendations from the ECB’s thematic review on climate-related and environmental risks 2022 and the findings of the ECB-organised industry outreach. Full implementation of the main expectations from the guide is anticipated by the end of 2024. Also of relevance in this context is the EU Sustainable Finance Disclosure Regulation (SFDR). This comprises a range of sustainability-related disclosure obligations at product and entity level. The aim is to improve transparency and comparability for investors regarding the sustainability of their investment. This will enable investors to make well-founded investment decisions that also take sustainability aspects into account. Detailed disclosure using standardised templates in accordance with the Level 2 requirements was implemented on schedule at the beginning of the year in the pre-contractual information for products with sustainability characteristics. In addition, the measures for managing negative impacts on sustainability factors (principal adverse impacts – PAI) were completed in the first half of the year. The PAI statements of the Deka investment management companies and of DekaBank, declaring that principal adverse impacts are considered in decision making, were also prepared and published as of 30 June 2023. Product- and service-related regulatory proposals The EU directive on deposit guarantee schemes (Deposit Guarantee Schemes Directive) was implemented in Germany as part of the European banking union in 2015. Under the more wide-ranging ideas put forward by the European Commission, national deposit guarantee systems would create a reinsurance system via a single European Deposit Insurance Scheme (EDIS) and centralise deposit insurance at European level in future. The design of this scheme, the role of institutional guarantee systems and the timetable have not yet been determined. 14

Interim management report 2023 | Economic report Deka Group Interim Report 2023 Deka Group sales in €m (Fig. 3) Asset management net sales by customer segment Retail customers Institutional customers by product category Mutual funds and fund-based asset management Special funds and mandates ETFs Gross certificate sales1) by customer segment Retail customers Institutional customers Total of net sales asset management and certificates1) 1st half 2023 – 14,618 3,519 – 18,138 3,022 – 17,455 – 186 11,106 10,970 136 – 3,512 1st half 2022 8,605 6,428 2,177 5,905 2,165 535 6,160 5,651 509 14,765 1) From 2022, gross certificate sales includes sales of cooperation certificates in addition to sales of Deka certificates. The positive performance due to market conditions was offset by negative sales performance following the loss of a major mandate. At €346.2bn, the asset management volume was therefore almost unchanged from the end of 2022 (€347.2bn). This included distributions, from which customers benefited. The Deka certificate volume increased by €2.6bn compared with the end of the previous year, rising to €27.1bn. At €373.4bn, the asset management volume combined with the Deka certificate volume was up €1.6bn overall on the year-end figure. Deka Group asset management volume and Deka certificate volume in €m (Fig. 4) 30 Jun 2023 31 Dec 2022 Change Asset management volume 346,219 347,247 – 1,028 – 0.3% 169,378 177,869 181,863 154,009 11,375 24,506 19,113 5,394 371,753 8,708 – 9,736 9,096 – 11,094 971 2,626 2,969 – 343 1,599 5.1% – 5.5% 5.0% – 7.2% 8.5% 10.7% 15.5% – 6.4% 0.4% by customer segment Retail customers Institutional customers by product category Mutual funds and fund-based asset management Special funds and mandates ETFs Deka certificate volume by customer segment Retail customers Institutional customers Total of asset management and Deka certificates volume 178,086 168,134 190,958 142,915 12,346 27,132 22,082 5,050 373,352 16

Interim management report 2023 | Economic report Deka Group Interim Report 2023 As a result of higher interest rates, net interest income for the reporting period was significantly up on the figure for the first half of 2022 (€97.4m), reaching €233.4m. The increase resulted primarily from the Treasury function due to interest rate developments and interest on own funds. Other major components of net interest income came from the earnings contribution made by specialised financing and real estate financing. These were significantly down overall on the same period of the previous year due to a reduced level of new business in higher-margin financing. In the lending and securities business, there was a net reversal of risk provisions in the amount of €35.4m in the first half of 2023 (H1 2022: €47.7m). There was a positive effect on risk provisioning in the reporting period from reversals of specific provisions and of the post-model adjustments for the corporates and international commercial real estate modules, which were set up due to energy prices and inflation. Against this, there was a new post-model adjustment due to the expert estimate of expected credit losses for borrowers in the international commercial real estate rating module. In the lending business, there was a net reversal of €39.3m (H1 2022: net reversal of €47.8m). The Specialised Financing subdivision largely accounted for this, with a net reversal in the amount of €41.4m, while the Real Estate Financing subdivision accounted for a net allocation of €2.4m. For the securities business, there was a net allocation of €3.9m (H1 2022: net allocation of €0.1m). Net commission income remained the main component of the Deka Group’s income, rising by 0.8% year- on-year to €789.1m. Commission from the investment fund business rose due to slightly higher portfolio- related commission. Sales-related commission was down on the prior-year figure. The lower level of market activity meant that purchasing and construction fees were also short of the figure for the first half of 2022. Commission from banking business was up, partly thanks to higher income in the Commission Business unit and in securities management. Overall commission from custody account business remained virtually stable year-on-year. Net financial income was €239.9m, significantly below the figure for the first half of 2022 (€550.2m). This figure includes all income and expense items from the trading book as well as the valuation and sale results from the banking book portfolios. Net financial income from trading book portfolios stood at €192.8m, partly based on high demand for certificates. The earnings contribution of the Trading & Structuring unit remained a key component. Overall, net financial income from trading book portfolios remained significantly below the prior-year figure of €318.0m due to reduced income from active risk management and valuation effects. Net financial income from banking book portfolios fell to €47.1m (H1 2022: €232.2m). The first half of 2023 saw positive net income from own issues and other own credit quality effects in Treasury of around €48m. In the prior-year period, there were significantly higher positive valuation effects as a result of spread developments. There was no allocation in the reporting period to the general provision for potential risks (H1 2022: €115.0m). Additions to or releases from the general provision are reflected in the economic result, but do not form part of the IFRS profit or loss and are not allocated to specific business divisions. Other operating profit was €– 16.7m (H1 2022: €95.7m). This included actuarial losses of €–8.3m on provisions for pensions, partly due to the fall in the actuarial interest rate to 3.75% (year-end 2022: 3.95%). The lower actuarial interest rate was set against an increase in plan assets due to market conditions. Actuarial gains, amounting to €105.6m, were recognised on provisions for pensions in the same period of the previous year. Actuarial effects are not included in the IFRS profit or loss as they are posted directly to equity (revaluation reserve). However, they are reported in the economic result as part of the profit or loss for the period. Personnel expenses increased by 6.8% to €301.7m (H1 2022: €282.5m). Increases stemmed particularly from the moderate increase in headcount to take advantage of growth opportunities as well as from wage and salary rises under collective agreements. 18

Interim management report 2023 | Economic report Deka Group Interim Report 2023 Business development and profit performance by business division Business development and profit performance in the Asset Management Securities business division The Asset Management Securities business division posted an economic result of €286.1m in the first half of 2023 (H1 2022: €287.1m). Net sales were negatively affected by a major customer (approximately €19bn) transferring their mandate to another provider. This meant that total net sales stood at €– 15.6bn, compared with €6.9bn in the first half of 2022. In the retail customer segment, net sales came to €2.5bn (H1 2022: €5.0bn). The asset management volume stood at €291.2bn as at 30 June 2023 (year-end 2022: €293.5bn). Sales and volume Asset Management net sales in the Asset Management Securities business division were in negative territory at €– 15.6bn in the first six months of the year (H1 2022: €6.9bn). Sales of mutual securities funds came to €2.2bn (H1 2022: €4.3bn). Equity funds remained in strong demand. Fund-based asset management saw small outflows of €0.1bn (H1 2022: inflows of €0.2bn). Business with institutional customers amounted to €– 18.1bn versus €1.8bn in the same period of the previous year. Net sales of special funds and mandates came to €– 17.6bn due to a major customer transferring their mandate to another provider. This compared to a positive sales figure of €1.8bn for the first half of 2022. ETFs also saw net redemptions and maturities (€0.2bn), compared with inflows of €0.5bn in the prior-year period. Net sales performance in the Asset Management Securities business division in €m (Fig. 6) Asset management net sales by customer segment Retail customers Institutional customers by product category Mutual funds and fund-based asset management ETFs Special funds and mandates 1st half 2023 – 15,645 2,502 – 18,147 2,111 – 186 – 17,570 1st half 2022 6,854 5,033 1,820 4,531 535 1,788 Despite the loss of a major mandate, the market-induced positive performance of €291.2bn meant that the asset management volume was only €2.4bn down on the figure for year-end 2022. Volume in the Asset Management Securities business division in €m (Fig. 7) 30 Jun 2023 31 Dec 2022 Change Asset management volume 291,169 293,533 – 2,365 – 0.8% by customer segment Retail customers Institutional customers by product category 138,737 152,432 131,111 162,423 Mutual funds and fund-based asset management 148,122 140,086 thereof: equity funds thereof: bond funds thereof: mixed funds ETFs Special funds and mandates 55,585 22,510 22,642 11,375 142,072 63,050 21,467 22,666 12,346 130,700 20 7,626 – 9,991 8,036 7,465 – 1,043 24 971 – 11,372 5.8% – 6.2% 5.7% 13.4% – 4.6% 0.1% 8.5% – 8.0%

Interim management report 2023 | Economic report Deka Group Interim Report 2023 Net sales performance in the Asset Management Real Estate business division in €m (Fig. 9) 1st half 2023 Asset management net sales by customer segment Retail customers Institutional customers by product category Mutual property funds Special funds, individual property funds and mandates 1,026 1,017 9 911 115 1st half 2022 1,751 1,394 357 1,374 377 Despite distributions of €0.6bn, the volume in the Asset Management Real Estate business division rose by 2.5% versus the end of 2022 to €55.1bn (year-end 2022: €53.7bn), of which €39.3bn related to products for retail customers. Euro-denominated mutual property funds achieved an average volume-weighted return of 3.2% (year-end 2022: 2.8%). With pricing on national and international real estate markets still difficult following the strong rise in interest rates, the transaction volume of €0.4bn was below the figure for the first half of 2022 (€1.0bn). There were four property disposals but no contractually secured property purchases. Business activities continue to centre on properties in the office, retail, logistics and hotel asset classes. Volume in the Asset Management Real Estate business division in €m (Fig. 10) 30 Jun 2023 31 Dec 2022 Asset management volume 55,051 53,714 by customer segment Retail customers Institutional customers by product category Mutual property funds Special funds, individual property funds and mandates 39,349 15,702 42,836 12,214 38,267 15,447 41,777 11,937 Change 1,337 1,082 255 1,059 278 2.5% 2.8% 1.7% 2.5% 2.3% Profit performance in the Asset Management Real Estate business division The economic result in the Asset Management Real Estate business division stood at €85.2m in the first half of 2023 compared with €79.8m in the prior-year period. Income increased moderately year-on-year, but the noticeable increase in portfolio-related commission was unable to compensate for the strong decline in purchasing and construction fees. Expenses were up slightly in a year-on-year comparison. This was chiefly due to the rise in personnel and project expenses. The income distribution of the Treasury function had a positive impact. 22

Interim management report 2023 | Economic report Deka Group Interim Report 2023 Profit performance in the Asset Management Services business division The economic result for the Asset Management Services business division was €5.4m in the first half of 2023 (H1 2022: €16.7m). Net commission income of €109.8m (H1 2022: €112.4m) remained the main component of income. Net interest income increased particularly due to higher income from S Broker’s investments. Other operating profit came to €4.6m. The prior-year figure (€11.1m) included the partial reversal of a provision connected with the implementation of a ruling by the German Federal Court of Justice (BGH) on the mechanism for amending general terms and conditions of business. The lower profit for the first half of 2023 resulted particularly from higher expenses. At €126.4m, expenses were up on the prior- year figure of €106.6m due to the increased number of customer custody accounts and the higher cost of sending customer information, as well as to higher market prices for services. There was a positive earnings contribution from the income distribution of the Treasury function, which amounted to €9.5m compared with €– 0.7m in the prior-year period. Profit performance in the Asset Management Services business division in €m (Fig. 12) Change 3.1 0.2 – 2.6 4.2 – 6.6 – 1.6 19.9 19.9 – 21.5 10.2 – 11.3 110.9% (> 300%) – 2.3% 187.8% – 59.0% – 1.3% 18.6% 18.6% – 123.4% (> 300%) – 67.8% Net interest income Risk provisions in the lending and securities business Net commission income Net financial income Other operating profit Total income Administrative expenses (including depreciation and amortisation) Total expenses Economic result before income distribution of Treasury-function Income distribution of Treasury function Economic result 1st half 2023 1st half 2022 5.8 0.1 109.8 2.0 4.6 122.3 126.4 126.4 – 4.1 9.5 5.4 2.8 0.0 112.4 – 2.3 11.1 124.0 106.6 106.6 17.4 – 0.7 16.7 Business development and profit performance in the Capital Markets business division At €201.3m, the economic result reported by the Capital Markets business division was down on the previous year’s figure of €275.4m. The Capital Markets business division continues to fulfil its role as the Deka Group’s product, solution and infrastructure provider, supported by the DEA and finledger platforms. Business development in the Capital Markets business division The Collateral Trading & Currency subdivision remains very well positioned in the repo/lending business, among other areas. In a challenging market environment, income only fell just short of the prior-year figure. The Commission Business subdivision could not match the income generated in the first six months of 2022. This was due to reduced revenues from commission business with equities and supplementary services. In terms of income, the Trading & Structuring subdivision can look back on very good performance in the first half of 2023, especially in the certificates business. Gross sales of certificates increased to €11.1bn (H1 2022: €6.2bn). As in the previous year, business with retail customers made up the lion’s share of demand. Deka certificates accounted for 47.2% of gross certificate sales in the first half of 2023 (H1 2022: 91.9%). 24

