Deutsche Bank

Annual Financial
Statements of
Deutsche Bank AG
2024
Content 1 — Management Report
2 Combined management report

2 — Annual Financial Statement

3 Balance sheet as of December 31, 2024
5 Income statement for the period from
January 1 to December 31, 2024
6 Notes to the Accounts

3 — Confirmations
59 Responsibility Statement by the
Management Board
60 Independent Auditor’s Report
Deutsche Bank Combined management report
Annual Financial Statements
of Deutsche Bank AG

Combined management report

In line with the provisions of Section 315 (5) HGB (German Commercial Code, “Handelsgesetzbuch”) together with Section
298 (2) HGB, the management report of Deutsche Bank AG has been combined with the management report of Deutsche
Bank Group. The combined management report is published in the Annual Report 2024 of Deutsche Bank Group. It is filed
with and subsequently published by the German Federal Gazette (Bundesanzeiger).

The Annual Report is also made available under https://www.db.com/ir/en/annual-reports.htm.

2
Deutsche Bank Balance sheet as of December 31, 2024
Annual Financial Statements
of Deutsche Bank AG

Balance sheet as of December 31, 2024

Dec 31, Dec 31,
Assets in € m.
2024 2023
Cash reserve
a) Cash on hand 1,457 1,345
b) Balances with central banks 72,018 76,287
thereof: with Deutsche Bundesbank 5,305 5,150
73,475 77,632
Debt instruments of public-sector entities and bills of exchange eligible for refinancing at
central banks
a) Treasury bills, discountable Treasury notes and similar debt instruments of public-
sector entities 694 642
thereof: eligible for refinancing at Deutsche Bundesbank 0 128
b) Bills of exchange 36 13
731 656
Receivables from banks
a) Mortgage loans 0 61
b) Loans to or guaranteed by public-sector entities 62 22
c) other receivables 166,307 175,297
166,369 175,379
thereof: repayable on demand 71,006 92,911
receivables collateralized by securities 25,563 8,742
Receivables from customers
a) Mortgage loans 97,428 99,211
b) Loans to or guaranteed by public-sector entities 3,125 3,544
c) other receivables 345,645 333,189
446,198 435,943
thereof: receivables collateralized by securities 23,916 13,803
Bonds and other fixed-income securities
a) Money market instruments
aa) of public-sector issuers 1,797 935
thereof: eligible as collateral for Deutsche Bundesbank 0 0
ab) of other issuers 0 0
thereof: eligible as collateral for Deutsche Bundesbank 0 0
1,797 935
b) Bonds and notes
ba) of public-sector issuers 39,012 37,304
thereof: eligible as collateral for Deutsche Bundesbank 17,640 14,665
bb) of other issuers 42,641 32,955
thereof: eligible as collateral for Deutsche Bundesbank 32,862 23,811
81,654 70,259
c) Own debt instruments 0 228
nominal amount 0 292
83,450 71,422
Equity shares and other variable-yield securities 282 302
Trading assets 301,057 247,596
Participating interests 241 206
thereof: in banks 11 11
in financial services institutions 65 57
Investments in affiliated companies 31,683 29,282
thereof: in banks 5,895 4,914
in financial services institutions 503 523
Assets held in trust 4,302 3,491
thereof: Loans on a trust basis 254 313
Intangible assets
a) Self-developed intangible assets 3,466 3,151
b) Purchased intangible assets 152 240
c) Goodwill 11 12
d) Down-payments for intangible assets 0 0
3,629 3,404
Tangible assets 1,708 1,618
Sundry assets 8,192 5,610
Prepaid expenses
a) from the issuance and loan business 99 69
b) other 863 919
962 988
Deferred tax assets 6,121 6,698
Overfunded plan assets 5 5
Total assets 1,128,403 1,060,231

3
Deutsche Bank Balance sheet as of December 31, 2024
Annual Financial Statements
of Deutsche Bank AG

Dec 31, Dec 31,

Liabilities and Shareholders' Equity in € m. 2024 2023
Liabilities to banks
a) registered Mortgage Pfandbriefe issued 262 60
b) registered public Sector Pfandbriefe issued 0 0
c) other liabilities 138,997 145,182
139,259 145,242
thereof: repayable on demand 73,553 69,256
registered covered bonds acc. to DSLB transition law 59 114
Liabilities to customers
a) registered Mortgage Pfandbriefe issued 1,852 2,056
b) registered public Sector Pfandbriefe issued 90 90
c) savings deposits
ca) with agreed notice period of three months 33,682 41,374
cb) with agreed notice period of more than three months 33,151 22,909
66,833 64,284
d) other liabilities 470,469 451,283
539,244 517,713
thereof: repayable on demand 319,520 304,406
registered covered bonds acc. to DSLB transition law 1,713 1,983
Liabilities in certificate form
a) bonds in issue
aa) Mortgage Pfandbriefe 9,896 10,956
ab) Public Sector Pfandbriefe 0 0
ac) other bonds 79,274 74,630
89,171 85,587
b) other liabilities in certificate form 11,823 6,545
100,993 92,132
thereof: Money market instruments 10,997 5,930
own acceptances and promissory notes in circulation 42 129
Trading liabilities 216,798 191,329
Liabilities held in trust 4,302 3,491
thereof: loans on a trust basis 254 313
Sundry liabilities 46,376 34,407
Deferred income
a) from the issuance and loan business 298 412
b) other 650 526
948 938
Provisions
a) Provisions for pensions and similar obligations 1,634 1,991
b) Provisions for taxes 565 633
c) other provisions 5,432 4,477
7,632 7,100
Subordinated liabilities 12,852 12,454
Participation rights capital 20 20
thereof: payable within 2 years 0 0
Instruments for Additional Tier 1 Regulatory Capital 12,151 8,910
Fund for general banking risks 2,944 2,944
thereof: trading-related special reserve according to Section 340e (4) HGB 1,476 1,476
Capital and reserves
a) subscribed capital 5,106 5,223
less notional par value of own shares 127 123
4,980 5,100
conditional capital € 0m. (Dec 31, 2023: € 0m.)
b) Capital reserve 21,136 20,940
c) Revenue reserves
ca) statutory reserve 13 13
cd) other revenue reserves 16,498 14,043
16,510 14,056
d) Distributable profit (loss) 2,258 3,458
44,884 43,552
Total liabilities and shareholders' equity 1,128,403 1,060,231
Contingent liabilities
a) contingent liabilities from rediscounted bills of exchange 0 0
b) Liabilities from guarantees and indemnity agreements 69,052 60,181
c) Liability arising from the provision of collateral for third-party liabilities 0 0
69,052 60,181
Other obligations
b) placement and underwriting obligations 0 0
c) irrevocable loan commitments 175,498 158,247
175,498 158,247

4
Deutsche Bank Income statement for the period from January 1 to December 31, 2024
Annual Financial Statements
of Deutsche Bank AG

Income statement for the period from January 1 to

December 31, 2024
in € m. 2024 2023
Interest income from
a) Lending and money market business 60,733 54,849
thereof: negative interest income from lending
and money market business 23 30

b) Fixed-income securities and government-inscribed debt 4,124 2,954

64,857 57,802
Interest expenses 57,357 49,811
thereof: negative interest expenses 21 76
7,500 7,991
Current income from
a) Equity shares and other variable-yield securities 57 74
b) Participating interests 7 9
c) Investments in affiliated companies 1,209 1,245
1,273 1,328
Income from profit-pooling, profit-transfer and partial profit-transfer agreements 628 1,137
Commission income 9,646 8,109
Commission expenses 2,247 1,886
7,399 6,224
Net trading result 4,305 4,762
thereof: release of trading-related special reserve according to section 340e (4) HGB 0 0
Other operating income 4,810 6,108
Administrative expenses
a) Staff expenses
aa) Wages and salaries 5,493 4,997
ab) Compulsory social security contributions and expenses for pensions and other employee
benefits 891 1,283
6,383 6,281
thereof: for pensions € 140 m. (2023: 534 m.)
b) Other administrative expenses 8,476 8,930
14,859 15,210
Depreciation, amortization and write-downs of and value adjustments to tangible and intangible assets 1,479 1,283
Other operating expenses 6,202 5,179
Write-downs of and value adjustments to claims and certain securities as well as additions to provisions for
loan losses 1,060 514
Write-downs of and value adjustments to participating interests, investments in affiliated companies and
securities treated as fixed assets 0 740
Income from write-ups and disposal gains on participating interests, investments in affiliated companies
1,581 0
and securities treated as fixed assets
Expenses from assumption of losses 54 113
Releases from/Additions (–) to the fund for general banking risks 0 0
Result from ordinary activities 3,842 4,511
Extraordinary income 88 1
Extraordinary expenses 91 158
Extraordinary result (4) (157)
Income taxes 860 (736)
thereof: deferred tax expense € 735 m. (2023: deferred tax benefit € 1,375 m.)
Other taxes, unless reported under "Other operating expenses" 95 90
955 (646)
Net income (loss) 2,883 4,999
Profit carried forward from the previous year 575 459
3,458 5,458
Withdrawal from capital reserves 0 0
Allocations to revenue reserves
– to other revenue reserves 1,200 2,000
1,200 2,000
Distributable profit 2,258 3,458

5
Deutsche Bank General information
Annual Financial Statements 01 – Basis of preparation
of Deutsche Bank AG

General information
Deutsche Bank AG’s legal name is Deutsche Bank Aktiengesellschaft and it is incorporated in Frankfurt am Main. It is
registered in the Commercial Register of the District Court Frankfurt am Main under registration number HRB 30000.