Interim management report 2023 | Economic report Deka Group Interim Report 2023 Business development and profit performance in the Financing business division The Financing business division achieved an economic result of €123.9m for the first six months of 2023 (H1 2022: €142.6m). Gross loan volume in the division posted a rise of 3.8% versus year-end 2022 to €28.2bn at the mid-point of the year. Business development in the Financing business division In the Specialised Financing subdivision, the gross loan volume increased from €15.7bn at year-end 2022 to €16.5bn. Infrastructure financing accounted for €4.1bn (year-end 2022: €4.0bn), of which €1.4bn pertained to renewable energy. Public sector financing amounted to €3.3bn (year-end 2022: €3.5bn), export financing to €1.1bn (year-end 2022: €1.2bn) and transport financing to €3.5bn (year-end 2022: €3.8bn). The transport financing segment largely comprised aircraft financing of €2.1bn (year-end 2022: €2.3bn) and ship financing of €1.3bn (year-end 2022: €1.3bn). Gross loan volume for savings bank financing increased from €3.1bn at the end of 2022 to €4.5bn. At €11.7bn, the gross loan volume in the Real Estate Financing subdivision was roughly on a level with the end of 2022 (€11.5bn). The volume of commercial property loans rose to €8.7bn (year-end 2022: €8.4bn). Financing volume in open-ended real estate funds came to €3.0bn (year-end 2022: €3.0bn). At 7, the average rating for the loan portfolio as a whole according to the DSGV master scale was unchanged from the end of 2022. This corresponds to a rating of BB on S&P’s external rating scale (year-end 2022 S&P: BB). The average rating for Specialised Financing was also unchanged from the end of 2022 at 7 (S&P: BB). The rating for Real Estate Financing deteriorated by one notch from 5 to 6 (S&P: from BBB– to BB+). Taking account of collateralised assets, the average rating for Real Estate Financing at mid-year was 2 on the DSGV master scale (S&P: BBB+). The rating at year-end 2022 was A (S&P: A–). The new business volume in the Financing business division was up in a year-on-year comparison at the end of the first half of 2023 and amounted to €3.1bn (H1 2022: €3.0bn). New business in Specialised Financing came to €2.0bn as at 30 June 2023 (H1 2022: €0.9bn). At €1.2bn, new Real Estate Financing business did not reach the prior-year figure (H1 2022: €2.0bn). The total volume of placements increased compared to the value at the end of the first half of 2022 (approximately €259m) and came to around €309m. Repayments reduced the portfolio by around €1.8bn. Profit performance in the Financing business division The Financing business division ended the first six months of 2023 with an economic result of €123.9m (H1 2022: €142.6m). A positive risk provisioning result of €39.3m at the end of the first half of 2023 (H1 2022: €48.9m) was again a key factor in this profit performance. There was a positive effect on risk provisioning in the reporting period from reversals of specific provisions and of the post-model adjustments for the corporates and international commercial real estate modules, which were set up due to energy prices and inflation. Against this, there was a new post-model adjustment due to the expert estimate of expected credit losses for borrowers in the international commercial real estate rating module. Due to a reduced level of new business in higher-margin financing, net interest income did not match the prior-year figure. Net commission income, which is mainly driven by new business, was below the figure for the first half of 2022. Net financial income amounted to €– 2.6m (H1 2022: €3.8m). Expenses showed a slight year-on-year increase to €37.9m. There was a positive earnings contribution from the income distribution of the Treasury function, which amounted to €49.9m compared with €36.0m in the prior-year period. 26

Interim management report 2023 | Economic report Deka Group Interim Report 2023 See also: Risk report: page 35 ff. Capital and liquidity adequacy Full details of capital and liquidity adequacy in the first half of 2023 are provided in the risk report section of the Interim management report. Ratings DekaBank’s ratings remained among the best in its peer group of German commercial banks at the 2023 mid-year point. This enables access to the money and capital markets on stable and competitive terms. The rating assessments from S&P and Moody’s reflect the high strategic importance of the Deka Group to the savings bank sector as well as the adequate capital and liquidity base for its business model. Ratings overview (Fig. 18) Bank Ratings Issuer Rating Counterparty Rating Deposit Rating Own financial strength Short-term rating Issuance Ratings Preferred Senior Unsecured Debt Non-Preferred Senior Unsecured Debt Subordinated Debt (Tier 2) Additional Tier 1 debt Public Sector Covered Bonds Mortgage Covered Bonds Standard & Poor's A (stabil) Issuer Credit Rating Moody's Aa2 (stable) Issuer Rating N/A N/A Aa2 Counterparty Risk Rating Aa2 Bank Deposits bbb Stand-alone Credit Profile baa2 Baseline Credit Assessment A–1 Short-term Rating A Senior Unsecured Debt P–1 Short-term Rating Aa2 (stable) Senior Unsecured Debt A– Senior Subordinated Debt A2 Junior Senior Unsecured Debt Baa1 Subordinate Debt Baa3 (hyb) Preferred Stock Non-cumulative Aaa Public Sector Covered Bonds Aaa Mortgage Covered Bonds N/A N/A N/A N/A S&P and Moody’s include ESG factors in their credit ratings. With their respective credit indicators for ESG factors, the rating agencies aim chiefly to increase transparency around the rating criteria and highlight the potential impact of ESG factors on credit ratings. S&P’s ESG credit indicators for DekaBank are neutral. This means that S&P currently sees no impact of ESG factors on the credit rating. This is underlined by the E-2 (Environmental), S-2 (Social) and G-2 (Governance) scores. The ESG Credit Impact Score (CIS) from Moody’s for DekaBank is also neutral (CIS-2). Moody’s therefore also currently sees no impact of ESG factors on the credit rating. 28

Interim management report 2023 | Forecast report Deka Group Interim Report 2023 Expected economic trends Expected macroeconomic trends The global economy is exposed to the restrictive monetary policy pursued by the central banks, who are seeking to reduce demand for goods and services in a bid to further push inflation down. In this environment, global gross domestic product is likely to grow by 2.8% in 2023. Growth momentum is not set to increase in the second half of the year. Slight recessionary tendencies are expected particularly in the United States. The hikes in key interest rates by the US central bank, the Fed, will slow growth in the world’s largest economy. For Germany, DekaBank expects stagnation in the second half of the year, while the eurozone as a whole will see a slight rise in macroeconomic activity. Monetary policy tightening by the European Central Bank will lead to a further drop in inflation rates. This will help private households in Germany in terms of their real wage development and purchasing power. With appreciable increases in collectively agreed wages, a return to a somewhat stronger rise in consumer spending can be expected. In the eurozone, and particularly in Germany, structural factors are increasingly hitting economic activity. The desired transition to climate neutrality, for example, along with digitalisation, the reshaping of supply chains, demographic trends and the increasing shortage of skilled labour mean at least short-term uncertainty for companies and considerable need for investment in the longer term. This is fuelling competition between the major economic blocks of America, Europe and Asia. Public and corporate investment will drive the structural transformation in the medium and long run. Meanwhile, in 2023, this will be outweighed by the challenges companies face in adjusting their business processes, resulting in feeble economic growth in Europe and only moderate further expansion of the global economy. Expected sector-related conditions The rapid global decline in inflation rates in recent months was primarily attributable to the falling direct contribution of energy prices and is therefore unlikely to continue at the same pace in the second half of the year. However, inflation for food and non-energy industrial goods is expected to ease as the delayed impacts of higher energy costs and disrupted supply chains peter out. By contrast, inflation in the price of services, where rising wage costs have the heaviest impact, is likely to remain high. In the United States, there are signs that wage increases have already peaked. Even a slight rise in the extremely low unemployment rate should help to further ease pressure on wages and prices. In the eurozone, by comparison, the latest collective agreements indicate that wage rises still have some way to run and are set to remain at a high level for a while to come. The expectation that core inflation, which excludes energy and food prices, will nevertheless fall, is based on two key assumptions. Firstly, that corporate profit margins, which reached unusually high levels when economies reopened after the pandemic, will drop back to a degree and offset some of the wage pressure. Secondly, that future wage negotiations against the backdrop of somewhat lower inflation rates will result in slightly lower settlements, preventing a wage-price spiral. Given the prospect of only a slow fall in the still high level of inflation, central banks in industrialised countries are aiming for a sufficiently restrictive monetary policy stance. Nevertheless, DekaBank anticipates that both the Fed and the ECB, having each raised interest rates by 25 basis points in July, will refrain from further key rate hikes in 2023. This is partly because DekaBank sees inflation on a downward trend, and partly because there are increasing indications of the restrictive effects on the real economy. However, both central banks are likely to emphasise that imminent key rate cuts are unlikely and that they will continue to reduce the securities holdings on their balance sheets. At the ECB, TLTRO III repayments (targeted longer-term refinancing operations) and the run-down of bond holdings under the APP (asset purchase programme) will reduce the central bank’s total assets. However, this will not reduce surplus reserves in the banking system sufficiently to significantly affect money market rates in the second half of the year. Efforts to accelerate the balance sheet reduction through active sales of securities or a reduction in the holdings under the PEPP (pandemic emergency purchase programme) are not expected, at least not in the short term. Before taking such steps, the ECB plans in the coming months to conduct an extensive analysis of how it wants to steer money market conditions in future. The outcome is likely to indicate the extent to which central bank securities holdings and surplus reserves in the banking system are to be reduced in the long term. 30

Interim management report 2023 | Forecast report Deka Group Interim Report 2023 Expected business development and profit performance The Management Agenda – the strategic action programme of the Board of Management – continues to set the direction of travel to make the Deka Group a customer-oriented, innovative and sustainable Wertpapierhaus. This agenda remains focused on the broad themes of digitalisation and sustainability. Also for the second half of 2023, it is likely that, if the war in Ukraine worsens and spreads to other countries in the region, or if other geopolitical tensions escalate, this may be reflected in damage to economic growth and capital markets. The future inflationary trend and its implications for the monetary policy environment set by central banks will be particularly crucial. There is potential for setbacks on the equity and bond markets if the central banks feel forced to go significantly further with monetary tightening than is currently anticipated. Future market developments therefore remain uncertain, and the earnings, risk and capital situation, as well as the corresponding key management indicators, may show less favourable development than that presented. In the context of the geopolitical and economic risks on the one hand and the exceptionally high uncertainty in the planning assumptions for 2023 on the other hand, an economic result slightly above €500m was forecast in the 2022 Group management report for 2023 as a whole. The updated forecast for the 2023 interim report takes the adjusted estimates into account. At €633.6m, the economic result at the reporting date was already higher than the original full-year forecast for 2023. The result achieved for the first half of 2023 cannot simply be extrapolated to the full year. We anticipate an economic result of over €800m for 2023 as a whole. This would be significantly above the original forecast. Given the still expected risk provisioning requirements in the second half of the year, however, it is lower than the exceptionally high figure posted at year-end 2022 (€984.8m). In line with the improved profit performance, the Deka Group is aiming for a return on equity before tax (balance sheet) of over 10% and a cost/income ratio of below 65% for financial year 2023. Sales activities for customers continue to focus particularly on expanding investment fund business that maintains lasting value (e.g. through regular securities saving) and on offers that enable participation in the higher interest rates (e.g. in the form of short-to-medium-term bonds). For 2023, the Deka Group still anticipates a slight increase in the total asset management and certificate volume versus year-end 2022 as a result of the current market development. The forecast for the retail customer business continues to anticipate sales (total of asset management and certificates) of between €20bn and €25bn. As was already included in the original forecast, the first half of 2023 saw outflows of around €19bn due to the loss of a customer’s high-volume mandate. For business with institutional customers in 2023, sales (total of asset management and certificates) are still expected to be significantly down on the figure for year-end 2022 as a result. The Asset Management Securities business division will continue its proven strategic direction in the second half of 2023 and concentrate on continuing to develop its range of high-quality products and services in close coordination with the sales departments. Digitalisation and sustainability, both in processes and the product range, remain important aspects. In the retail segment, we will concentrate on an investment fund business that maintains lasting value and on products for regular saving. The business division expects asset management net sales in this segment to exceed the 2022 level. Asset management net sales in the institutional business will be down on the previous year due to one-off effects. An overall increase in the asset management volume is still expected. 32

Interim management report 2023 | Forecast report Deka Group Interim Report 2023 Risks to the development of the Capital Markets business division arise particularly from negative capital market developments and recessionary fears, accompanied by persistently high inflation, which may result in lower customer activity levels. The unpredictable consequences of the war between Russia and Ukraine, the energy crisis, global trade conflicts and supply chain difficulties are central to this. Additional risks may arise from further increased market pressure on commission. There is a possibility that regulatory or adverse monetary policy escalations may necessitate additional capital backing and adversely affect business performance. For its business activities in the remainder of 2023, the Financing business division will concentrate on its defined and well-established segments: specialised financing and real estate financing in the familiar markets. The division will continue seeking to generate new business where this contributes to its objectives and to appropriate management of the balance sheet structure. The size of the financing portfolio is expected to slightly exceed the 2022 level. Risks for the Financing business division arise from the continuing war in Ukraine and persistently high inflation. This may adversely affect the quality of loan exposures, leading to higher risk provisions and increased capital requirements due to rating downgrades. Further risks may arise from specific creditworthiness risks on the part of borrowers, which could adversely affect the economic outlook for lending segments in which we operate. This could also lead to a need for higher loan loss provisions, or to increased capital adequacy requirements as a result of a downgrading of our credit ratings. A worsening of other existing global political crises or the emergence of new ones may have similar effects. Business performance may also be negatively affected by increasing competitive pressure for project and infrastructure financing due to institutional investors acting as direct lenders. Expected financial and risk position For the remaining months of the year, the Deka Group is anticipating a continued sound financial position. The planning assumption is for total assets of around €90bn at year-end 2023. The Deka Group expects to maintain an adequate capital and liquidity base in both the normative and economic perspective for the remaining six months of 2023. To retain sufficient flexibility in the event of unfavourable market developments, the Deka Group aims for a Common Equity Tier 1 capital ratio at an appropriate level above the strategic target of 13%. Balance sheet management is geared towards ensuring compliance with an appropriate leverage ratio well above the minimum ratio of 3%, as well as compliance with the requirements for RWA- and LRE-based MREL and with the subordinated MREL requirements. In terms of risk-bearing capacity analysis, risk appetite utilisation is expected to remain at a non-critical level. The Group’s liquidity position is forecast to remain at a comfortable level. Likewise, all relevant ratios such as LCR and NSFR are expected to be comfortably adhered to with sufficient flexibility. 34