The annual financial statements of Deutsche Bank AG for the financial year 2024 have been prepared in accordance with
the German Commercial Code (“HGB”) as well as the Statutory Order on Banks’ and Financial service institutions’ Accounts
(“RechKredV”). Company-law regulations have been complied with. For the sake of clarity, the figures are reported in
million euros (€). Due to rounding, numbers presented throughout this document may not add up precisely to the totals
the bank provides and percentages may not precisely reflect the absolute figures.

01 – Basis of preparation
Accounting policies for:

Receivables
Receivables which are held with a trading intent are accounted for as described in the separate paragraph “Trading
activities”.

Receivables from banks and customers which do not qualify as trading assets are generally reported at their nominal
amount or at acquisition cost less necessary impairments. If, in a subsequent period, the amount of the impairment loss
decreases and the decrease in impairment can be objectively related to an event occurring after the impairment was
recognized, the previously recognized impairment is reversed through the income statement.

Risk provisioning
Provisioning for loan losses comprises impairments and provisions for all identifiable credit and country risks, for inherent
default risks and the provision for general banking risks. Provisions for credit risks are reflected in accordance with the
prudence principle at the amount of expected losses. The bank is making use of the accounting option provided by the
IDW accounting standard IDW RS BFA 7 to apply IFRS 9 rules to determine its provisions for credit risk.

The transfer risk for loans to borrowers in foreign states (country risk) is assessed using a rating system that takes into
account the economic, political and regional situation. When recognizing provisions for cross-border exposures to certain
foreign states the prudence principle is applied.

Provisions for inherent credit risk are reflected in the form of general value adjustments in accordance with commercial
law principles. In addition, general banking risks are provided for pursuant to Section 340f HGB. The offsetting option
available under Section 340f (3) HGB has been utilized.

The calculation of expected loss is based on the parameters probability of default (PD), loss given default (LGD) and
exposure at default (EAD). For the latter parameter, all risk relevant contracts are included. The calculation of the LGD
considers the development of collateral values which are clustered by regions, in particular for properties. Credit risk
charges for off-balance exposures such as guarantees and loan commitments are presented as provisions. The credit risk
projection is supplemented by macro-economic factors (for example growth rates of GDP and unemployment rates in
Europe and the U.S.) to better reflect the portfolio risk.

The bank recognizes a credit loss allowance at an amount equal to 12-month expected credit losses. This represents the
portion of lifetime expected credit losses (ECL) from default events that are expected within 12 months of the reporting
date, assuming that credit risk has not increased to trigger an impairment.

The bank recognizes an additional credit loss allowance to reflect lifetime expected credit losses for financial assets which
are considered to have experienced a significant increase in credit risk since initial recognition. Using the IFRS 9
methodology, this requires the computation of expected credit losses based on lifetime PD, lifetime LGD and lifetime EAD
that represents the probability of default occurring over the remaining lifetime of the financial asset.

For those financial assets that are credit-impaired, the bank recognizes a loss allowance at an amount equal to lifetime
expected credit losses, reflecting a probability of default of 100%, via the expected recoverable cash flows for the asset.

6
Deutsche Bank General information
Annual Financial Statements 01 – Basis of preparation
of Deutsche Bank AG

On an ongoing basis and as part of the bank’s overall control and governance framework, the bank assesses at each
reporting period whether any overlays to its IFRS 9 model are required. This model monitoring framework considers
whether there are risks not captured in the model, such as a sudden change in the macroeconomic environment, and
identifies any model limitations or routine model enhancements that have not yet been fully reflected. Overall, the model
monitoring framework ensures that the bank reports management’s best estimate of its expected credit losses at each
reporting date.

Securities
Bonds and other fixed income securities as well as equity shares and other variable-yield securities which are held for
trading purposes are accounted for as described in the separate paragraph “Trading activities”.

Certain bonds and other fixed-income securities for which the intent is to hold them for the foreseeable future are
classified as non-current assets and are accounted for using the moderate lower-of-cost-or-market rule. This means that
the respective securities are carried at acquisition cost less other than temporary impairment.

If bonds and other fixed-income securities are neither held for the foreseeable future nor form part of the trading portfolio,
they are classified as current assets and are accounted for using the strict lower-of-cost-or-market rule. This means that
they are carried at the lower of acquisition cost or market respectively attributable value.

The same applies to equity shares and other variable-yield securities which, if they are not part of the trading portfolio, are
generally accounted for as current assets.

Securities are written up pursuant to the requirement to reinstate original values if the reason for the write-up can be
objectively related to an event occurring after the write-down was recognized.

Embedded derivatives
Some hybrid contracts contain both a derivative and a non-derivative component. In such cases, the derivative component
is referred to as embedded derivative, with the non-derivative component representing the host contract. Where the
economic characteristics and risks of embedded derivatives are not closely related to those of the host contract, and the
hybrid contract itself is not carried as a trading activity at fair value through profit or loss, the embedded derivative is
bifurcated following general principles of derivative accounting. The host contract is accounted for at amortized cost or
settlement amount.

Credit derivatives
Credit derivatives held or incurred with a trading intent are accounted for as described in the separate paragraph “Trading
activities”.

Other credit derivatives held which qualify as collateral for incurred credit risk are not accounted for separately, but are
rather taken into account in the risk provisioning for the underlying transaction.

Trading activities
Financial instruments (including positive and negative market values of derivative financial instruments) as well as precious
metals which are held or incurred with a trading intent are recognized at fair value less risk adjustment. In addition to the
value-at-risk adjustment a de-facto limit on profit distribution for net trading P&L exists because each fiscal year a certain
portion of net trading revenues has to be allocated to a trading-related special reserve which is part of the fund for general
banking risk.

Fair value is defined as the amount at which a financial instrument could be exchanged in a current transaction between
knowledgeable, willing and unrelated parties, other than in a forced sale or liquidation. Where available, fair value is based
on observable market prices and parameters or derived from such prices or parameters. The availability of observable data
varies by product and market and may change over time. Where observable prices or inputs are not available, valuation
techniques appropriate to the particular instrument are applied.

If fair value is estimated by using a valuation technique or derived from observable prices or parameters, significant
judgment may be required. Such estimates are inherently uncertain and susceptible to change. Therefore, actual results
and the financial position may differ from these estimates.

7
Deutsche Bank General information
Annual Financial Statements 01 – Basis of preparation
of Deutsche Bank AG

The fair valuation of financial instruments includes valuation adjustments for close-out costs, liquidity risk and
counterparty risk as well as funding considerations for uncollateralized trading derivatives.

In order to reflect any remaining realization risk for unrealized gains, the result of the fair value measurement is reduced
by a risk adjustment, which is deducted from trading assets. The risk adjustment is based on the value-at-risk which is
calculated using a holding period of ten days and a confidence level of 99%.

The trading-related special reserve is provided for by taking at least 10% of the net trading revenues (after risk adjustment)
and must not exceed the total amount of net trading revenues of the respective fiscal year. It has to be provided for until
the trading-related special reserve corresponds to 50% of the five-year average of net trading revenues after risk
adjustment.

The reserve may only be consumed to either release an amount exceeding the 50% limit or to cover net trading losses.

Financial instruments and precious metals held for trading are separately presented as “Trading assets” or “Trading
liabilities” on the face of the balance sheet. Forward contracts to buy or sell commodities do basically not qualify as
financial instruments and can therefore not be assigned to trading assets.

Any changes in fair value after risk adjustment of trading instruments are recognized as “Net trading result”. Interest
income from trading assets and interest expenses from trading liabilities are presented within net interest income.

Under certain conditions, trading derivatives are offset against cash collateral posted by counterparties. On an individual
counterparty basis, such derivatives qualify for offsetting which have been contracted under a master agreement with a
credit support annex (“CSA”) and daily exchange of cash collateral. For each counterparty, the amount offset includes the
positive and negative market values of derivatives as well as the collateral paid or received.

Valuation units (hedge accounting)

In instances in which for accounting purposes assets, liabilities, pending transactions or highly probable forecasted
transactions (hedged items) and financial instruments (hedging instruments) are designated in a valuation unit to achieve
an offset for changes in fair value or cash flows attributable to the hedged risk the general measurement rules are not
applicable. Valuation units are recognized generally in form of micro hedges. Statistical analysis, regression analysis and
the critical-term-match method are applied to assess prospective effectiveness. The bank generally utilizes the freeze
method, which means that offsetting value changes related to the hedged risk are not recorded. Consequently, negative
fair value changes related to the same type of risk are not recognized during the period of the hedge unless a net loss, i.e.,
negative ineffectiveness, arises which is recognized as a provision for imminent losses.

Interest income and interest expense from the hedging instrument (e.g. an interest rate swap) are generally presented net
of the interest income/expense of the hedged item in the income statement. This results in a presentation of income and
expenses taking into account the hedged result of the valuation unit in its entirety.

Physical and derivative trading transactions may also be subject to hedge accounting.

Reclassifications
Receivables and securities are classified as trading activities, liquidity reserve or non-current investments at inception.

A reclassification into trading after initial recognition is not permitted and a reclassification from trading activities is only
allowed if the intent changes due to exceptional market conditions, especially conditions that adversely affect the ability
to trade. Furthermore, financial instruments held with a trading intent may be designated subsequently as hedging
instruments into a valuation unit.

A reclassification between the categories liquidity reserve and non-current investments occurs when there is a clear
change in management intent after initial recognition which is documented.

The reclassifications are made when the intent changes and at the fair value as of the reclassification date.

8
Deutsche Bank General information
Annual Financial Statements 01 – Basis of preparation
of Deutsche Bank AG

Participating interests and investments in affiliated companies

Participating interests are recognized either at cost or utilizing the option available under Section 253 HGB at their lower
fair value.

Investments in affiliated companies are accounted for at moderate lower-of-cost-or-market. This means that write-downs
are only recognized if the impairment is considered other than temporary.

To determine the fair value of affiliated companies, a discounted cash-flow model is applied. The model discounts the
expected free cash-flows for a five-year horizon using a risk-adjusted interest rate. For the time after the five-year period,
the sustainable plan development is projected to determine the terminal value. The valuation includes measurable
synergies for certain affiliated companies.

Participating interests and investments in affiliated companies are written up pursuant to the requirement to reinstate
original values if the reason for the write-up can be objectively related to an event occurring after the write-down was
recognized. The offsetting option available under Section 340c (2) HGB has been utilized.

Tangible and intangible assets

Tangible and intangible assets are reported at their acquisition or manufacturing cost less any depreciation or amortization.
Self-developed brands, mastheads, publishing titles, customer lists and similar intangible assets are not recognized.

Write-downs are made for any impairment that is likely to be permanent.

Tangible and intangible assets have to be written up if the increase in value can be objectively related to an event occurring
after the write-down was recognized.

Low-value assets are written off in the year in which they are acquired.

Derecognition of assets
An asset is generally derecognized when legal ownership is transferred.

However, if the seller irrespective of the asset’s legal transfer retains the majority of risks and rewards of ownership, the
asset is not derecognized.

Securities lending/borrowing transactions and securities transferred within repurchase agreements remain recognized in
the transferor’s balance sheet because the transferor remains exposed to the majority of risks and rewards of ownership.

Liabilities
Liabilities are recognized at their settlement or nominal amounts. Zero bonds issued at a discount are reported at their
present value, using the original effective interest rate.

Instruments qualifying as additional tier 1 capital

The instruments issued qualify as liabilities and are recognized at their settlement or nominal amount. Interest expense is
accrued based on the expected payments to the investors holding the instruments.

9
Deutsche Bank General information
Annual Financial Statements 01 – Basis of preparation
of Deutsche Bank AG

Provisions
Provisions for pensions and similar obligations are recognized in accordance with actuarial principles. Pension provisions
are calculated using the projected unit credit method and using the average market rate for an assumed remaining term
of 15 years as published by the German Federal Bank unless the pension plan’s remaining term is shorter.

The bank is employing specific mortality assumptions to determine the defined benefit obligation for its defined benefit
pension plans in Germany. The mortality expectations from the “Richttafeln Heubeck 2018G” are adjusted to the Deutsche
Bank specific mortality experience of employees and pensioners.

Assets which are exclusively used to settle pensions and similar obligations and which are controlled neither by Deutsche
Bank AG nor any creditor (plan assets) are fair valued and offset with the respective provisions. Overfunded obligations are
recognized on the balance sheet as a net asset after offsetting of provisions. For underfunded pension obligations and
obligations from the bank’s internally financed plans, provisions are recognized.

If the settlement amount of pensions and similar obligations is solely based on the fair value of securities held, the provision
is measured at the fair value of these securities if the fair value exceeds the guaranteed minimum.

Other provisions for uncertain liabilities or for onerous contracts (excluding trading activities) are recognized at their
expected settlement amount applying the principles of prudent commercial judgment. Provisions for uncertain liabilities
are discounted if the related cash outflows are not expected to arise within twelve months after the balance sheet date.
The unwind of the discounting effect is recognized as interest expense if the provision results from the banking business
or as other expense if the provision does not result from the banking business.

The assessment whether to recognize a provision for imminent losses from pending transactions comprises an evaluation
whether a net loss is probable to arise for all interest-earning and interest-bearing assets and liabilities, respectively, which
are not held with a trading intent, i.e., all positions within the banking book existing as of the reporting date.

The assessment whether a net loss is probable in respect of interest-earning and interest-bearing positions within the
banking book requires comparing expected future net interest income and expected future directly attributable fees with
expected future funding and credit risk expenses as well as future expected administrative expenses associated with the
interest-earning and interest-bearing positions as of the reporting date.

The assessment of a potential provision is aligned with the internal management of the interest-related position in the
banking book. For interest-related positions in the banking book a present value-based approach is used and
supplemented by an analysis of the historic cost coverage of risk and administrative costs by net interest surpluses for the
positions hedged against interest rate risk.

Deferred taxes
Deferred tax assets and deferred tax liabilities on temporary differences between the accounting and the tax base for
assets, liabilities and accruals are offset against each other and presented net on the balance sheet as either deferred tax
assets or deferred tax liabilities. In determining deferred tax assets unused tax losses are taken into account, but only to
the extent that they can be utilized within the following five years.

Treasury shares
If Deutsche Bank AG acquires its own shares (treasury shares) they are deducted at cost from subscribed capital and
distributable reserves on the face of the balance sheet with no gain or loss being recognized in the income statement.

If such treasury shares are subsequently sold the previously mentioned deduction is reversed and any amount exceeding
the original acquisition costs is to be recognized within capital reserves whereas a loss on the subsequent sale is to be
recognized in revenue reserves.

If such treasury shares are finally cancelled, the bank transfers an amount equal to the portion of subscribed capital relating
to the cancelled shares from the other revenue reserves to the capital reserve according to Section 237 (5) AktG once the
cancellation has been entered into the commercial register.

10
Deutsche Bank General information
Annual Financial Statements 01 – Basis of preparation
of Deutsche Bank AG

Currency translation
Currency translation is consistent with the principles set forth in Sections 256a and 340h HGB.

Assets denominated in foreign currency and treated as fixed assets, but not separately covered in the same currency, are
shown at historical cost unless the change in the foreign currency rate is other than temporary so that the assets have to
be written down. Other foreign currency denominated assets and liabilities and outstanding cash deals are translated at
the mid spot rate at the balance sheet date, and forward exchange deals at the forward rate at the balance sheet date.

The definition of those positions in foreign currency for which the bank applies the special coverage method according to
Section 340h HGB reflects internal risk management procedures.

The accounting for gains and losses from currency translation depends on to which foreign currency positions they relate
to. Gains and losses from currency translation of trading assets and trading liabilities as well as gains and losses from the
translation of positions which are specifically covered are recognized in the income statement. The same applies to foreign
currency positions which are not specifically covered but have a remaining term of one year or less. In contrast, for foreign
currency positions which are not specifically covered and have a remaining term of more than one year, in accordance with
the imparity principle only the losses from currency translation are recognized. The result of currency translation is
included in the net trading result and in other operating income and expenses.

The items on the balance sheets and the income statements of foreign branches are translated into euros at mid-rates at
the respective balance sheet dates (closing-rate method). The difference arising from translating balance sheet items at
the mid spot exchange rate, whereas income statement items are translated at (weighted) average exchange rates is
reflected in other operating income or expenses in the income statement.