Interim management report 2023 | Risk report Deka Group Interim Report 2023 Implementation of the vision adopted by the Board of Management for the establishment of an integrated management system for non-financial risks (NFR) continued successfully. This initially involved stabilising the methods and processes for regular risk inventories at the level of the individual sub-risk types falling under operational risk, which have been adapted in line with the uniform minimum requirements for NFR. Building on this, the approaches to comprehensive NFR reporting were finalised. This reporting is being included in the quarterly risk report to the Board of Management and the Risk and Credit Committee of the Administrative Board for the first time at the end of the first half of 2023. Other activities at an overarching level included the design and testing of a uniform risk management and escalation process for newly identified material non-financial risks, which is to be implemented in the second half of 2023, as well as adding new features to the software solution used, including a connection to the existing risk type-specific systems. The Deka Group continued targeted and very intensive activities in the reporting period to integrate ESG risks (formerly sustainability risks) into its business strategy, governance, risk management and disclosure. For the analysis of the significance of climate and environmental risks to be performed as part of the risk inventory, the existing methods are to be refined and a wider selection of data used. There are plans to systematically examine other climate and environmental risks in addition to the physical and transition risks. To evaluate the significance of climate and environmental risks, fully risk type-specific quantitative thresholds are also be used for the first time. In order to evaluate the medium- and long-term impacts of climate and environmental risks, there are also plans to use the results of the climate stress scenarios in this context. In addition, those climate and environmental risk drivers classified as significant will continue to be gradually integrated into risk management and reporting tools. As part of the implementation of the EBA Guidelines on PD estimation, LGD estimation and treatment of defaulted assets, further IRB reviews were carried out in 2021 and 2022 for a total of six modules in connection with the corresponding model change notifications. In the coming years, more of these reviews will be conducted until all IRB rating modules in use have been reviewed by the supervisory authority. The banks and corporates modules went live in the first quarter of 2023. Following the go-live, the counterparties in these portfolios were promptly subjected to a re-rating in accordance with the requirements. The revised methodology for the model estimate based on the new regulatory requirements resulted in what were, in some cases, significantly improved ratings, particularly for banks, and thus a moderate decrease in counterparty risk in both perspectives. The potential economic impact of changes to the Credit Risk Standardised Approach (CRSA) and the Internal Ratings Based Approach (IRBA) that are currently planned as part of the finalisation of Basel III (Basel IV) continues to be monitored. The same applies to the Fundamental Review of the Trading Book (FRTB). The measures needed to meet the requirements of the new FRTB standardised approach have already been implemented. Their implementation has been followed by the required quarterly reporting to the supervisory authority. The planned introduction of the Standardised Measurement Approach (SMA) for calculating operational risk capital, which could also affect Pillar II of the Basel framework under certain circumstances, is also being monitored. The expected effects for Basel IV have been taken into account in normative capital planning. Capital adequacy in the first half of 2023 The Deka Group held adequate capital throughout the reporting period. In particular, the Common Equity Tier 1 capital ratio and utilisation of risk capacity and of the risk appetite remained at non-critical levels relative to the limits and early warning thresholds throughout. 36 See also: Economic report:: page 10 ff.

Interim management report 2023 | Risk report Deka Group Interim Report 2023 Over the same period, risk capacity rose to €5,468m (year-end 2022: €5,231m). This increase was driven mainly by the change in retained earnings and the overall positive development of earnings components, which were partly offset particularly by the first-time inclusion of a deduction for reputational risks. The utilisation of risk capacity was down slightly as against the end of 2022 (47.6%) to 46.5%, meaning that it remains at a non-critical level. The increased risk appetite of €4,200m (year-end 2022: €4,150m) was 60.6% utilised as at 30 June 2023 (year-end 2022: 59.9%). This utilisation ratio was therefore also at a non-critical level. Normative perspective (current situation) Capital adequacy is determined in accordance with the CRR. Alongside counterparty risk, market risk and operational risk, the credit valuation adjustment (CVA) risk is also taken into account. Since the end of 2022 in accordance with Article 26 (2) CRR, the year-end profit less foreseeable charges and dividends has been recognised in Common Equity Tier 1 capital within the same period (dynamic approach). The Deka Group’s regulatory own funds as of 30 June 2023 stood at €6,787m (31 December 2022: €6,751m). The decline of 0.5% in Common Equity Tier 1 capital to €5,436m was mainly due to a larger shortfall of provisions and to a reduction in retained earnings caused by AT1 interest payments. Against this, there was a lower deduction of valuation adjustments under the regulatory requirements for prudent valuation (AVA). Additional Tier 1 (AT 1) capital was constant as against year-end 2022. Tier 2 capital at the reporting date amounted to €753m (year-end 2022: €690m). The increase was mainly due to newly issued subordinated capital. RWAs fell by €2,377m from €31,360m at the end of 2022 to €28,982m. Credit risk fell by €864m to €20,129m. The decline was largely due to a lower volume in the Equity Financing & Lending and Derivatives Trading units as well as to a smaller loan portfolio and improved ratings in the Specialised Financing subdivision. Market risk declined by €1,472m to €4,173m. This reduction was mainly attributable to share price risk and interest rate risk. CVA risk and operational risk were slightly lower than at the end of 2022. As of 30 June 2023, the Common Equity Tier 1 capital ratio stood at 18.8% (year-end 2022: 17.4%). The Tier 1 capital ratio as of the reporting date was 20.8% (year-end 2022: 19.3%). The total capital ratio rose from 21.5% as of 31 December 2022 to 23.4% at the reporting date. Taking account of the requirements of the SREP (Supervisory Review and Evaluation Process), DekaBank had to comply at Group level with a Common Equity Tier 1 capital ratio of at least 8.67% as at 30 June 2023. This capital requirement is made up of the Pillar 1 minimum requirement (4.5%) plus the Pillar 2 requirement (1.5%, reduced to 1.125% for the Tier 1 capital ratio and 0.844% for the Common Equity Tier 1 capital ratio, taking into account partial coverage of P2R by Tier 2 capital), the capital conservation buffer (2.5%), the countercyclical capital buffer (approximately 0.58% as at the end of June 2023) and the capital buffer for other systemically important banks (0.25%). The capital requirement for the Tier 1 capital ratio was 10.45%. For the total capital ratio, it was 12.83%. These requirements were clearly exceeded at all times. 38

Interim management report 2023 | Risk report Deka Group Interim Report 2023 Liquidity adequacy in the first half of 2023 The situation on the refinancing markets in the first half of 2023 was marked by increased inflationary risks, which led to a significant rise in interest rates in the eurozone. In addition, the ongoing Ukraine war and the upheaval surrounding the emergency takeover of a major Swiss bank adversely affected investor confidence, leading to elevated uncertainty and volatile market conditions. DekaBank had access to ample liquidity on the money and capital markets. The higher interest rates boosted the investor appeal of interest rate products again. This particularly benefited sales of certificates. Given the sufficient liquidity, a TLTRO tender with Deutsche Bundesbank worth €1.7bn was terminated and repaid in the first half of the year. The Deka Group had sufficient liquidity, measured using the liquidity balances and normative indicators, throughout the first half of 2023. There were no breaches of the internal limits and emergency triggers or the external minimum LCR and NSFR at any time. Economic perspective There were clear positive liquidity balances in all relevant maturity bands of the “combined stress scenario” funding matrix for periods of up to 20 years. This was also the case for the alternative stress scenarios. Limits and emergency triggers were complied with throughout the reporting period. As at 30 June 2023, the accumulated liquidity balance of the Deka Group’s “combined stress scenario” funding matrix in the short-term range (up to one week) stood at €8.1bn (year-end 2022: €8.2bn). In the maturity band of up to one month, the liquidity surplus totalled €9.7bn (year-end 2022: €8.0bn), and in the medium range (three months) it was €10.1bn (year-end 2022: €10.5bn). In relation to the net cash flows of approximately €4.6bn on day 1, the Deka Group has a high liquidity potential (around €4.2bn) that is readily convertible at short notice. The Group has access to a large portfolio of liquid securities which are eligible as collateral for central bank borrowings, as well as to the available surplus in the cover pool and corresponding repo transactions. The strict requirements concerning the liquidity potential ensure that the securities used for this purpose can generate liquidity even in a stressed market environment. “Combined stress scenario” funding matrix of Deka Group as at 30 June 2023 in €m (Fig. 21) Liquidity potential (accumulated) Net cash flows from derivatives (accumulated)1) Net cash flows from other products (accumulated) Liquidity balance (accumulated) For information purposes: Net cash flows from derivatives by legal maturity (accumulated) 1) Net cash flows from other products by legal maturity (accumulated) Net cash flows by legal maturity (accumulated) D1 4,163 >D1 to D5 3,837 >D5 to 1M >1M to 3M >3M to 12M >12M to 5Y >5Y to 20Y 5,587 4,314 – 703 – 949 150 >20Y 300 – 162 – 159 112 881 1,584 2,844 2,684 2,679 4,758 8,758 4,437 8,116 4,020 4,947 9,188 10,752 1,577 – 3,148 9,720 10,143 10,068 12,647 4,411 – 169 – 162 – 161 – 266 – 255 – 391 681 1,173 2,837 – 13,962 – 13,980 – 14,925 – 16,497 – 21,496 – 5,610 – 4,324 – 2,994 – 14,124 – 14,141 – 15,191 – 16,752 – 21,888 – 4,929 – 3,151 – 157 1) Including lending substitute transactions and issued CLNs 40

Interim management report 2023 | Risk report Deka Group Interim Report 2023 Gross loan volume in €m (Fig. 22) Commercial banks Other financial institutions Savings banks Insurance companies Industrial sector Service sector Public sector State-affiliated and supranational institutions Transport sector Renewable energies Conventional energies and infrastructure Real estate sector (including real estate funds) Retail sector Funds (transactions and units) Total 30 Jun 2023 31 Dec 2022 25,543 30,008 13,693 600 4,808 1,984 7,036 17,043 3,820 1,426 4,439 11,762 72 13,719 135,953 20,878 26,050 12,742 724 4,779 2,256 6,839 19,453 4,031 1,434 4,483 11,669 76 13,988 129,403 Net loan volume increased by 1.6% as against the end of 2022 (€72.2bn) to reach €73.4bn. Collateralisation meant that the changes in gross loan volume observed for repo lending transactions (especially in the commercial banks, other financial institutions and state-affiliated and supranational institutions segments) had relatively small effects on net loan volume. An increased volume of derivative hedging instruments in the other financial institutions risk segment and of bonds in the savings banks risk segment had a particular risk-increasing effect on net loan volume. In the state-affiliated and supranational institutions risk segment, there was a decline in net deposits with Deutsche Bundesbank. 30 Jun 2023 31 Dec 2022 10,410 7,048 13,369 203 2,373 1,253 4,986 10,311 5,438 12,624 191 2,376 1,389 4,976 16,252 17,153 516 1,426 3,391 2,920 72 9,138 73,359 536 1,434 3,420 3,213 76 9,064 72,199 Net loan volume in €m (Fig. 23) Commercial banks Other financial institutions Savings banks Insurance companies Industrial sector Service sector Public sector State-affiliated and supranational institutions Transport sector Renewable energies Conventional energies and infrastructure Real estate sector (including real estate funds) Retail sector Funds (transactions and units) Total 42

Interim management report 2023 | Risk report Deka Group Interim Report 2023 The gross loan volume remained focused primarily on the short-term segment at mid-year 2023. The proportion of transactions with a time to maturity of less than one year was 43.2% at the end of the first half of 2023 (year-end 2022: 44.1%). The proportion of maturities longer than ten years was 4.6%, compared with 4.5% at 31 December 2022. The average legal residual term of gross lending thus remains at 2.8 years (year-end 2022: 2.8 years). The level of risk concentration in the loan portfolio rose slightly during the first half of 2023. As at 30 June, 16.4% (year-end 2022: 13.5%) of total gross loan volume was attributable to borrower units with a gross limit of at least €2.5bn or an overall net limit of at least €1.0bn (counterparty clusters). The number of counterparty clusters increased by 1 as against the end of 2022, taking the figure to 26. Of the gross loan volume attributable to the cluster portfolio, 16.1% related to public sector counterparties, savings banks, and state-affiliated and supranational institutions. A total of 10.1% of net loan volume related to counterparty clusters (year-end 2022: 10.8%). As it was already the case at the end of 2022, shadow banking entities under the principal approach (limit utilisation of total net risk position: 18%) accounted for less than 1% of the net loan volume as at the 30 June 2023 reporting date. For shadow banking entities revaluated by the fallback approach, there were only very small exposures as at the end of June 2023, which were attributable to third-party investment funds. The levels of utilisation are considered acceptable. The shadow banking entities had an average rating of 7 on the DSGV master scale. The average rating for the gross loan volume remains at 4 on the DSGV master scale. The average probability of default dropped to 21 basis points (bps) (year-end 2022: 22 bps), which was partly attributable to improved ratings for various financing counterparties in the shipping and energy infrastructure segment. The average rating for the net loan volume remained stable at 2 with a virtually unchanged average probability of default of 11 bps (year-end 2022: 12 bps). Net loan volume by risk segment and rating in €m (Fig. 26) Average PD in bps Average rating 30 Jun 2023 Average PD in bps Average rating 31 Dec 2022 31 Dec 2022 10,311 5,438 12,624 191 2,376 1,389 4,976 A A AAA 3 2 2 AA– AAA 17,153 9 9 4 2 N/A 2 2 536 1,434 3,420 3,213 76 9,064 72,199 6 8 1 14 13 13 4 1 172 211 26 13 N/A 13 12 Commercial banks Other financial institutions Savings banks Insurance companies Industrial sector Service sector Public sector State-affiliated and supranational institutions Transport sector Renewable energies Conventional energies and infrastructure Real estate sector (including real estate funds) Retail sector Funds (transactions and units) Total 3 6 1 13 14 15 4 1 112 209 24 21 N/A 13 11 30 Jun 2023 10,410 7,048 13,369 203 2,373 1,253 4,986 AA– A AAA 2 2 3 AA– AAA 16,252 8 9 4 3 N/A 2 2 516 1,426 3,391 2,920 72 9,138 73,359 44