Contingent liabilities and irrevocable loan commitments

Contingent liabilities and irrevocable loan commitments are presented at their notional amount, net of any cash collateral
and provisions recognized in the balance sheet.

The risk of loss from the utilization of contingent liabilities is reduced by the existing ability to assert recourse claims
against the relevant customer and is thus based on the customer’s credit risk.

Irrevocable loan commitments represent the undrawn portion of lending commitments that cannot be cancelled
unconditionally by the bank. They are included in credit risk monitoring.

11
Deutsche Bank Notes to the balance sheet
Annual Financial Statements 04 – Investments in investment funds
of Deutsche Bank AG

Notes to the balance sheet

02 – Maturity structure of receivables

in € m. Dec 31, 2024 Dec 31, 2023
Other Receivables from banks without receivables repayable on demand 95,363 82,468
with a residual period of
up to three months 23,302 26,679
more than three months and up to one year 30,042 14,841
more than one year and up to five years 25,820 25,497
more than five years 16,199 15,451
Receivables from customers 446,198 435,943
with a residual period of
up to three months 165,279 165,657
more than three months and up to one year 52,638 45,959
more than one year and up to five years 105,846 99,683
more than five years 116,243 119,422
with an indefinite period 6,192 5,222

03 – Securities
The table below provides a breakdown of the marketable securities contained in the listed balance sheet positions.

listed unlisted
in € m. Dec 31, 2024 Dec 31, 2023 Dec 31, 2024 Dec 31, 2023
Bonds and other fixed-income securities 52,220 40,517 31,230 30,905
Equity shares and other variable-yield securities 124 10 15 56
Participating interests 0 0 0 0
Investments in affiliated companies 0 0 0 0
Total 52,345 40,527 31,244 30,961

Of the bonds and other fixed-income securities of € 83.5 billion, € 1.6 billion mature in 2025.

Bonds and other fixed-income securities classified as fixed assets are accounted at amortized cost as Deutsche Bank
intends to hold these securities for the foreseeable future. The total carrying amount for these bonds and other fixed-
income securities as of the reporting date was € 40.1 billion and related to self-securitizations as well as to Treasury
investments in high quality government, supranational and agency bonds. This portfolio contained assets with a carrying
value of € 14.2 billion, for which the current market values were in total by € 1.3 billion lower than the carrying values.

Bonds and other fixed-income securities classified as current assets are accounted, according to the strict lower-of-cost-
or-market rule, at acquisition cost or, if lower, their quoted price or fair value. As of December 31, 2024, the net income
from these securities was € (70.0) million.

04 – Investments in investment funds

The following table shows a breakdown of holdings in German and foreign investment funds by investment purpose where
the fund units held exceeded 10%.

Dec 31, 2024

Difference
between fair
value and Distribution in
in € m. Carrying value Fair value carrying value 2024
Equity funds 0 0 0 0
Bond funds 0 0 0 0
Mixed funds 104 104 0 0
Total 104 104 0 0

The investments in the funds were assigned to trading assets. Their carrying values corresponded to their fair values. There
are no restrictions for daily redemption of the fund units.

12
Deutsche Bank Notes to the balance sheet
Annual Financial Statements 06 – Trading assets and liabilities
of Deutsche Bank AG

05 – Transactions subject to sale and repurchase agreements

The carrying amount of assets reported on the balance sheet and sold subject to a repurchase agreement in the amount
of € 34.3 billion related exclusively to securities sold under repo agreements.

06 – Trading assets and liabilities

Financial instruments held with a trading intent
The following table provides a breakdown of trading assets and trading liabilities.

Dec 31, 2024

in € m. Trading assets in € m. Trading liabilities
Derivative financial instruments 97,470 Derivative financial instruments 89,306
Receivables 99,607 Liabilities 127,492
Bonds and other fixed-income securities 97,959
Equity shares and other variable-yield securities 3,306
Sundry assets 2,635
Risk adjustment 80
Total 301,057 Total 216,798

The basic assumptions to determine the fair value using accepted valuation methods are presented in detail in the
Note 1 – “Basis of preparation”.

Derivatives held for trading purposes that were traded under master netting agreements together with a credit support
annex allowing for daily exchange of collateral were netted for each Deutsche Bank AG external counterparty in the
balance sheet. The netting for each counterparty encompasses both the carrying amount of the derivatives and the
collateral provided. This involved offsetting positive fair values of € 193.3 billion (2023: € 175.4 billion) with negative fair
values of € 186.5 billion (2023: € 163.4 billion) on derivatives held for trading with the associated receivables from
collateral provided (€ 17.1 billion, 2023: € 13.9 billion) and payables (€ 23.9 billion, 2023: € 25.9 billion) from collateral
received. Please refer to the Note 1 – “Basis of preparation” regarding offsetting.

The subsequent table breaks down the derivatives valued at fair value which correspond to trading derivatives, by type
and volume.

Notional amount
in € m. Dec 31, 2024 Dec 31, 2023
OTC products 50,397,073 49,016,618
interest rate-linked transactions 39,564,313 39,769,411
exchange rate-linked transactions 9,340,370 8,013,185
equity- and index-linked transactions 46,421 23,344
credit derivatives 1,244,655 1,116,382
other transactions 201,314 94,296
Exchange-traded products 3,966,707 2,497,769
interest rate-linked transactions 3,686,003 2,260,876
exchange rate-linked transactions 43,436 16,268
equity- and index-linked transactions 188,983 188,125
other transactions 48,285 32,500
Total 54,363,780 51,514,387

The amount, timing and the reliability of future cash flows are impacted by the interest rate environment, by the
development in the equity and debt markets as well as by credit spreads and defaults.

13
Deutsche Bank Notes to the balance sheet
Annual Financial Statements 08 – Derivative financial instruments
of Deutsche Bank AG

Method and assumptions and risk adjustment amount

The calculation of the risk adjustment is based on the model to calculate the regulatory value-at-risk which incorporates
financial instruments held or incurred for trading purposes. The valuation of trading assets might require various valuation
adjustments e.g. for liquidity risks which are explained in Note 1 – “Basis of preparation” in the section “Trading activities”.

The calculation of the value-at-risk adjustment (“VaR-adjustment”) is based on a holding period of ten days and a
confidence level of 99%. The observation period is 261 trading days.

In addition to the regulatory VaR-adjustment, the risk adjustment was supplemented by additional risk figures related to
Deutsche Bank’s own credit risk which is not covered by the VaR calculation.

The absolute amount of the risk adjustment is € 80 million.

Change of criteria for the classification of financial instruments as trading

During the financial year 2024 the criteria related to the assignment of financial instruments to trading assets and liabilities
remained unchanged.

07 – Subordinated assets
The table below presents an overview of the subordinated assets contained in the respective balance sheet positions.

in € m. Dec 31, 2024 Dec 31, 2023

Receivables from banks 5,395 5,295
Receivables from customers 435 407
Bonds and other fixed-income securities 1,688 694
Trading assets 6,536 8,119
Total 14,053 14,516

08 – Derivative financial instruments

Forward transactions
Forward transactions outstanding at the balance sheet date consisted mainly of the following types of transactions:

– interest rate-linked transactions: forward deals linked to debt instruments, forward rate agreements, interest rate
swaps, interest futures, option rights in certificate form, option deals and option contracts linked to interest rates and
indices
– exchange rate-linked transactions: foreign exchange and precious metal forwards, cross-currency swaps, option rights
in certificate form, option deals and option contracts linked to foreign exchange and precious metals, foreign exchange
and precious metal futures
– share-/index-related transactions: equity forwards and futures, index futures, option rights in certificate form, option
deals and option contracts linked to equities and indices
– credit derivatives: credit default swaps (CDS), total return swaps (TRS), credit linked notes (CLN)

The above types of transactions are entered into almost exclusively to hedge interest rate, exchange rate and market price
fluctuations in trading activities.

14
Deutsche Bank Notes to the balance sheet
Annual Financial Statements 09 – Valuation units (hedge accounting)
of Deutsche Bank AG

Derivatives not accounted for at fair value

The subsequent table presents derivative financial instruments recorded as banking book derivatives that are generally
not accounted for at fair value.

Dec 31, 2024

Notional Carrying value Fair value
in € m. amount positive negative positive negative
OTC products
interest rate-related transactions 1,610,149 6,332 6,092 37,651 34,870
exchange rate-related transactions 4,692 0 55 123 75
credit derivatives 4,268 9 79 36 79
other transactions 43 0 0 0 12
Total 1,619,152 6,342 6,226 37,811 35,036

The carrying values of derivatives generally not recorded at fair value are reported in “Sundry Assets” and “Sundry
Liabilities”.