Interim management report 2023 | Risk report Deka Group Interim Report 2023 Operational risk Current risk situation At €331m, the VaR for operational risk (confidence level of 99.9%, holding period of one year) remained virtually unchanged from the figure at year-end 2022 (€331m). In the ex-post perspective, there were slightly risk-reducing effects due to the recent decline in the number of new loss events and to reductions in losses already recorded in previous periods, for example in connection with the ruling by the German Federal Court of Justice (BGH) on the mechanism for amending general terms and conditions of business. By contrast, in the ex-ante perspective, the reassessment of loss scenarios as part of the quarterly self-assessment predominantly resulted in risk-increasing effects. The OR loss potential identified in the Group-wide risk inventory increased slightly to €81m (year-end 2022: €79m). This resulted particularly from increased estimates of the likelihood of occurrence of fraud risk and newly included scenarios for the failure of individual service providers. Risk capital allocated to operational risk stood at €385m (year-end 2022: €385m). Utilisation of this amount was 85.9% and thus remains at a non-critical level. On 15 July 2021, a revised Federal Ministry of Finance (BMF) circular dated 9 July 2021 was published on the tax treatment of share trades transacted around the dividend record date. Compared to the original BMF circular dated 17 July 2017, this BMF circular sets out more specific details regarding the requirements for relief from capital yields tax (Kapitalertragsteuer), as well as with regard to the legal consequences in the event of a refusal by tax authorities to allow relief for share trades transacted around the dividend record date. Based on the revised BMF circular of 9 July 2021 on the tax treatment of cum/cum transactions, tax risks exist in connection with relief from capital yields tax on share transactions made around the dividend record date in the years 2013 to 2015. All matters are reported in the Group management report and consolidated financial statements as at 30 June 2023 in accordance with DekaBank’s interpretation of the relevant tax regulations and accounting standards. In the past, transactions were concluded with business partners in connection with share trades transacted around the dividend record date, for which the tax office refused in full or in part to allow the relief from capital yields tax (Kapitalertragsteuer) claimed by these business partners. Corresponding agreements were reached with some of the business partners in 2022 to settle the matter. Such agreements may in principle be reached with other affected business partners, which may result in further payments of approximately €30m. This amount could not be reported in the interim financial statements as at 30 June 2023, as the preconditions for recognition were not met. In addition, DekaBank began voluntary investigations to ascertain whether its involvement enabled third parties to conduct share trades around the dividend record date and make use of abusive tax structures or whether it was otherwise involved in such structures. In light of ongoing investigations in relation to share trades transacted around the dividend record date, the Bank, in principle, faces the risk of a fine under section 30 of the Administrative Offences Act (Ordnungswidrigkeitengesetz) and confiscation of potential proceeds. Based on the findings of these investigations available to it, DekaBank considers it unlikely that the tax authority will be able to make a claim in relation to these matters beyond what has been recognised in the financial statements as at 30 June 2023 or that a fine or confiscation of proceeds will apply. The official search of DekaBank’s premises, the additional information obtained as part of the search and further voluntary investigations carried out on this basis do not change the assessment at the present time. The situation is being constantly reviewed. 46

Interim financial statements | Statement of profit or loss and other comprehensive income Deka Group Interim Report 2023 Interim financial statements Statement of profit or loss and other comprehensive income for the period from 1 January to 30 June 2023 €m Interest income (thereof calculated using the effective interest method) Interest expenses Net interest income Risk provisions in the lending and securities business Net interest income after provisions Commission income Commission expenses Net commission income Net income from the derecognition of financial assets measured at amortised cost Trading profit or loss Profit or loss on financial assets mandatorily measured at fair value Profit or loss on financial instruments designated at fair value Profit or loss from fair value hedges Profit or loss on financial investments Administrative expenses (thereof expenses for the bank levy and deposit guarantee scheme) Other operating profit Total of profit or loss before tax Income taxes Interest expenses for atypical silent capital contributions Total of profit or loss Thereof: Attributable to non-controlling interests Attributable to the shareholders of DekaBank Changes not recognised in profit or loss Items reclassified to profit or loss Change in reserve for financial assets measured at fair value through other comprehensive income Change of the foreign currency basis spread of hedging derivatives Change in currency translation reserve Deferred taxes on items reclassified to profit or loss Items not reclassified to profit or loss Revaluation gains/losses on defined benefit pension obligations Change in valuation reserve for own credit risk of financial liabilities designated at fair value Deferred taxes on items not reclassified to profit or loss Other comprehensive income Notes 1st half 2023 1st half 2022 [6] [7], [21] 1,203.7 921.7 1,078.5 125.1 35.4 160.5 463.0 199.9 361.5 101.5 47.7 149.2 1,580.8 1,673.1 Change 160.0% (> 300%) 198.3% 23.3% – 25.8% 7.6% – 5.5% – 11.1% 0.8% [8] [9] [10] [11] [12] [13] [14] [15] [16] [17] [31] 791.1 789.7 – 1.3 390.8 7.6 1.7 – 6.4 – 1.7 647.5 75.2 5.0 698.4 223.6 – 474.9 – 474.9 2.4 – 4.2 – 0.2 0.6 – 8.3 0.8 4.6 – 4.3 889.7 783.4 8.7 – 114.9% 584.9 – 33.2% – 33.0 17.1 16.4 – 2.5 602.9 82.0 – 6.8 914.5 123.0% – 90.1% – 139.0% 32.0% 7.4% – 8.3% 173.5% – 23.6% 306.2 – 27.0% – o.A. 608.3 – 21.9% – o.A. 608.3 – 21.9% – 17.0 114.1% 44.4 0.5 – 8.7 – 109.5% – 140.0% 106.9% 105.6 – 107.9% 2.2 – 54.4 72.6 – 63.6% 108.5% – 105.9% Comprehensive income for the period under IFRS 470.6 680.9 – 30.9% Thereof: Attributable to non-controlling interests Attributable to the shareholders of DekaBank – 470.6 – o.A. 680.9 – 30.9% 50

Interim financial statements | Condensed statement of changes in equity Deka Group Interim Report 2023 Condensed statement of changes in equity for the period from 1 January to 30 June 2023 Subscribed capital Additional capital components Capital reserve Retained earnings Consolidated profit 200.2 608.3 – Provisions for pensions1) – 132.4 – 105.6 608.3 105.6 – – – 200.2 608.3 – 75.0 – – – – – – 26.7 – 61.4 – 75.0 61.4 – – – – 333.1 – 200.2 474.9 – 474.9 – – – – 200.2 474.9 – – – – – 34.7 – – 8.3 – 8.3 – – – – 26.4 €m Equity as at 1 January 2022 191.7 598.6 239.5 5,187.0 Total of profit or loss Other comprehensive income Comprehensive income for the period under IFRS Changes in the scope of consolidation Other changes2) Allocation to reserves from retained earnings Distribution – – – – – – – – – – – – – – – – – – – – – – – – – – 30.9 – – Equity as at 30 June 2022 191.7 598.6 239.5 5,156.1 Total of profit or loss Other comprehensive income Comprehensive income for the period under IFRS Changes in the scope of consolidation Capital increase Other changes2) Allocation to reserves from retained earnings Distribution – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 0.2 333.1 – Equity as at 31 December 2022 191.7 598.6 239.5 5,489.4 Total of profit or loss Other comprehensive income Comprehensive income for the period under IFRS Changes in the scope of consolidation Other changes2) Allocation to reserves from retained earnings Distribution Equity as at 30 June 2023 – – – – – – – – – – – – – – – – – – – – – – – – – – 25.9 – – 191.7 598.6 239.5 5,463.5 1) Revaluation gains/losses on defined benefit obligations 2) Comprises the payment of interest of the Additional Tier 1 bonds, which are classified as equity capital under IFRS 52

Interim financial statements | Condensed statement of cash flows Deka Group Interim Report 2023 Condensed statement of cash flows for the period from 1 January to 30 June 2023 €m Cash and cash equivalents at the start of the period Cash flow from operating activities Cash flow from investing activities Cash flow from financing activities Cash and cash equivalents at the end of the period 1st half 2023 346.7 168.5 – 8.7 – 64.9 441.6 1st half 2022 15,982.4 825.3 2.7 – 254.9 16,555.5 The definitions of the individual cash flow components are the same as those in the 2022 consolidated financial statements. The statement of cash flows is of minor importance for banks as it does not provide any information about the actual liquidity position. For details of Deka Group’s liquidity risk management, please see the risk report within the interim financial statements. 54

Interim financial statements | Segment reporting Deka Group Interim Report 2023 Segment reporting 1 Segmentation by operating business divisions Segment reporting under IFRS 8 is based on the management approach. Segment information is presented in line with internal reporting as submitted to the Chief Operating Decision Maker on a regular basis for decision-making, resource allocation and performance assessment purposes. The Deka Group’s management reporting is based on IFRS. As total of profit or loss before tax is of limited suitability for the internal management of the business divisions, the economic result has been defined as the key management indicator. Due to the requirements of IFRS 8, the economic result has also been included in external reporting as material segment information. In addition to the economic result, return on equity and the cost/income ratio are fixed components of internal management. At Group level, return on equity is defined as the ratio of the economic result to balance sheet equity and shows the return on the capital that has been invested in the Deka Group. For the purposes of operational management at business division level, the figure used for return on equity is the ratio of the economic result to regulatory capital employed. The cost/income ratio is an indicator of cost efficiency. The two management indicators – return on equity and the cost/income ratio – lead to a focus on profitability and efficiency, meaning that they directly support the strategic targets. In addition to the total of profit or loss before tax, the economic result includes changes in the revaluation reserve (before tax) as well as the interest- and currency-related valuation result from financial instruments recognised at amortised cost. This allows economic hedges that do not meet the IFRS criteria for hedge accounting to be fully reflected for internal management purposes. The economic result also includes the interest expense on Additional Tier 1 bonds, which is reported directly within equity, as well as effects relevant for management. The latter relate to a provision for potential charges where the probability of such charges arising in the future is assessed as possible, and which are taken into account within corporate management activities as a result of the use of the economic result for management purposes, but which may not yet be reported under IFRS because they are not sufficiently substantiated. The measurement and reporting differences versus the IFRS consolidated financial statements are shown in the reconciliation to the Group’s total profit or loss before tax in the “reconciliation” column in the segment reporting. In addition to the economic result, the asset management volume and the Deka certificate volume represent other key ratios for the operating segments. The total of the asset management volume plus the Deka certificate volume primarily comprises the income-relevant assets of the mutual and special funds under management (including ETFs) in the Asset Management Securities and Asset Management Real Estate business divisions, as well as Deka certificates issued by the Deka Group. Other components are the volume of direct investments in cooperation partner funds, the cooperation partner, third-party fund and liquidity portions of fund-based asset management as well as advisory/management mandates and master funds. The asset management volume also includes fund units of €0.2bn held as part of the proprietary portfolio (31 December 2022: €0.3bn). These mainly relate to start-up financing for investment funds. 56

Interim financial statements | Segment reporting Deka Group Interim Report 2023 Asset Management Securities The Asset Management Securities reporting segment focuses on the active fundamental and quantitative management of mutual securities funds and special funds, advisory mandates and asset management products and services, passive exchange-traded funds and combinations of these forms of investment. This offering is rounded off by services covering all aspects of the fund value chain. These include, in particular, asset servicing, which is used by institutional investors to pool various asset classes in master funds. The Deka Group’s investment funds cover all major asset classes: equity, bond, money market and mixed funds, capital protected funds and combinations of these funds. One particular focal point is the continuation of activities aimed at expanding sustainability in the range of products and services offered, as well as in the Deka Group’s own investment and business risk processes. Group-wide coordination facilitates a consistent and demand-driven approach to meeting increased demand among customers and increasingly stringent regulatory requirements. The range of quantitative asset management services is supplemented and enhanced by the products and services offered by the fund manufacturer IQAM Invest GmbH, primarily for institutional customers. Asset Management Real Estate The Asset Management Real Estate reporting segment provides fund products and advisory services relating to real estate, infrastructure or real estate financing for the savings banks’ and other institutional investors’ customer and proprietary business. The product range includes open-ended mutual property funds, special property funds with either an open-ended or closed-ended structure, real estate and infrastructure funds of funds, credit funds that invest in real estate, infrastructure or transport financing, and residential property funds offered together with external partners that are experienced in this segment. In order to meet environmental and social criteria and to respond to investor requirements, sustainability aspects are taken into account in the fund and investment processes. In addition to portfolio management, risk management and development of property-related products, the segment also covers the purchase and sale of real estate and the management of such assets, including all other property- and fund-related services (property and fund management). Asset Management Services The Asset Management Services reporting segment provides banking and other services that complement the offerings of the asset management divisions. These range from supporting the sales departments with multichannel solutions to managing custody accounts for customers and offering custodial services for investment funds. 58

Interim financial statements | Segment reporting Deka Group Interim Report 2023 €m Net interest income Risk provisions Net commission income Net financial income1) Other operating profit2) Total income without income distribution from Treasury function Asset Management Asset Management Asset Management Securities Real Estate Services Capital Markets 1st half 2023 1st half 2022 1st half 2023 1st half 2022 1st half 2023 1st half 2022 1st half 2023 1st half 2022 Economic result – 1.0 – 486.4 2.1 – 3.3 0.9 – 473.8 3.0 – 3.2 – 0.7 – 158.8 0.8 1.9 – 0.2 – 160.7 0.4 – 3.7 5.8 0.1 109.8 2.0 4.6 2.8 – 0.0 112.4 – 2.3 11.1 1.0 – 29.2 194.1 1.7 1.4 – 28.7 318.9 1.2 484.2 474.6 160.8 157.2 122.3 124.0 226.0 350.2 Administrative expenses (including depreciation and amortisation) Restructuring expense2) Total expenses (Economic) result before tax excluding income distribution Treasury function Income distribution of Treasury function (Economic) result before tax Cost/income ratio3) in % Return on equity before tax (balance sheet)4) in % Return on equity before tax (regulatory)5) in % Risk-weighted assets Total risk6) Gross loan volume Total of Asset Management and Deka certificates volume 207.7 – 207.7 188.2 0.0 188.2 82.6 – 82.6 76.6 – 76.6 126.4 106.6 – – 126.4 106.6 98.5 – 98.5 81.5 – 81.5 276.5 286.4 78.1 80.6 – 4.1 17.4 127.5 268.8 9.6 286.1 42.9 0.7 287.1 39.6 7.1 85.2 51.4 – 0.8 79.8 48.7 9.5 5.4 103.5 – 0.7 16.7 85.9 73.7 201.3 43.6 6.6 275.4 23.3 30 Jun 2023 31 Dec 2022 30 Jun 2023 31 Dec 2022 30 Jun 2023 31 Dec 2022 30 Jun 2023 31 Dec 2022 N/A N/A N/A N/A N/A N/A N/A N/A 103.2 4,049 512 7,872 101.6 4,099 623 7,606 85.6 1,391 204 65 99.9 1,409 174 56 291,169 293,533 55,051 53,714 – 3.2 1,996 282 927 – – 0.6 1,987 280 947 19.8 8,682 488 12.0 10,839 414 70,119 64,006 – 27,132 24,506 1) This includes the result from assets held for trading (trading book portfolio), the result from non-trading assets (banking book portfolio), the result from other financial investments as well as the result from repurchased own issues. 2) Restructuring expense are disclosed in the Group financial statements under Other operating profit. 3) Calculation of the cost/income ratio does not take into account the restructuring expense or risk provisions. 4) The return on equity before tax (balance sheet) is calculated as the annualized economic result divided by the average adjusted equity (excluding additional Tier 1 capital (AT1) and adjusted for intangible assets). The average is calculated on the basis of the previous year's end-of-year financial statements and the most recent quarterly financial statements. From 2022 onwards, all quarters will be taken into account when calculating the average denominator. 5) The return on equity before tax (regulatory) is calculated as the annualized economic result (before allocation of income to the treasury function) in relation to the average regulatory equity. The average is calculated using the monthly risk-weighted assets multiplied by 13 percent (as the strategic target level of regulatory capital) starting at the end of the previous year. 6) Value-at-risk for risk capacity with confidence level of 99.9% and holding period of one year. Due to the diversification within market price risk the risk for the Deka Group are not cumulative. 7) No cost/income ratio is presented for the segment Other because as this is deemed of limited economic informative value. 60

Interim financial statements | General information Deka Group Interim Report 2023 Reconciliation of segment results to the IFRS result In principle, income and expenses are allocated on a source-specific basis to the relevant segment. Segment expenditure comprises direct expenses plus expenses allocated on the basis of cost and service accounting. During the reporting period, the reporting and measurement differences between internal reporting and the total profit or loss before tax under IFRS amounted to €–64.8m (H1 2022: €56.4m) and arose mainly from the result not recognised in profit or loss and the change in the revaluation reserve before tax. The result not recognised in profit or loss was €–58.3m during the reporting period (H1 2022: €–79.7m). Of this total, €–45.5m (H1 2022: €49.2m) was attributable primarily to the interest- and currency-related valuation result in respect of financial instruments recognised at amortised cost. The result not recognised in profit or loss also includes the total interest expense (including accrued interest) of €–12.8m on the AT1 bonds (H1 2022: €–14.0m). Distributions made were recorded directly in equity, in accordance with IAS 32. In addition, a general provision to cover potential risks that could materialise in the coming months was recognised for the first time in the 2012 financial year. At the end of the first half of 2023, the provision for these effects in the management accounts was €–335.0m (31 December 2022: €–335.0m). The effect on the economic result, reported in net financial income in the Other segment, in the first half of 2023 was €0.0m (H1 2022: €–115.0m). The change of €–9.5m in the revaluation reserve before tax (H1 2022: €135.8m) was also included in the economic result. Of this, €–8.3m (H1 2022: €105.6m) was attributable to the change in the revaluation reserve for provisions for pensions. The other amounts shown in the reconciliation column concern differences in presentation between management reporting and the consolidated financial statements. Of these, €120.1m (H1 2022: €8.1m) relates to internal transactions that are reported in the economic result. The majority of these are included within net interest income, while the corresponding offsetting income effects are reported under net financial income. There are also reporting differences in net financial income and other operating profit due to the different allocation of income effects from the repurchases of own issues. General information 2 Accounting principles Pursuant to section 115 of the Securities Trading Act (Wertpapierhandelsgesetz – WpHG) in conjunction with section 117 of the WpHG, these condensed consolidated interim financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS). The applicable IFRS rules are those published by the International Accounting Standards Board (IASB) and adopted by the European Union (EU) into European law at the time the financial statements are prepared. In preparing the financial statements, particular attention was paid to the requirements of IAS 34 “Interim Financial Reporting”. The condensed consolidated interim financial statements, which are reported in euros, comprise a statement of profit or loss and other comprehensive income, statement of financial position, condensed statement of changes in equity, condensed statement of cash flows and selected explanatory notes. All amounts are rounded in accordance with standard commercial practice. This may result in small discrepancies in the calculation of totals within tables. The present consolidated interim report has been reviewed by our year-end auditor and should be read in conjunction with our audited 2022 consolidated financial statements. The majority of disclosures on risks relating to financial instruments are presented in the risk report section of the interim management report. 62

Interim financial statements | General information Deka Group Interim Report 2023 Amendments to IAS 8 In February 2021, the IASB issued amendments to IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors”. The clarifying amendments are intended to help users of financial statements distinguish between changes in accounting policies and accounting estimates. This distinction is important, as it is relevant to how the effects of such changes are to be presented. Changes in accounting estimates are to be applied prospectively to future transactions and events, while changes in accounting policies are to be applied retrospectively to past transactions and events and the current period. Implementation of these amendments did not have any effect on the consolidated financial statements. Amendments to IAS 12 In May 2021, the IASB published amendments to IAS 12 “Deferred Tax related to Assets and Liabilities arising from a Single Transaction”. Among other things, the amendment is intended to eliminate existing uncertainty regarding how companies account for deferred tax in connection with leases. The initial recognition exemption provided in IAS 12.15, which previously applied subject to certain conditions, now no longer applies to transactions in which equal amounts of deductible and taxable temporary differences arise on initial recognition, even if the other previously applicable conditions are fulfilled. This therefore constitutes an exception to the initial recognition exemption in narrowly defined cases. The amendment results in the recognition of deferred tax on leases accounted for at the level of the lessee. The amendment did not have any material effects on the consolidated financial statements. New standards and interpretations and amendments to existing standards and interpretations published by the IASB and IFRIC which do not have to be applied until subsequent financial years were not applied early. 5 Scope of consolidation In addition to DekaBank as the parent company, the consolidated interim financial statements include a total of 12 (31 December 2022: 12) domestic companies and 6 (31 December 2022: 6) foreign companies in which DekaBank directly or indirectly holds the majority of the voting rights. The scope of consolidation also includes 3 (31 December 2022: 3) structured entities. A total of 9 (31 December 2022: 9) affiliated companies controlled by the Deka Group were not consolidated because they are of minor significance for the presentation of the Group’s financial position and financial performance. The interests held in these subsidiaries are reported under financial assets at fair value. Likewise, structured entities are not consolidated if they are of minor significance to the consolidated interim financial statements. Units in unconsolidated investment funds are measured at fair value through profit or loss. These are shown in the statement of financial position under financial assets at fair value. The consolidated subsidiaries (affiliated companies and structured entities), joint ventures and associated companies, as well as the companies (affiliated companies and structured entities) and equity investments not included in the scope of consolidation on materiality grounds, are shown in the list of shareholdings (note [38], “List of shareholdings”). 64

Interim financial statements | Notes to the statement of profit or loss and other comprehensive income Deka Group Interim Report 2023 7 Risk provisions in the lending and securities business This item primarily includes expenses and income from changes in risk provisions for financial instruments in the measurement categories “Financial assets measured at amortised cost” (AC) and “Financial assets measured at fair value through other comprehensive income” (FVOCI), as well as for loan commitments and financial guarantee contracts insofar as they fall within the scope of the impairment rules set out in IFRS 9. Risk provisions in the lending and securities business are recognised in the statement of profit or loss and other comprehensive income as follows: €m Allocation to risk provisions/provisions for credit risks Reversal of risk provisions/provisions for credit risks Direct write-downs on receivables Income on written-down receivables Net income from modifications in the lending business (stage 3 or POCI) Risk provisions in the lending business Allocation to risk provisions Reversal of risk provisions Direct write-downs on securities Net income from modifications in the securities business (stage 3 or POCI) Risk provisions in the securities business Risk provisions in the lending and securities business 1st half 2023 1st half 2022 – 44.2 – 18.6 83.6 – 0.1 0.0 – 0.1 39.3 – 10.1 6.2 – – – 3.9 35.4 65.8 – 0.0 0.6 0.0 47.8 – 3.4 3.3 – – – 0.1 47.7 Change – 25.5 17.8 – 0.0 – 0.5 – 0.2 – 8.5 – 6.7 2.9 – – – 3.8 – 12.3 In the first half of 2023, net risk provisions in the lending and securities business in the amount of €35.4m were reversed (H1 2022: €47.7m). Reversals of specific provisions and post-model adjustments for the corporates and international commercial real estate modules that had been set up in connection with energy prices and inflation had a positive impact on risk provisions in the reporting period. By contrast, a post-model adjustment was set up due to expected credit losses, based on expert estimates, associated with borrowers in the international commercial real estate rating module (see note [21] “Risk provisions in the lending and securities business”). 66

Interim financial statements | Notes to the statement of profit or loss and other comprehensive income Deka Group Interim Report 2023 Part of the commission income from the investment fund business is passed on to the sales partners in accordance with the regulatory requirements. The corresponding expense is reported under commission expenses for the investment fund business. In the Asset Management Services business division, the Deka Group provides various services for which income is reported under commission income from the securities business. These include, for example, the assumption of the role of custodian and the safekeeping of securities in securities accounts. As a custodian, the Deka Group receives a custodian fee for its ongoing activities and a securities account fee for the safekeeping of securities. The custodian fee is paid and collected monthly as a general rule and is based on the average values of the fund assets. The securities account fee also relates to a specific period. The annual fee to be paid is a fixed fee per securities account. In the context of asset management for savings banks and institutional customers, the Deka Group receives commission fees for support services relating to the procurement and settlement of securities and financial derivatives. The fee is calculated for securities as a percentage of the transaction price, while for financial derivatives it is calculated depending on the number of contracts. Services are rendered and settled when the securities are delivered (value date). These fees are allocated to the Capital Markets business division and are also reported under commission income from the securities business. Commission income from the lending business relates almost exclusively to services in connection with the administration of loans and is not directly related to the origination of the loans. The fees are levied irrespective of the term and generally fall due at the beginning of the credit relationship (one-off amount). Commission income from the lending business is allocated to the Financing business division. Segment reporting in note [1] shows the net commission income for each business division pursuant to IFRS 8. Commission income and commission expenses are offset and reported in net terms, meaning that the figure shown includes revenue from contracts with customers pursuant to IFRS 15. 9 Net income from the derecognition of financial assets measured at amortised cost This item comprises the net income from the early disposal of financial assets measured at amortised cost. In the first half of 2023, receivables and loans have been derecognised due to early repayments made by debtors. €m Gains arising from the derecognition of financial assets measured at amortised costs Losses arising from the derecognition of financial assets measured at amortised costs Net income from the derecognition of financial assets measured at amortised cost 1st half 2023 1st half 2022 Change 3.6 5.0 – 1.3 8.9 0.2 8.7 – 5.3 4.8 – 10.1 68