09 – Valuation units (hedge accounting)

Deutsche Bank AG enters into valuation units via fair value hedges, to protect itself essentially through interest rate swaps
and options against fair value changes of fixed rate securities resulting from changes in market rates.

In case credit derivatives in the banking book do not qualify for loan collateral treatment, hedge accounting is applied in
line with pronouncement IDW RS BFA 1.

Additional risks resulting from derivatives embedded in hybrid financial instruments that can be bifurcated from the host
contract are hedged as well via micro hedge relationships.

In addition to the cases described above Deutsche Bank hedges commodity risks (including emission allowances) via micro-
and portfolio-hedge relationships.

The subsequent table provides an overview of the hedged items in valuation units including the amount of hedged risks.
For hedged assets and hedged liabilities, the carrying value is presented as well.

Dec 31, 2024 Dec 31, 2023

in € m. Carrying value Amount of hedged risk Carrying value Amount of hedged risk
Hedged assets, total 3,623 (390) 4,736 (223)
Hedged liabilities, total 107,037 1,570 101,965 2,387

Notional amount Amount of hedged risk Notional amount Amount of hedged risk
Pending transactions 24,277 53 24,716 244

The amount of hedged risk, if negative, represents the cumulative decrease in fair value for assets respectively the
cumulative increase of fair value for liabilities since inception of the hedge relationship that were not recognized in profit
and loss net, after considering hedges. Positive amounts of hedged risk correspond to the cumulative increase in fair value
of assets respectively the cumulative decrease in fair value of liabilities that were not recognized in profit and loss net,
after considering hedges.

Using foreign exchange forwards and swaps, Deutsche Bank AG hedges foreign-exchange risks of its branches’ dotational
capital and profit/loss carried forward on a net basis. The carrying amount of the net hedged position amounted to
€ 23.7 billion. The amount of hedged risk was positive € 1.3 billion. The final offset of the mirroring spot rate changes takes
place at the point in time when the dotational capital is redeemed.

In instances where the contractual terms of hedged item and hedging instrument are exactly offsetting, both prospective
assessment of effectiveness and retrospective measurement of ineffectiveness of a valuation unit are based on the
matching of critical terms. In addition, the bank may utilize statistical methods and regression analysis for the assessment
of prospective effectiveness. Deutsche Bank AG compares the amounts of the changes of fair values of hedged items and
hedging instruments (dollar-offset method). The valuation units are generally established over the remaining maturity of
the hedged items.

15
Deutsche Bank Notes to the balance sheet
Annual Financial Statements 11 – Trust business
of Deutsche Bank AG

10 – Information on affiliated, associated and related

companies
Affiliated companies Associated and related companies
in € m. Dec 31, 2024 Dec 31, 2023 Dec 31, 2024 Dec 31, 2023
Receivables from banks 73,563 69,389 0 0
Receivables from customers 46,514 44,265 1 41
Bonds and other fixed-income securities 36,237 26,373 3 2
Liabilities to banks 32,270 35,208 2 2
Liabilities to customers 23,494 24,073 6 12
Liabilities in certificate form 0 0 0 0
Subordinated liabilities 600 600 0 0

A complete list of the Shareholdings of Deutsche Bank AG (including companies, where the holding equals or exceeds 20%
and holdings in large corporations, where the holding exceeds 5% of the voting rights) can be found in the
Note 35 – “Shareholdings”.

11 – Trust business
Assets held in trust
in € m. Dec 31, 2024 Dec 31, 2023
Receivables from banks 4,053 3,175
Receivables from customers 249 316
Total 4,302 3,491

Liabilities held in trust

in € m. Dec 31, 2024 Dec 31, 2023
Liabilities to banks 157 197
Liabilities to customers 4,145 3,293
Total 4,302 3,491

Receivables from banks are mainly related to deposits from customers placed on their behalf with third party banks.
Receivables from customers are mainly loans which were funded by development banks or public bodies for specific
purposes.

16
Deutsche Bank Notes to the balance sheet
Annual Financial Statements 12 – Fixed assets
of Deutsche Bank AG

12 – Fixed assets
The following schedule shows the changes in fixed assets.

Depreciation/amortization, write-
Acquisition/manufacturing costs downs and value adjustments Book value
Balance Balance Balance
at Addi- therein therein at at
Jan 1, tions / Dis- Cumu- current dis- Dec 31, Dec 31,
in € m. 2024 Transfers posals lative year posals 2024 2023
Intangible assets 11,848 1,305 107 9,418 1,130 109 3,629 3,404
Self-developed
intangible assets 9,635 1,3011 106 7,364 1,036 109 3,466 3,151
Purchased intangible assets 1,493 4 0 1,345 92 0 152 240
Goodwill 719 0 0 709 2 0 11 12
Down-payments 0 0 0 0 0 0 0 0
Tangible assets 4,155 828 335 2,940 348 332 1,708 1,618
Land and buildings 45 113 0 129 105 0 292 21
Office furniture and equipment 4,110 452 334 2,811 243 331 1,417 1,176
Construction in progress 0 263 1 0 0 0 262 421
Leasing assets 0 0 0 0 0 0 0 0
Changes

Participating interests 35 241 206

Investments in affiliated
companies 2,4003 31,683 29,282
Money market instruments 0 0 0
Bonds and other fixed-
income securities (838) 40,136 40,974
thereof: included in valuation units according
to Section 254 HGB 0 0 0
Equity shares and other
variable-yield securities 0 0 0
thereof: included in
valuation units according
to Section 254 HGB 0 0 0
The option to combine financial assets pursuant to Section 34 (3) RechKredV has been utilized. Exchange rate changes at foreign branches resulting from currency
translation at closing rates have been recognized in acquisition/manufacturing costs (balance at January 1, 2024) and in cumulative depreciation/amortization, write-
downs and value adjustments
1
Additions to self-developed intangible assets relate to self-developed software
2
Land and buildings were used as part of our own activities
3
Investments in affiliated companies increased by € 2.4 billion to € 31.7 billion; this increase was attributable to write-ups (€ 1.6 billion), a positive impact of foreign
currency translation (€ 0.6 billion), and capital injections (€ 1.0 billion), partly offset by capital repayments (€ 0.7 billion), write-downs (€ 0.3 billion), and the merger of an
affiliated company into Deutsche Bank AG (€ 0.1 billion)

Intangible assets
The goodwill reported under intangible assets is amortized over its estimated useful life of between five and 10 years. Its
determination is based on economic and organizational factors such as future growth and profit prospects, nature and
duration of expected synergies, leveraging customer base and assembled workforce of the acquired business. Software
classified as an intangible asset is amortized over its useful life, which extends over a period of up to 10 years.

17
Deutsche Bank Notes to the balance sheet
Annual Financial Statements 15 – Deferred taxes
of Deutsche Bank AG

13 – Sundry assets
Sundry assets of € 8.2 billion mainly consisted of receivables from collateral of € 2.0 billion, tax claims of € 1.6 billion,
balloon-payments from swaps of € 1.1 billion, emission certificates of € 1.0 billion and receivables from profit pooling
agreements of € 0.6 billion.

14 – Prepaid expenses and deferred income

Prepaid expenses included discounts between the issuance and redemption amount for liabilities according to Section
250 (3) HGB of € 133 million.

Deferred income included discounts according to Section 340e (2) HGB in the amount of € 54 million.

15 – Deferred taxes
Deferred taxes are determined for temporary differences between carrying amounts of assets, liabilities and accruals
according to HGB accounting and their tax bases when it is anticipated that such differences will reverse in subsequent
reporting periods. In this context, temporary differences of consolidated tax group subsidiaries/partnerships where
Deutsche Bank AG is a shareholder/partner are included in the determination of Deutsche Bank AG’s deferred taxes as
well. In addition, unused tax losses are considered when determining deferred tax assets to the extent that they will be
utilized within the following five years.

In December 2021, the Organization for Economic Co-Operation and Development (OECD) issued Global Anti-Base
Erosion and Profit Shifting Rules under the Pillar 2 Framework. The Global Minimum Taxation Rules or Pillar Two rules are
applicable to Deutsche Bank starting in 2024, with Deutsche Bank AG as the ultimate parent. The new section 274 (3) HGB
introduced a mandatory temporary exception to the accounting for deferred taxes arising from the implementation of
Pillar 2 model rules.

The measurement of deferred taxes is based on the combined income tax rate of the tax group of Deutsche Bank AG which
is currently 31.3%. The combined income tax rate includes corporate tax, trade tax and solidarity surcharge.

By contrast, deferred taxes arising from temporary differences in German investments in the form of a partnership are
measured based on a combined income tax rate which includes only the corporate income tax and solidarity surcharge;
this currently amounts to 15.83%.