Interim financial statements | Notes to the statement of profit or loss and other comprehensive income Deka Group Interim Report 2023 12 Profit or loss on financial instruments designated at fair value This item mainly comprises gains or losses on the disposal and measurement of financial instruments designated at fair value. However, interest expenses and income on financial instruments in this sub- category are disclosed under net interest income. €m Sale and valuation results Commission Profit or loss on financial instruments designated at fair value 1st half 2023 1st half 2022 1.7 – 1.7 17.1 – 17.1 Change – 15.4 – – 15.4 Profit or loss on financial instruments designated at fair value changed in a year-on-year comparison, due primarily to interest rate-induced valuation effects from own issues. 13 Profit or loss from fair value hedges The net valuation result is composed as follows, grouped by the type of risk hedged: €m Interest rate fair value hedges Net valuation result from hedging financial assets Net valuation result from hedging financial liabilities Currency fair value hedges Net valuation result from hedging financial assets Profit or loss from fair value hedges 1st half 2023 1st half 2022 – 8.1 6.5 – 4.8 – 6.4 33.4 – 20.5 3.5 16.4 Change – 41.5 27.0 – 8.3 – 22.8 The drop in the profit or loss from fair value hedges as against the prior-year period is due to interest rate- induced valuation effects. 14 Profit or loss on financial investments This item primarily comprises the gains or losses on the disposal of financial assets measured at fair value through other comprehensive income and the pro rata annual profit or loss from shares in associated companies and joint ventures accounted for using the equity method. €m Sale results Commission Net income from equity-accounted companies Profit or loss on financial investments 1st half 2023 1st half 2022 Change – 1.7 – 0.0 – 1.7 – 2.5 – – 0.0 – 2.5 0.8 – 0.1 0.8 70

Interim financial statements | Notes to the statement of financial position Deka Group Interim Report 2023 Notes to the statement of financial position 18 Cash reserves €m Cash on hand Balances with central banks Total 19 Due from banks 30 Jun 2023 31 Dec 2022 0.0 441.6 441.6 0.0 346.7 346.7 Amounts due from banks can be broken down by business type as follows: €m Deposit facility with Deutsche Bundesbank Current accounts Daily and time deposits Lending business Genuine repurchase agreements and collateralised securities lending transactions Due from banks before risk provisions Risk provisions in the lending business Total 30 Jun 2023 31 Dec 2022 14,403.4 15,361.7 1,257.9 8,815.9 4,697.4 15,807.8 44,982.3 – 0.4 44,981.9 308.6 9,687.6 3,324.4 10,167.7 38,850.1 – 0.3 38,849.8 The breakdown of amounts due from banks by region is as follows: €m Domestic banks Foreign banks Due from banks before risk provisions Risk provisions in the lending business Total 20 Due from customers 30 Jun 2023 31 Dec 2022 33,275.4 11,707.0 44,982.3 – 0.4 44,981.9 32,097.4 6,752.6 38,850.1 – 0.3 38,849.8 Amounts due from customers can be broken down by business type as follows: €m Current accounts Daily and time deposits Lending business Genuine repurchase agreements and collateralised securities lending transactions Due from customers before risk provisions Risk provisions in the lending business Total 72 30 Jun 2023 31 Dec 2022 405.1 928.7 566.6 1,081.4 21,283.5 21,537.9 5,447.0 28,064.4 – 178.3 27,886.1 5,799.7 28,985.6 – 206.7 28,778.9 Change 0.0 94.9 94.9 Change – 958.3 949.3 – 871.7 1,373.0 5,640.1 6,132.2 – 0.1 6,132.1 Change 1,177.9 4,954.3 6,132.2 – 0.1 6,132.1 Change – 161.5 – 152.7 – 254.4 – 352.7 – 921.2 28.4 – 892.8

Interim financial statements | Notes to the statement of financial position Deka Group Interim Report 2023 Expected credit loss (ECL) is calculated based on historical observations of calibrated probability of default profiles. Every six months, the default profiles are validated in terms of their forecast quality with regard to potential future macroeconomic developments. If the historically calibrated default profiles turn out to be partly unsuitable for reflecting potential future developments in sufficient quality, recalibration is also performed, for certain rating modules, based on the macroeconomic review (special scenario). The relevant macroeconomic forecasts are produced based on the process used by the Macro Research department for the purposes of preparing the official research opinion (baseline scenario) of the Deka Group using a large volume of external information. The statements relate to the analysis and forecasting of fundamental economic data and financial market indicators. The baseline scenario represents the most probable event and is supplemented by a positive and a negative scenario to cover a wide range of possible macroeconomic developments. The probability of occurrence for the baseline scenario in the first half of 2023 was 65.0% (31 December 2022: 65.0%), with a figure of 25.0% for the negative scenario (31 December 2022: 30.0%) and 10.0% for the positive scenario (31 December 2022: 5.0%). The forecast horizon is three years and the forecast covers those countries in which the Deka Group is primarily active. Eight predefined macroeconomic factors are taken into account for each country and scenario over the forecast period. The factors for Germany for the forecast period 2023-2025 are shown in the table below: Inputs Unemployment rate (%) Annual rate of change in GDP (%) Annual rate of change Consumer Price Index (%) Annual rate of change Leading Share Index (%) Short-term interest rates (%) Long-term interest rates (%) Annual rate of change in the exchange rate EUR/USD (%) Brent oil price (USD per barrel) Baseline scenario 5.2 to 5.6 Negative scenario 5.6 to 7.1 Positive scenario 3.7 to 5.6 – 0.4 to 1.7 – 1.0 to – 0.2 – 0.4 to 4.2 2.2 to 6.1 1.5 to 6.1 4.0 to 6.1 5.7 to 18.5 – 11.7 to 18.5 13.0 to 18.5 3.0 to 3.6 2.3 to 2.4 2.0 to 3.3 1.2 to 2.4 3.3 to 4.2 2.4 to 3.3 2.16 to 3.31 – 7.94 to 2.56 2.56 to 11.78 81 to 86 81 to 134.3 55.8 to 81.0 The multiple, mutually reinforcing risk drivers observed in the first half of 2023 are hitting the real estate sector particularly hard. As a result, the decision was made to multiply the probability of default (PD) used to calculate expected credit losses for borrowers in the international commercial real estate rating module by a factor of 8.85 for the first year, and by a factor of 1.83 and 1.87 respectively for the second and third year, as at 30 June 2023. This post-model adjustment, which was based on expert estimates and the analysis of observable historical data, was applied to reflect the need to consider all available, up-to-date customer and macroeconomic data as at the reporting date. A post-model adjustment set up for corporates in the previous year was reversed. As at 30 June 2023, there were post-model adjustments (including effects from the special scenario) of €44.9m (31 December 2022: €50.5m). 74

Interim financial statements | Notes to the statement of financial position Deka Group Interim Report 2023 Total 0.1 – – 0.0 0.0 – 0.0 – – – 0.0 0.1 172.9 – 0.5 0.5 – 17.2 16.5 – 47.6 – 0.0 – – 0.3 – 8.1 132.4 5.2 – 0.0 0.0 – 2.7 3.1 – 0.3 – – – 0.0 5.3 €m Due from banks Position as at 1 January 2022 Transfer to other stages Transfer from other stages Change in position including new business Allocation Reversal Utilisation Changes due to model changes Changes due to non-substantial modifications Exchange rate-related and other changes Position as at 30 June 2022 Due from customers Position as at 1 January 2022 Transfer to other stages Transfer from other stages Change in position including new business Allocation Reversal Utilisation Changes due to model changes Changes due to non-substantial modifications Changes in the scope of consolidation Exchange rate-related and other changes Position as at 30 June 2022 Financial investments Position as at 1 January 2022 Transfer to other stages Transfer from other stages Change in position including new business Allocation Reversal Utilisation Changes due to model changes Changes due to non-substantial modifications Exchange rate-related and other changes Position as at 30 June 2022 Stage 1 Stage 2 Stage 3 – – – – – – – – – – – 75.6 – 0.4 0.1 – 10.4 8.9 – 40.5 – – – 0.3 – 3.5 36.5 2.8 – 0.0 – 2.8 2.5 – 0.0 – – – 0.0 2.5 – – – – – – – – – – – 86.4 – – – 6.7 5.2 – 5.3 – 0.0 – – – 4.3 83.9 – – – – – – – – – – – 0.1 – – 0.0 0.0 – 0.0 – – – 0.0 0.1 10.9 – 0.1 0.4 – 0.1 2.4 – 1.8 – – 0.0 – 0.3 12.0 2.4 – 0.0 – 0.1 0.6 – 0.3 – – – 0.0 2.8 76

Interim financial statements | Notes to the statement of financial position Deka Group Interim Report 2023 €m Loan commitments and financial guarantee contracts Position as at 1 January 2022 Transfer to other stages Transfer from other stages Change in position including new business Allocation Reversal Utilisation Changes due to model changes Changes due to non-substantial modifications Exchange rate-related and other changes Position as at 30 June 2022 Stage 1 Stage 2 Stage 3 0.9 – – – 0.7 0.4 – 0.2 – – – 0.1 0.5 5.2 – – – 0.0 2.0 – 0.2 – – – 0.4 7.4 0.0 – – – 0.0 0.0 – – – – – 0.0 Total 6.1 – – – 0.7 2.4 – 0.4 – – – 0.5 7.9 In order to examine the sensitivity of the ECL model to possible future developments, the Bank performed further calculations related to the changes at stages 1 and 2 of the impairment model. An extreme weighting of 100% for each of the scenarios on which the ECL plausibility check is based (baseline, negative and positive scenario) was applied. These simulations do not include the post-model adjustments or special scenarios that have been adopted. Instead, they apply the scenario-specific simulated probability of default profiles. In the baseline scenario, risk provisions would be approximately 1% lower, while they would be approximately 1% higher in the negative scenario and around 4% lower in the positive scenario. Key ratios for provisions for loan losses: % Reversal/allocation ratio as at reporting date1) (Ratio of net allocation/-reversal to gross carrying values relevant for risk provisions) Default rate as at reporting date (Ratio of defaults to gross carrying values relevant for risk provisions) Average default rate (Ratio of defaults on a 5-year average to gross carrying values relevant for risk provisions) Net provisioning ratio as at reporting date (Ratio of risk provisions to gross carrying values relevant for risk provisions) 2023 0.07 0.00 0.05 0.41 2022 – 0.07 0.01 0.08 0.37 1) Reversal ratio shown without negative lending sign The calculations of the figures above are based on a gross carrying amount relevant for risk provisioning purposes of €48.0bn (31 December 2022: €61.6bn). It was still the case that no gross carrying amount was attributable to counterparties in Ukraine and Belarus at the end of the first half of 2023. A gross loan volume of €39m was attributable to Russia (31 December 2022: €43m). This is secured through ECA guarantees. 78

Interim financial statements | Notes to the statement of financial position Deka Group Interim Report 2023 €m Trading portfolio Debt securities and other fixed-interest securities Bonds and debt securities Money market securities Shares and other non fixed-interest securities Shares Units in investment funds Positive market values of derivative financial instruments Positive market values of derivative financial instruments (trading) Positive market values of derivative financial instruments (economic hedging derivatives) Loan receivables Total – trading portfolio Financial assets mandatorily measured at fair value through profit or loss Debt securities and other fixed-interest securities Bonds and debt securities Money market securities Shares and other non fixed-interest securities Shares Units in investment funds Loan receivables Shareholdings Equity investments Shares in affiliated companies Holdings in joint ventures Shares in associated companies Total – financial assets mandatorily measured at fair value through profit or loss Total 23 Financial investments €m Financial assets measured at amortised cost Debt securities and other fixed-interest securities Financial assets measured at fair value through other comprehensive income Debt securities and other fixed-interest securities Shareholdings Shares in at-equity accounted companies Financial investments before risk provisions Risk provisions for securities (AC) Total 80 30 Jun 2023 31 Dec 2022 6,931.6 6,876.9 54.7 1,422.5 1,295.4 127.0 8,374.0 8,331.7 42.3 373.2 5,893.7 5,870.8 22.9 1,211.1 996.2 214.9 8,565.4 8,496.4 69.0 495.9 17,101.3 16,166.1 841.3 841.3 – 238.7 3.9 234.6 455.7 28.4 27.5 0.6 – 0.4 735.6 735.6 – 252.9 3.6 249.2 385.7 26.4 25.5 0.6 – 0.3 1,564.1 1,400.6 18,665.4 17,566.8 30 Jun 2023 31 Dec 2022 8,684.0 7,992.3 2,041.4 2,074.2 16.5 16.5 10,741.8 10,083.0 – 13.9 10,727.9 – 9.9 10,073.1 Change 1,037.9 1,006.1 31.8 211.4 299.2 – 87.9 – 191.4 – 164.7 – 26.8 – 122.7 935.2 105.6 105.6 – – 14.2 0.3 – 14.6 70.0 2.0 2.0 – – 0.0 163.5 1,098.6 Change 691.6 – 32.8 0.0 658.8 – 4.1 654.7

Interim financial statements | Notes to the statement of financial position Deka Group Interim Report 2023 27 Due to customers Amounts due to customers can be broken down by business type as follows: €m Overdrafts Daily and time deposits Promissory note loans and registered bonds Collateralised registered bonds and promissory note loans Unsecured registered bonds and promissory note loans Genuine repurchase agreements and collateralised securities lending transactions Borrowings Total 30 Jun 2023 31 Dec 2022 16,368.6 10,005.2 1,472.0 357.8 1,114.2 350.2 149.0 28,345.0 18,281.5 4,880.5 1,573.7 375.8 1,197.9 249.8 120.5 25,106.0 The regional breakdown of amounts due to customers is as follows: €m Domestic customers Foreign customers Total 28 Securitised liabilities 30 Jun 2023 31 Dec 2022 23,691.5 4,653.5 28,345.0 19,993.7 5,112.3 25,106.0 Change – 1,912.9 5,124.7 – 101.7 – 18.0 – 83.7 100.4 28.5 3,239.0 Change 3,697.8 – 458.8 3,239.0 Securitised liabilities include bonds and other liabilities for which transferable certificates are issued. Under IFRS 9, own bonds held by the Deka Group with a nominal amount of €264.8m (31 December 2022: €265.8m) were deducted from the issued bonds. €m Uncovered debt securities issued Covered debt securities issued Money market securities issued Total 29 Financial liabilities at fair value 30 Jun 2023 31 Dec 2022 9,903.7 2,990.5 2,635.4 15,529.6 7,095.9 2,968.6 1,104.9 11,169.4 Change 2,807.8 21.9 1,530.5 4,360.2 Financial liabilities at fair value comprise trading issues and liabilities designated at fair value. This item also includes the negative market values of derivative financial instruments held for trading and the negative market values of hedging derivatives that are used as hedging instruments but do not meet the requirements of IFRS 9 for hedge accounting (economic hedging derivatives). Securities short portfolios are also reported in this line item. 82