Deferred taxes in foreign branches are measured with the applicable statutory tax rates which are mainly within a range of
20% and 33%.

In the reporting period an overall deferred tax asset of € 6.1 billion was presented on the balance sheet. Significant
contributors were “domestic bank”, including deferred taxes of consolidated tax group subsidiaries, New York Branch and
London Branch. These items are mainly based on unused tax losses and temporary differences, the latter mainly relating
to staff related obligations and fair value measurements of loan portfolios and trading books.

18
Deutsche Bank Notes to the balance sheet
Annual Financial Statements 18 – Sundry liabilities
of Deutsche Bank AG

16 – Maturity structure of liabilities

in € m. Dec 31, 2024 Dec 31, 2023
Liabilities to banks with agreed period or notice period 65,706 75,985
with a residual period of
up to three months 22,291 30,681
more than three months and up to one year 23,114 21,522
more than one year and up to five years 8,115 10,953
more than five years 12,186 12,829
Savings deposits with agreed notice period of more than three months 33,151 22,909
with a residual period of
up to three months 11,076 4,050
more than three months and up to one year 21,660 18,677
more than one year and up to five years 411 180
more than five years 4 2
Other liabilities to customers with agreed period or notice period 152,884 149,016
with a residual period of
up to three months 93,056 92,735
more than three months and up to one year 38,969 40,864
more than one year and up to five years 14,305 7,886
more than five years 6,554 7,531
Other liabilities in certificate form 11,823 6,545
with a residual period of
up to three months 6,117 904
more than three months and up to one year 5,492 5,596
more than one year and up to five years 213 45
more than five years 0 0
.

Of the issued bonds and notes of € 89.2 billion, € 18.9 billion mature in 2025.

17 – Liabilities for which assets were pledged as collateral

For the following liabilities assets were pledged as collateral in the amount stated in the table.

in € m. Dec 31, 2024 Dec 31, 2023

Liabilities to banks 12,677 14,505
Liabilities to customers 23 940
Trading liabilities 288 14,627
Securitized liabilities 101 0
Contingent liabilities 1,414 0
Total 14,503 30,072

Applying the current year reporting, the prior year value for contingent liabilities would have been € 1,360 million.

18 – Sundry liabilities
Sundry liabilities of € 46.4 billion mainly contained liabilities due to failed derecognition amounting to € 39.0 billion, FX
revaluation effects for dotational capital and P&L carried forward amounting to € 1.6 billion and operating expenditure to
be paid amounting to € 0.9 billion.

19
Deutsche Bank Notes to the balance sheet
Annual Financial Statements 19 – Pensions and similar obligations
of Deutsche Bank AG

19 – Pensions and similar obligations

Deutsche Bank AG sponsors post-employment benefit plans for its employees (pension plans) which contain defined
contribution as well as defined benefit plans.

The majority of the beneficiaries of these pension plans are located in Germany. The value of a participant’s accrued benefit
is based primarily on each employee’s remuneration and length of service.

December 31 is the measurement date for all defined benefit plans. All plans are valued using the projected unit-credit
method. The valuation requires the application of certain actuarial assumptions such as demographic developments,
increase in remuneration for active staff and in pensions as well as inflation rates. The discount rate is determined pursuant
to the rules of Section 253 (2) HGB.

Assumptions used for pension plans Dec 31, 2024 Dec 31, 2023
Discount rate 1.78 % 1.69 %
Inflation rate 2.03 % 2.44 %
Rate of nominal increase in future compensation levels 2.22 % 2.62 %
Rate of nominal increase for pensions in payment 2.03 % 2.91 %
modified Richttafeln modified Richttafeln
Mortality/disability tables
Heubeck 2018 G Heubeck 2018 G

The obligations from these defined benefit pension benefits are, for the most part, externally funded. Overfunded
obligations are recognized on the balance sheet as a net asset after netting of provisions. For underfunded pension
obligations and obligations from the bank’s internally financed plans, the relevant provisions are recognized.

For defined contribution plans in Germany, where Deutsche Bank AG and other financial institutions are members of BVV,
the subsidiary liability of employers covers the benefit payments and their legally required increases.

Furthermore, provisions are recognized for other similar long-term obligations, primarily in Germany, for example, for
anniversary years of service or early retirement schemes. The bank funds these plans on a cash basis as the benefits are
due.

Pension plans
in € m. Dec 31, 2024 Dec 31, 2023
Pension obligation (recognized in the Financials) 9,889 10,493
Notional pension obligation based on 7-year-average discount rate 9,784 10,575
Income recognized due to discount rate difference 0 81
Fair value of plan assets 8,260 8,508
thereof:
cost of plan assets 8,659 8,958
total of unrealized gains within plan assets 4 1
Net overfunded amount at year end (1,629) (1,986)
Net pension asset (1,629) (1,986)
thereof:
recognized as “Overfunded plan assets related to pension plans” 5 5
recognized as “Provisions for pensions and similar obligations” 1,634 1,991

As in prior year, the valuation principles according to §253 (6) HGB resulted in a valuation difference between the defined
benefit obligation recognized in the financials using the 10-year-average discount rate and the 7-year-average discount
rate. Since this difference is negative there is no impact on dividend blocking provisions.

Pension plans
in € m. 2024 2023
Return from plan assets 158 515
Interest costs for the unwind of discount of pension obligations 66 74
Net interest income (expense) 92 442
thereof: recognized as “Other operating income” 93 442
thereof: recognized as “Other operating expenses” (1) (1)

20
Deutsche Bank Notes to the balance sheet
Annual Financial Statements 20 – Other provisions
of Deutsche Bank AG

20 – Other provisions
in € m. Dec 31, 2024 Dec 31, 2023
Provisions for loan losses 250 350
Provisions for imminent losses 224 192
Remaining other provisions 4,958 3,934
Total other provisions 5,432 4,477

The remaining other provisions are set for the following (main) types of risk:

Staff related provisions have been set up to reflect additional compensation and benefits to employees. They relate to
variable payments and deferred compensation, share-based compensation, obligations for early retirement and others.
The amount totaled € 3.1 billion as of year end 2024.

Restructuring provisions arise out of restructuring activities. The Group’s strategic transformation aims to significantly
improve sustainable returns to shareholders by focusing on the core businesses, reducing adjusted costs and enabling
faster decision making and execution. The provision for these activities was € 205 million as of year end 2024.

Regulatory Enforcement provisions arise out of current or potential claims or proceedings alleging non-compliance with
legal or regulatory responsibilities, which have resulted or may result in an assessment of fines or penalties by
governmental regulatory agencies, self-regulatory organizations or other enforcement authorities. The provision for this
risk was € 110 million as of year end 2024.

Civil Litigation provisions arise out of current or potential claims or proceedings alleging non-compliance with contractual
or other legal or regulatory responsibilities, which have resulted or may result in demands from customers, counterparties
or other parties in civil litigations. The provision for this risk is € 859 million as of year end 2024.

Operational provisions arise out of operational risk and exclude civil litigation and regulatory enforcement provisions,
which are presented as separate classes of provisions. The provision for this risk was € 13 million as at year end 2024.
Operational risks include losses resulting from inadequate or failed internal processes, people and systems, or from
external events.

Sundry provisions amounted to € 645 million as of year end 2024, including provisions for UK bank levy (€ 120 million) and
provision for reinstatements of leased premises (€ 84 million).

21
Deutsche Bank Notes to the balance sheet
Annual Financial Statements 22 – Participation rights capital
of Deutsche Bank AG

21 – Subordinated liabilities
Contractually subordinated liabilities are issued in the form of fixed rate and floating rate securities, registered and bearer
bonds and borrower’s note loans and have original maturities mostly within ten and 20 years.

Deutsche Bank AG is not obliged to redeem subordinated liabilities in advance of the specified maturity date, however in
some cases early redemption at the issuer's option is possible. In the event of liquidation or insolvency, the receivables and
interest claims arising from these liabilities are subordinate to the non-subordinated receivables of all creditors of
Deutsche Bank AG. The conversion of these funds into equity or another form of debt is not anticipated under the terms
of the notes. These conditions also apply to subordinated liabilities not specified individually.