Interim financial statements | Notes to the statement of financial position Deka Group Interim Report 2023 The actuarial interest rate underlying the measurement of pension provisions as at 30 June 2023 was 3.75%, 0.2 percentage points below the actuarial interest rate applied at 31 December 2022. Based on actuarial valuations, a pre-tax revaluation loss of €8.3m (31 December 2022: revaluation gain of €167.1m) was recognised in other comprehensive income. Provisions in investment funds business are created, among other things, for the funds with formal guarantees described below. The Deka Group's range of products includes investment funds with guarantees of various types. The investment management company undertakes to adhere to the guaranteed fund price on the relevant guarantee date. The amount of the provision for guarantee funds is the forecast shortfall at the guarantee date, which is the difference between the expected unit value and the unit value guaranteed. There is also a guarantee fund for which the amount of provisions is calculated using various loss scenarios. As at the reporting date, €16.7m (31 December 2022: €17.5m) was set aside based on the changes in the respective fund assets. The guarantees as at the reporting date covered a maximum volume of €2.0bn (31 December 2022: €1.9bn) at the respective guarantee dates. The market value of the corresponding fund assets totalled €2.2bn (31 December 2022: €2.1bn). For the fund-based Riester products offered as private pensions, DekaBank provides a capital guarantee at the start of the disbursement phase, for which a provision of €54.1m (31 December 2022: €51.9m) was recognised. Potential obligations from fund-based pension products totalled €5.9bn (31 December 2022: €5.7bn). The market value of the fund-based pension products totalled €7.6bn (31 December 2022: €7.0bn). In its ruling of 27 April 2021, the German Federal Court of Justice (BGH) ruled that amendments to the general terms and conditions of business concerning adjustments to fees were partially invalid. The Deka Group has reviewed the relevant customer agreements and recognised a provision for legal risks in the amount of €4.5m for potential claims for the repayment of fees (31 December 2022: €6.2m). DekaBank has undertaken voluntary investigations to ascertain whether its involvement enabled third parties to conduct share trades around the dividend record date and make use of abusive tax structures or whether it was otherwise involved in such structures. The possibility of a claim in the amount of €6.7m being asserted against DekaBank in this regard due to its function as custodian cannot be ruled out in all probability. As a result, a provision for operational risks was set up in the amount of €3.8m as at 31 December 2020. As at 31 December 2022, the amount of the provision was increased by €2.9m to €6.7m based on further analyses. No further risks in this regard were evident as at 30 June 2023. The official search of DekaBank’s premises, the additional information obtained as part of the search and further voluntary investigations carried out on this basis do not change the assessment at the present time. The situation is being constantly reviewed. The sundry other provisions were established in respect of liabilities arising from a range of issues. Sundry other provisions chiefly comprise a provision of €86.1m, created in the 2019 financial year, for a capital- strengthening measure in relation to a company in the equity investment portfolio (31 December 2022: €86.1m). 84

Interim financial statements | Notes on financial instruments Deka Group Interim Report 2023 Notes on financial instruments 32 Fair value disclosures for financial instruments Fair value is deemed to be the amount that would be received on the sale of an asset or paid for the transfer of a liability in an arm’s length transaction between market participants at the measurement date. The fair value of financial instruments is determined on the basis of market prices or observable market data as at the reporting date and by using generally recognised valuation models. Where no prices are available on an active market, valuation models are used that are considered appropriate for the financial instruments in question. Observable market data is always used as the basis where available. However, the availability of observable stock market prices, valid prices or market data varies depending on the financial instrument and can change over time. Furthermore, the valuation models are periodically readjusted and validated as required. Depending on the financial instrument and market situation, it may be necessary to include assumptions and estimates made by the Bank in the valuation. The Bank is also responsible for selecting suitable modelling techniques and appropriate parameters and assumptions. The assumptions underlying financial valuation models can have a considerable effect on the fair value determined. Where there are no prices from active markets, the fair value is therefore deemed to be the model value as at the reporting date, which reflects a realistic estimate of how the market would be likely to value the financial instrument. Where bid and ask prices are available for assets and liabilities, the provisions of IFRS 13 state that the price to be used to determine the fair value is that which best reflects the fair value within the bid-ask spread, with the use of mid-market pricing being an acceptable valuation convention. DekaBank generally measures financial instruments at mid-market prices. For illiquid financial instruments assigned to level three of the fair value hierarchy, bid-ask adjustments are taken into account. Furthermore, the Bank takes credit valuation adjustments (CVAs) or debit valuation adjustments (DVAs) into consideration when measuring OTC derivatives in order to allow for its own credit risk or that of counterparties, unless these are already included elsewhere in the valuation model. If a netting agreement exists for counterparties, the calculation is performed at the level of the counterparty based on the net position. In other cases, the calculation is performed using the individual positions. The Deka Group takes a funding valuation adjustment (FVA) into account, which represents the implicit market refinancing costs for uncollateralised derivative positions. The maturity structure of funding is thus considered to be an important component of fair value for uncollateralised derivatives. In the Deka Group, financial instruments are classified as per IFRS 7 by balance sheet line item and IFRS measurement category. The carrying values and fair values of financial assets and financial liabilities are divided among the measurement categories and classes of financial instruments as follows: 86

Interim financial statements | Notes on financial instruments Deka Group Interim Report 2023 Fair value hierarchy Financial instruments carried at fair value in the balance sheet are to be allocated to the following three fair value hierarchy levels specified in IFRS 13 depending on the inputs influencing their valuation: Level 1: (Prices listed on active markets): Financial instruments whose fair value can be derived directly from prices on active, liquid markets are allocated to this level. Level 2: (Valuation method based on observable market data): Financial instruments whose fair value can be determined either from similar financial instruments traded on active and liquid markets, from similar or identical financial instruments traded on less liquid markets, or based on valuation methods with directly or indirectly observable inputs, are allocated to this level. Level 3: (Valuation method not based on observable market data): Financial instruments whose fair value is determined based on valuation models using, among other things, inputs not observable in the market, provided they are significant for the valuation, are allocated to this level. The tables below show the fair values of the financial instruments carried in the balance sheet at fair value according to their level in the fair value hierarchy: Prices listed on active on observable market on observable market Valuation method based Valuation method based markets (level 1) data (level 2) data (level 3) 30 Jun 2023 31 Dec 2022 30 Jun 2023 31 Dec 2022 30 Jun 2023 31 Dec 2022 4,198.3 2,282.9 3,600.4 4,299.1 803.1 929.0 244.6 125.2 2,589.0 2,149.3 111.4 7,945.5 5,189.9 166.6 95.2 8,303.3 5,997.4 156.5 – – 240.4 271.1 607.5 1,545.5 53.0 183.9 80.3 – 103.6 28.4 – – 52.1 137.0 104.2 – 32.8 26.4 – – 12,505.2 14,514.2 1,068.4 1,144.5 Derivative financial instruments 244.6 125.2 €m Financial assets measured at fair value through profit or loss Debt securities, other fixed-interest securities and loan receivables Shares and other non fixed-interest securities Interest-rate-related derivatives Currency-related derivatives Share and other price-related derivatives Shareholdings Positive market values of derivative hedging instruments Financial assets measured at fair value through other comprehensive income Debt securities and other fixed-interest securities Total 1,496.8 1,316.6 – – – – – – – – 1,433.9 7,373.6 528.7 4,253.4 88

Interim financial statements | Notes on financial instruments Deka Group Interim Report 2023 The fair value of units in unconsolidated investment funds is generally determined from the redemption price published by the investment management company. Fair value hierarchy level 2 Fair values for insufficiently liquid bearer bonds are determined on the basis of discounted future cash flows (the discounted cash flow model). Instrument-specific and issuer-specific interest rates are used for discounting. Discount rates are determined from market prices of similar liquid securities, selected according to criteria in the categories of issuer, sector, rating, rank and maturity. Derivative financial instruments are measured using standard valuation models, such as the Black-Scholes model, the Black-76 model, the SABR model, the Bachelier model, the G1PP model, the G2PP model or the local volatility model. The models are always calibrated using observable market data. Interest rate and interest rate/currency swaps and unlisted interest rate futures are measured on the basis of the discounted cash flow model using the market interest rates applying to the remainder of the term of the financial instruments. The tenor structures of the individual interest rates are taken into account by means of separate forward interest rate curves. Interest rate swaps are discounted using the currency-specific yield curve. This is used for bootstrapping the forward yield curves. For the foreign currency cash flows in interest rate/currency swaps, discounting is carried out taking into account the cross-currency basis. Fair values for forward currency contracts are determined at the reporting date on the basis of the forward rates, which in turn are quoted by FX swap points in the market. Fair values of single name and index credit default swaps are determined using a standard hazard rate model calibrated to the respective par CDS spreads. The fair value of deposits and borrowings is determined by discounting future cash flows using discount rates that are customary for comparable financial transactions with similar terms on liquid or less liquid markets. If no price is observable on an active market for financial liabilities in relation to issuing business, the fair value is calculated by discounting the contractually agreed cash flows. Discounting uses a risk-adjusted market interest rate corresponding to the liability category. This is based on DekaBank’s credit risk and is derived from market information. Any existing collateralisation structure is taken into account, such as that used for covered bonds (Pfandbriefe), for example. Fair value hierarchy level 3 Fair values of amounts due from banks or due from customers relating to lending business are determined using the present value method. Future cash flows from receivables are discounted at a risk-adjusted market rate based on the categories of borrower, sector, rating, rank and maturity. If loan receivables are recognised at fair value, a granular analysis is carried out when determining the first spread component. In particular, side agreements such as the borrower’s rights of termination or floors are taken into account. These side agreements are each taken into account using suitable, recognised valuation procedures. Loans are allocated to level 3 irrespective of their IFRS category. 90

Interim financial statements | Notes on financial instruments Deka Group Interim Report 2023 Performance of financial instruments in fair value hierarchy level 3 The movement in level 3 assets carried at fair value is shown in the table below: €m As at 1 January 2022 Additions through purchase Disposals through sale Maturity/repayments Transfers To Level 3 From Level 3 Changes arising from measurement/disposal Recognised in profit or loss1) Recognised in other comprehensive income2) As at 31 December 2022 Movement in unrealised gains or losses in respect of assets in the portfolio at the balance sheet date3) As at 1 January 2023 Additions through purchase Disposals through sale Maturity/repayments Transfers To Level 3 From Level 3 Changes arising from measurement/disposal Recognised in profit or loss1) Recognised in other comprehensive income2) As at 30 June 2023 Movement in unrealised gains or losses in respect of assets in the portfolio at the balance sheet date3) Debt securities, other fixed- interest securities and loan receivables Shares and other non fixed-interest securities Interest- rate- related derivatives Share and other price- related derivatives 605.2 2,328.6 1,803.1 74.6 100.8 122.4 – 105.5 – 929.0 – 77.0 929.0 4,112.2 4,001.0 88.2 37.1 216.7 30.7 – 803.1 17.5 57.0 22.3 – – – 19.4 – – – – – – 0.1 84.8 – 52.1 – 104.2 – 52.1 84.8 104.2 – – – – – 0.9 – 53.0 – – – – 26.0 2.1 – 80.3 5.5 11.0 5.4 – – 0.2 21.9 – 32.8 21.8 32.8 – 1.8 – 0.1 – 96.1 32.4 8.8 – 103.6 Share- holdings 30.4 – 7.3 – – – 3.3 – 26.4 0.5 26.4 – – – – – 2.0 – 28.4 – 6.1 0.9 2.1 9.2 2.0 Positive market values of derivative hedging instruments 0.0 – – – – – – – – – – – – – – – – – – – Total 678.0 2,396.6 1,838.1 74.6 100.8 122.6 4.4 – 1,144.5 30.1 1,144.5 4,110.4 4,000.9 88.2 133.2 275.1 44.5 – 1,068.4 8.1 1) Gains and losses recognised in profit or loss from the measurement/disposal of level 3 financial instruments are included in net interest income, trading profit or loss, profit or loss on financial instruments mandatorily measured at fair value and profit or loss on financial instruments designated at fair value. 2) Gains and losses recognised in other comprehensive income from the measurement of level 3 financial instruments are included in the revaluation reserve. 3) Unrealised profits or losses from level 3 financial instruments are presented within net interest income, trading profit or loss, profit or loss on financial instruments required to be measured at fair value, profit or loss on financial instruments designated at fair value as well as revaluation reserve. In the reporting period, the mirror “performance of financial instruments in fair value hierarchy level 3” was standardised with regard to the presentation of the different financial instruments for reasons of better readability. In the case of disposals of derivative financial instruments, for example, the value in the opening balance is now also divided into disposal value and realised profit and loss for the period. 92