Material subordinated liabilities above € 1.0 billion

Currency Amount in million Type Year of issuance Coupon Maturity1
€ 1,250 Bearer bond 2015 2.750 % 02/17/2025
U.S.$ 1,500 Bearer bond 2015 4.500 % 04/01/2025
€ 1,250 Bearer bond 2020 5.625 % 05/19/2031
U.S.$ 1,250 Bearer bond 2021 3.729 % 01/14/2032
U.S.$ 1,250 Bearer bond 2022 3.742 % 01/07/2033
€ 1,500 Bearer bond 2022 4.000 % 06/24/2032
U.S.$ 1,500 Bearer bond 2023 7.079 % 02/10/2034
1
Maturity date of bonds; bonds have some extraordinary call features, which are subject to approval by regulators or changes in tax laws

Expenses for all contractually subordinated liabilities of € 12.9 billion totaled € 447 million, including results from hedging
derivatives. Accrued but not yet paid interest of € 256 million included in this figure is reported in sundry liabilities.

In addition, certain liabilities are subordinated by law according to section 46f para 6 German Banking Act, if their original
maturity is above one year and the redemption amount or interest amount is not dependent on events uncertain at the
time of issuance. These non-preferred liabilities amount to € 49.5 billion as of December 2024.

22 – Participation rights capital

Currency Amount in million Type Year of issuance Coupon First call date
€ 20 Dt. Postbank Namensgenussschein Nr. 032 05.03.2007 . 5.250 % 12/31/2026

22
Deutsche Bank Notes to the balance sheet
Annual Financial Statements 24 – Foreign currencies
of Deutsche Bank AG

23 – Instruments for Additional Tier 1 Regulatory Capital

As of December 31, 2024 Additional Tier 1 Notes (the “AT1 Notes” or “Notes”) amounted to € 12.2 billion compared to
€ 8.9 billion last year. Interest expense on the notes for 2024 totaled € 665 million and included € 473 million of accrued
interest as of year-end 2024, which was recorded within other liabilities.

The AT1 Notes constitute unsecured and subordinated notes of Deutsche Bank. The Notes bear interest on their nominal
amount from the issue date to the next reset date at a fixed annual rate. Thereafter the interest rate will be reset at five-
year intervals. The Notes contain features that may require Deutsche Bank and will permit Deutsche Bank in its sole and
absolute discretion at all times and for any reason to cancel any payment of interest. If cancelled, interest payments are
non-cumulative and will not increase to compensate for any shortfall in interest payments in any previous year. The Notes
do not have a maturity date. They are redeemable by Deutsche Bank at its discretion on the respective next call date and
at defined call dates thereafter or in other limited circumstances. In each case, the Notes are subject to limitations and
conditions as described in the terms and conditions for example, the Notes can be redeemed by Deutsche Bank at its
discretion, in whole but not in part, for certain regulatory or taxation reasons. Any redemption is subject to the prior consent
of the competent supervisory authority. The redemption amount and the nominal amount of the Notes may be written
down upon the occurrence of a trigger event. A trigger event occurs if the Common Equity Tier 1 capital ratio of Deutsche
Bank Group, determined on a consolidated basis fall below 5.125%. The Notes may also be written up, following a trigger
event, subject to meeting certain conditions.

AT1 Notes outstanding as of December 31, 2024

Currency Amount in million Type Year of issuance Coupon Next call date
Undated Non-cumulative Fixed to Reset Rate
U.S.$ 1,250 Additional Tier 1 Notes 2014 4.789 % 4/30/2025
Undated Non-cumulative Fixed to Reset Rate
GBP 650 Additional Tier 1 Notes 2014 7.125 % 4/30/2026
Undated Non-cumulative Fixed to Reset Rate
U.S.$ 1,500 Additional Tier 1 Notes 2014 7.500 % 4/30/2025
Undated Non-cumulative Fixed to Reset Rate
U.S.$ 1,250 Additional Tier 1 Notes 2020 6.000 % 10/30/2025
Undated Non-cumulative Fixed to Reset Rate
€ 1,250 Additional Tier 1 Notes 2021 4.625 % 10/30/2027
Undated Non-cumulative Fixed to Reset Rate
€ 1,250 Additional Tier 1 Notes 2021 4.500 % 11/30/2026
Undated Non-cumulative Fixed to Reset Rate
€ 750 Additional Tier 1 Notes 2022 6.750 % 10/30/2028
Undated Non-cumulative Fixed to Reset Rate
€ 1,250 Additional Tier 1 Notes 2022 10.000 % 11/30/2027
Undated Non-cumulative Fixed to Reset Rate
€ 1,500 Additional Tier 1 Notes 2024 8.125 % 10/30/2029
Undated Non-cumulative Fixed to Reset Rate
€ 1,500 Additional Tier 1 Notes 2024 . 7.375 % 10/30/2031

24 – Foreign currencies
The total amount of assets denominated in foreign currencies was equivalent to € 501.3 billion at the balance sheet date;
the total value of liabilities was equivalent to € 367.1 billion.

23
Deutsche Bank Notes to the balance sheet
Annual Financial Statements 25 – Capital and reserves
of Deutsche Bank AG

25 – Capital and reserves

Own shares
In the course of 2024, the bank or its affiliated companies did not hold or acquire own shares pursuant to Section 71 (1)
No. 7 AktG (trading purpose).

The bank was authorized to buy own shares by the General Meetings of May 16, 2024 (authorization until April 30, 2029)
and of May 17, 2023 (authorization until April 30, 2028) pursuant to Section 71 (1) No. 8 AktG including the withdrawal of
own shares according to Sections 237, 238 and 239 AktG. The respective limitations (up to 10% of total number of common
shares) were adhered to for each purchase and sale transaction.

In addition, the Annual General Meeting of May 16, 2024 authorized the Management Board pursuant to Section 71 (1) No.
8 AktG to execute the purchase of shares under the resolved authorization also with the use of put and call options or
forward purchase contracts. The limitations concerning the use of such derivatives were adhered to for each purchase and
sale transaction.

Deutsche Bank AG and its affiliated companies’ holdings pursuant to Section 71 (1) No. 8 AktG amounted to 49,575,838
shares (2.5% of its share capital), thereof 46,448,708 shares repurchased to be cancelled in 2025. On December 31, 2024,
16,385,675 (end of 2023: 15,499,710) Deutsche Bank shares, i.e. 0.82% (end of 2023: 0.76%) of the share capital were
pledged to the bank or its affiliated companies as collateral.

Changes in subscribed, authorized and conditional capital

After the cancellation of 45,541,366 shares in 2024, the bank’s subscribed capital is divided into 1,994,701,593 registered
no-par-value shares and each share has a nominal value of € 2.56. Excluding holdings of the bank’s own shares, the number
of shares outstanding on December 31, 2024 was 1,945,125,755 (end of 2023: 1,992,047,850). The average number of
shares outstanding in the reporting period was 1,947,098,515.

Conditional capital
in € Subscribed capital1 Authorized capital (yet to be utilized)
Balance as of Dec 31, 2023 5,223,021,975.04 2,560,000,000.00 0
Cancellation pursuant to the General Meeting resolution of May 17, 2023 (116,585,896.96) 0 0
Balance as of Dec 31, 2024 5,106,436,078.08 2,560,000,000.00 0
1
Includes nominal value of treasury shares

Details with regard to the authorized capital are presented in the combined management report concerning the
Information pursuant to Section 315a (1) of the German Commercial Code.

24
Deutsche Bank Notes to the balance sheet
Annual Financial Statements 25 – Capital and reserves
of Deutsche Bank AG

Changes in capital and reserves

in € m.
Balance as of Dec 31, 2023 43,552
Cancellation of shares
– Change in subscribed capital (117)
– Change in capital reserve1 185
– Change in revenue reserve1 (518)
Distribution in 2024 (883)
Allocation of prior year distributable profit to revenue reserve (2,000)
Remaining profit carried forward (575)
Treasury shares
– Change in notional value in treasury shares (3)
– Change of acquisition costs (227)
– Realized net gains (non-trading) 12
– Realized result (trading) 0
– Realized net losses (non-trading) 0 (218)
Addition to revenue reserve according to the General Meeting resolution 2,000
Addition to revenue reserve for net profit appropriation 1,200
Distributable profit (loss) for 2024 2,258
Balance as of Dec 31, 2024 44,884
1
Includes the change of € 68 million in 2023

Considering the addition to revenue reserves in the amount of € 1.2 billion, the remaining distributable profit amounted to
€ 2.3 billion as of December 31, 2024. The bank will propose to the shareholders at the Annual General Meeting to pay a
dividend of 68 € cent per share, appropriate additional € 800 million to revenue reserves and to carry forward the remaining
distributable profit.

25
Deutsche Bank Notes to the balance sheet
Annual Financial Statements 26 – Off-balance sheet transactions
of Deutsche Bank AG

26 – Off-balance sheet transactions

The bank discloses contingent liabilities and irrevocable loan commitments as off-balance sheet transactions as far as no
provisions have been established for them. The decision, whether the disclosure of the contingent liabilities and
irrevocable loan commitments will be shown off-balance sheet or recognized as provisions is taken upon the result of the
evaluation of the credit risk. Contingent liabilities and irrevocable loan commitments are also reduced by the amount of
cash collateral received, which is recorded as liability on the balance sheet.