Interim financial statements | Notes on financial instruments Deka Group Interim Report 2023 As at 30 June 2023, analyses for level 3 financial instruments were performed with regard to the materiality of spread curves, correlation matrices, volatility surfaces and dividend expectations. In the case of spread curves, the valuation is performed without a spread or with a spread of zero. If the resulting change in present value is insignificant, the product can be assigned to level 2. For financial instruments whose valuation involves the use of a correlation matrix (historical 250-day correlations), sensitivity to a change in the correlation matrix is a relevant factor. For interest rate correlations, sensitivity is mapped via shifts in the model parameters for the relevant reference indices. This sensitivity is expressed in relation to the present value of the financial instrument. If the sensitivity is insignificant, the product can be assigned to level 2. For volatility surfaces and dividend expectations, the materiality of the unobservable area is determined via shifts. If the resulting change in present value is insignificant, the products can be assigned to level 2. When it comes to credit default swaps, materiality is determined using various extrapolation methods. In a year-on-year comparison, a volume of €–2,532.90m was transferred from level 3 to level 2 based on additional materiality analyses. Measurement processes for financial instruments in fair value hierarchy level 3 For all transactions in the trading book and the banking book, DekaBank generally performs a daily valuation independent of trading operations, which provides the basis for the calculation of results. Responsibility for the valuation process lies with Risk Control, the different tasks being assigned to various specialist teams as part of the valuation process. The models used for theoretical valuation of transactions must undergo validation and initial acceptance before they can be employed in the valuation process. Adequacy checks are carried out on a regular basis as part of normal operations. The main steps in the process are the provision of market data that is independent of trading activities, parameterisation, performance of the valuation and quality assurance. Each of these steps and processes has a team responsible for design and implementation. Finance and Risk Control analyse and provide commentary on any notable changes in the valuation carried out independently of trading activities. The economic profits and losses determined on the basis of this independent valuation are made available to the trading units on a daily basis for the trading book and on at least a weekly basis for the banking book. To support the process, a committee has been established within Risk Control which plans and coordinates the medium to long-term development of the valuation process. Valuation models are always used where no reliable external prices are available. External price quotations are obtained from established providers such as stock exchanges and brokers. Every price is subject to a monitoring process which assesses its quality and establishes whether it is appropriate for use in the valuation process. Unless the level of quality is assessed as inadequate, a theoretical valuation is carried out. For financial instruments whose present value is determined using a valuation model, the prices needed to calibrate the model are either found directly, independently of trading, or are checked via an independent price verification process (IPV) to ensure they are consistent with the market, and are corrected if necessary. The valuation models used are either validated by Risk Control or implemented in Risk Control independently of trading. The appropriateness of the models is examined by Risk Control on a regular basis, and at least once a year. The results of the examination form the basis for a joint recommendation agreed between Risk Control, Finance and the trading units on whether the valuation models should continue to be used or require further development. 94

Interim financial statements | Other disclosures Deka Group Interim Report 2023 34 Derivative transactions The derivative financial instruments used in the Deka Group can be broken down by the type of risk hedged as follows: €m Interest rate risks Currency risks Share and other price risks Total Net amount disclosed in the statement of financial position Nominal value Positive fair values1) Negative fair values1) 30 Jun 2023 31 Dec 2022 30 Jun 2023 31 Dec 2022 30 Jun 2023 31 Dec 2022 891,332.6 762,836.6 30,782.9 32,218.2 30,804.8 32,619.3 27,554.1 31,144.9 290.1 310.7 568.5 730.5 68,829.4 59,365.6 2,924.4 2,279.7 2,202.4 2,633.7 987,716.1 853,347.1 33,997.4 34,808.6 33,575.7 35,983.5 8,614.4 8,836.5 11,890.8 13,694.0 1) Fair values are shown before offsetting against variation margin paid or received 35 Interest rate benchmark (IBOR) reform DekaBank has opted for a project-based approach to implementing the IBOR reform and introducing the new risk-free rates (RFRs), involving all affected areas at every step of the process chain, from front office units to the corporate centres. The necessary adjustments to internal systems, processes and methods are being managed through the new product process. Management is regularly updated on the progress of these activities through the established committees. The first half of 2023 was dominated by USD-related transitions. With regard to lending, Term SOFR has become established as a basis for variable rate loans, whereas in the derivatives business, there are limited options available for using Term SOFR. A large part of the loans had been transitioned by the reporting date of 30 June 2023. The remaining loans are expected to transition within the current interest rate fixing phase. Fall-back provisions have also been agreed. Derivatives subject to a clearing obligation and bilateral derivatives were also transitioned in the first half of 2023. The final transition of USD/EUR cross- currency swaps to standard SOFR/€STR contracts has closed out temporary basis risks related to the transition process. The USD transition process brings the IBOR reform project to an end. Any outstanding transition activities will be performed within the line organisation. Other disclosures 36 Regulatory capital (own funds) Regulatory capital and the capital ratios were calculated as at 30 June 2023 on the basis of the capital requirements currently applicable under the Capital Requirements Regulation (CRR), which is subject to certain transitional provisions. The figures presented below are shown in accordance with the transitional provisions set out in the CRR as well as pursuant to full application of the regulations. Own funds are calculated based on the figures from the IFRS consolidated financial statements. 96

Interim financial statements | Other disclosures Deka Group Interim Report 2023 In a circular dated 9 July 2021, the Federal Ministry of Finance (BMF) presented revised rules for the tax treatment of share trades around the dividend record date, and noted, inter alia, that certain transaction types may fall under the scope of section 42 of the German Tax Code (Abgabenordnung – AO) and that, in certain cases, beneficial ownership pursuant to section 39 of the German Tax Code does not pass to the recipient of the shares. Even in light of the above, DekaBank still sees no convincing reason to believe that the share trades it transacted around the dividend record date prior to 2016 will fall under the scope of section 42 of the German Tax Code. In the case of its share trades, DekaBank also believes that there was a transfer of beneficial ownership and therefore considers it more unlikely than not that a final claim will be made in this regard. Consequently, there are no grounds to create provisions for financial burdens arising from the refusal by tax authorities to allow relief from capital yields tax. Since a degree of uncertainty remains as to how the tax authorities and fiscal courts will ultimately assess the share trades concerned, it cannot be definitively ruled out that an adverse financial impact of €28.0m may arise in this regard. As DekaBank continues to assume that its legal view will be confirmed in the final instance of fiscal court proceedings, tax refund claims of €149.5m are recognised in this context. 38 List of shareholdings DekaBank Deutsche Girozentrale, Frankfurt/Berlin, is entered in Commercial Register A of the Local Court (Amtsgericht) of Frankfurt am Main under the number HRA 16068. The following information on shareholdings is a supplementary disclosure required under section 315e of the German Commercial Code (Handelsgesetzbuch). No comparative information is therefore presented in respect of the previous period. Consolidated subsidiaries (affiliated companies): Name, registered office bevestor GmbH, Frankfurt/Main Deka Beteiligungs GmbH, Frankfurt/Main Deka Far East Pte. Ltd., Singapore Deka Immobilien Investment GmbH, Frankfurt/Main Deka International S.A., Luxembourg Deka Investment GmbH, Frankfurt/Main Deka Real Estate International GmbH, Frankfurt/Main Deka Real Estate Services USA Inc., New York Deka Vermögensmanagement GmbH, Frankfurt/Main Deka Vermögensverwaltungs GmbH, Frankfurt/Main Deka Verwaltungsgesellschaft Luxembourg S.A., Luxembourg IQAM Invest GmbH, Salzburg IQAM Partner GmbH, Vienna S Broker Management AG, Wiesbaden S Broker AG & Co. KG, Wiesbaden SWIAT GmbH, Frankfurt/Main WestInvest Gesellschaft für Investmentfonds mbH, Düsseldorf WIV GmbH & Co. Beteiligungs KG, Frankfurt/Main 1) 25.5% is held by IQAM Partner GmbH. 2) 5.1% is held by WIV GmbH & Co. Beteiligungs KG. 98 Share of equity % 30 Jun 2023 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.001) 100.00 100.00 100.00 100.00 99.742) 94.90

Interim financial statements | Other disclosures Deka Group Interim Report 2023 Unconsolidated structured entities: Name, registered office Private Banking Premium Chance Nachhaltigkeit, Frankfurt/Main Private Banking Premium Ertrag Nachhaltigkeit, Frankfurt/Main Deka-Immobilien PremiumPlus-Private Banking CF (T), Luxembourg Deka-MultiFactor Global Corporates, Luxembourg Deka-Globale Aktien Value, Luxembourg Deka-BoutiqueSelect, Frankfurt/Main Deka-MultiFactor Emerging Markets Corporates, Luxembourg Deka-MultiFactor Global Corporates HY, Luxembourg Deka Investors Spezial InvAG m.v.K. und TGV, Frankfurt/Main Teilgesellschaftsvermögen Mittelstandskreditfonds I, Frankfurt/Main 39 Related party disclosures Fund assets €m 30 Jun 2023 0.20 0.21 0.30 30.42 12.28 2.10 29.47 35.35 11.29 Share of equity/fund assets % 30 Jun 2023 100.00% 99.44% 96.85% 93.82% 89.17% 82.84% 44.36% 39.03% 23.00% The Deka Group has business dealings with related parties. These include DekaBank’s shareholders, subsidiaries that are not consolidated on materiality grounds, joint ventures, associated companies and their respective subsidiaries as well as individuals in key positions and their relatives, and companies controlled by these individuals. Individuals in key positions exclusively comprise the members of the Board of Management and Administrative Board of DekaBank. Unconsolidated own mutual funds and special funds where the Deka Group’s holding exceeds 10% as at the reporting date are shown as subsidiaries, associated companies or other related parties in accordance with their equity holding. Transactions are carried out with related parties under arm’s length terms and conditions as part of the ordinary business activities of the Deka Group. These relate, inter alia, to loans, daily and time deposits and derivatives. The liabilities of the Deka Group to mutual funds and special funds essentially comprise bank balances from the temporary investment of liquid funds. The tables below show the extent of these transactions. Business dealings with shareholders of DekaBank and unconsolidated subsidiaries: €m Asset items Due from customers Financial assets at fair value Other assets Total asset items Liability items Due to customers Financial liabilities at fair value Other liabilities Total liability items Shareholders Subsidiaries 30 Jun 2023 31 Dec 2022 30 Jun 2023 31 Dec 2022 – – – – 48.5 – – 48.5 0.3 0.3 0.1 0.6 2.8 – 0.0 2.8 – 0.3 0.1 0.4 3.4 – 0.0 3.4 – – – – 138.5 – – 138.5 100

Assurance of the Board of Management Deka Group Interim Report 2023 Assurance of the Board of Management We declare that, to the best of our knowledge, the consolidated interim financial statements prepared in accordance with the reporting standards applicable to interim financial reporting convey a true and fair view of the financial position and financial performance of the Group and that the interim management report conveys a true and fair view of the business performance including the business results and position of the Group and suitably presents the material risks and opportunities and likely development of the Group over the remainder of the financial year. Frankfurt/Main, 14 August 2023 DekaBank Deutsche Girozentrale The Board of Management Dr. Stocker Dr. Danne Dietl-Benzin Kapffer Knapmeyer Müller 102

OTHER INFORMATION

Other information Deka Group Interim Report 2023 Prof. Dr. Ulrich Reuter President of the Savings Banks Association Bavaria, Munich Member of the General and Nominating Committee Member of the Remuneration Supervision Committee Member of the Audit Committee Katrin Rohmann Freelance Auditor, Birkenwerder Member of the Audit Committee Frank Saar Chairman of the Management Board of Sparkasse Saarbrücken, Saarbrücken Deputy Chairman of the Risk and Credit Committee Peter Schneider President of the Savings Banks Association Baden-Württemberg, Stuttgart Member of the General and Nominating Committee Member of the Remuneration Supervision Committee Dr. jur. Harald Vogelsang Spokesman of the Management Board of Hamburger Sparkasse AG, Hamburg President of the Hanseatic Savings Banks and Giro Association, Hamburg Ludger Weskamp Managing President of the East German Savings Banks Association, Berlin Burkhard Wittmacher Chairman of the Management Board of Kreissparkasse Esslingen- Nürtingen, Esslingen Member of the Audit Committee Alexander Wüerst Chairman of the Management Board of Kreissparkasse Köln, Cologne Member of the General and Nominating Committee Member of the Remuneration Supervision Committee Employee Representatives appointed by the Staff Committee: Board of Management Dr. Georg Stocker Chairman of the Board of Management Dr. Matthias Danne Deputy Chairman of the Board of Management Birgit Dietl-Benzin Member of the Board of Management Daniel Kapffer Member of the Board of Management Torsten Knapmeyer Member of the Board of Management Martin K. Müller Member of the Board of Management Executive Manager Manfred Karg Edwin Quast (until 28 February 2023) Chairman of the Staff Committee, DekaBank Deutsche Girozentrale, Frankfurt/Main (since 1 March 2023) Member of the Staff Committee, DekaBank Deutsche Girozentrale, Frankfurt/Main Barbara Wörfel (until 28 February 2023) Second Deputy Chairwoman of the Staff Committee, DekaBank Deutsche Girozentrale, Frankfurt/Main (since 1 March 2023) First Deputy Chairwoman of the Staff Committee, DekaBank Deutsche Girozentrale, Frankfurt/Main Representatives appointed by the Federal Organisation of Central Municipal Organisations (in an advisory capacity): Dr. Uwe Brandl Mayor of the City of Abensberg and President of the German Association of Towns and Municipalities, Berlin Helmut Dedy Chief Executive Officer of the German Association of Cities, Berlin Prof. Dr. Hans-Günter Henneke Managing Member of the Presiding Board of the German County Association, Berlin Member of the General and Nominating Committee Member of the Remuneration Supervision Committee 106

DekaBank Deutsche Girozentrale Mainzer Landstraße 16 60325 Frankfurt/Main P.O. Box 11 05 23 60040 Frankfurt/Main Phone: + 49 (0) 69 71 47 - 0 Fax: www.dekabank.de + 49 (0) 69 71 47 - 13 76