The risk of losses from claims under contingent liabilities is mitigated by the possibility to recourse towards the respective
customer and hence is based predominantly on the credit risk of the customer.

The bank evaluates the risk of losses from claims under contingent liabilities and irrevocable credit commitments before
irrevocably entering into an obligation within a credit risk assessment of the customer or using an assessment of the
customer’s expected compliance with the underlying obligation. Additionally, the bank regularly assesses during the
lifetime of the commitment whether losses are expected from claims under contingent liabilities and irrevocable loan
commitments. In certain circumstances the bank requests the provision of collateral to reduce the risk of losses from
claims. Loss amounts assessed within such evaluations are recorded as provisions.

Irrevocable loan commitments

Irrevocable loan commitments amounted to € 175.5 billion as of December 31, 2024 and included commitments of
€ 173.2 billion for loans and discounts in favor of non-banks.

Deutsche Bank AG enters into irrevocable loan commitments to meet the financing needs of its customers. Irrevocable
loan commitments represent the undrawn portion of Deutsche Bank’s obligation to grant loans which cannot be withdrawn
by Deutsche Bank. These commitments are shown with the contractual amount after consideration of cash collateral
received and provisions as recorded on the balance sheet. The amounts stated above do not represent expected future
cash flows as many of these contracts will expire without being drawn. Even though the irrevocable loan commitments are
not recognized on the balance sheet, Deutsche Bank AG considers them in monitoring the credit exposure. If the credit
risk monitoring provides sufficient indication about a loss from an expected drawing, a provision is established.

Deutsche Bank AG is engaged in various business activities with certain entities, referred to as special purpose entities
(“SPEs”), which are designed to achieve a specific business purpose. The principal uses of SPEs are to provide clients with
access to specific portfolios of assets and risks and to provide market liquidity for clients through securitizing financial
assets. Typically, Deutsche Bank AG will benefit by receiving service fees and commissions for the creation of the SPEs, or
because it acts as investment manager, custodian or in some other function. SPEs may be established as corporations,
trusts or partnerships. While the bank’s involvement with these entities can take many different forms, it consists primarily
of liquidity facilities, which are disclosed off balance sheet as irrevocable loan commitments within “other obligations”
below the line of the balance sheet. Deutsche Bank AG provides financial support to SPEs in connection with commercial
paper conduit programs, asset securitizations, mutual funds and real estate leasing funds. Such vehicles are critical to the
functioning of several significant investor markets, including the mortgage-backed and other asset-backed securities
markets, since they offer investors access to specific cash flows and risks created through the securitization process. As of
December 31, 2024, Deutsche Bank AG’s exposure has not had a material impact on its debt covenants, capital ratios,
credit ratings or dividends.

26
Deutsche Bank Notes to the balance sheet
Annual Financial Statements 27 – Sundry obligations
of Deutsche Bank AG

Contingent liabilities
In the normal course of business Deutsche Bank AG enters regularly into guarantees, letters of credit and credit liabilities
on behalf of its customers. Under these contracts Deutsche Bank AG is required to make payments to the beneficiary based
on third party’s failure to meet its obligations or to perform under an obligation agreement. For such contingencies it is not
known to the bank in detail, if, when and to which extent claims will be made. If the credit risk monitoring provides sufficient
perception about a loss from an expected drawing, a provision is recognized.

The following table shows the total potential payments under guarantees, letters of credit and credit liabilities after
deduction of cash collateral and provisions recorded on the balance sheet. It shows the maximum amount of the potential
utilization of Deutsche Bank AG in case all obligations entered into must be fulfilled and at the same time all recourse
claims to the customers are not satisfied. The table therefore does not show the expected future cash flows from these
contracts as many of these agreements will expire without being drawn or drawings will counterbalanced by recourse to
the customer.

in € m. Dec 31, 2024 Dec 31, 2023

Guarantees 57,248 48,886
Letters of credit 3,956 3,464
Credit liabilities 7,848 7,831
Total 69,052 60,181

27 – Sundry obligations
Purchase obligations
Purchase obligations are legally enforceable and binding agreements to purchase goods or services at pre-defined terms
such as minimum quantities or prices. When Deutsche Bank AG enters into such agreements there is the potential risk that
terms and conditions of the contract are less favorable than terms and conditions at the time the goods or services are
delivered or that related costs are higher than the economic benefit received. In case of an anticipated loss, Deutsche Bank
AG may set aside a provision for onerous contracts.

Purchase obligations for goods and services amount to € 3.4 billion as of December 31, 2024, which include future
payments for, among others, services such as information technology and facility management.

Leases are contracts in which the owner of an asset (lessor) grants the right to use this asset to another party (lessee) for a
specific period of time in return for regular payments. A leasing contract is classified as Operating Lease if the agreement
includes a limited or unlimited right of termination for the lessee. All main risks and benefits linked with the ownership of
the asset remain with the lessor, the lessor remains economic owner. Operating leases provide an alternative to ownership
as they enable the lessee to benefit from not having its resources invested in the asset. Deutsche Bank AG’s existing
obligations arising from operating leases involve rental and leasing agreements for buildings, office furniture and
equipment. The majority of these are leasing agreements for buildings, where Deutsche Bank AG is the lessee. As of
December 31, 2024 payment obligations under rental agreements and leases amounted to € 4.8 billion and had residual
maturities of up to 24 years.

Irrevocable payment commitments with regard to levies and deposit protection

The bank is required to make contributions to international resolution authorities or deposit protection schemes such as
the European Single Resolution Fund (SRF) of the Single Resolution Board (SRB). Part of such contributions may be
provided in the form of irrevocable payment commitments (IPCs) backed by cash or securities collateral.

IPCs related to the bank levy according to the Bank Recovery and Resolution Directive (BRRD), the SRF and the deposit
protection provided by the German deposit protection fund amounted to € 1.4 billion as of December 31, 2024 (December
31, 2023: € 1.4 billion). Thereof € 1.0 billion of IPCs related to the SRF (December 31, 2023: € 1.0 billion) and € 0.4 billion
to the German deposit protection fund (December 31, 2023: € 0.4 billion).

27
Deutsche Bank Notes to the balance sheet
Annual Financial Statements 27 – Sundry obligations
of Deutsche Bank AG

As of December 31, 2024, the total collateral consisted of € 1.0 billion of cash collateral and € 481 million of securities
collateral (December 31, 2023: € 1.3 billion and € 81 million respectively). Thereof € 965 million of cash collateral related
to the SRF (December 31, 2023: € 962 million).

The bank accounts for IPCs as contingent liabilities as it is not deemed probable that IPCs will be called. Also, the bank
remains the economic owner of the collateral provided.

In October 2023, in a matter unrelated to Deutsche Bank, the General Court of the EU handed down a judgement which
supported the SRB in its view that in case an entity that no longer falls within the scope of the Single Resolution
Mechanism, its IPCs are cancelled and collateral backing these commitments is only returned if the entity pays a cash
contribution to the SRF at the same amount. The plaintiff filed an appeal against this judgement to the Court of Justice of
the EU in January 2024. The bank is of the view that its accounting analysis for IPCs with regard to the SRF and deposit
protection remains unaffected as of December 31, 2024, and continues to monitor the legal developments and their
potential accounting impact.

Other contingencies
As of December 31, 2024 unamortized deferred variable compensation costs amount to € 0.4 billion.

Liabilities for possible calls on not fully paid-up shares in public and private limited companies and other shares amounted
to € 21 million at the end of 2024, of which € 15 million were related to a subsidiary.

Pursuant to Section 5 (10) of the Statute of the Deposit Protection Fund Deutsche Bank AG has undertaken to indemnify
Bundesverband deutscher Banken e.V., Berlin, for any losses incurred through measures taken in favor of banks majority-
held or controlled by Deutsche Bank AG.

Obligations arising from transactions on futures and options exchanges and towards clearing houses for which securities
were pledged as collateral amounted to € 3.9 billion as of December 31, 2024.

Additional other contingent liabilities amount to € 77 million.

28
Deutsche Bank Notes to the income statement
Annual Financial Statements 32 – Extraordinary result
of Deutsche Bank AG

Notes to the income statement

28 – Income by geographical market

The total amount of interest income, of current income from equity shares and other variable-yield securities, participating
interests and investments in affiliated companies, of commission income, of net trading result and of other operating
income is originated across various regions as shown by the following breakdown pursuant to Section 34 (2) RechKredV.

in € m. Dec 31, 2024 Dec 31, 2023

Germany 40,029 42,778
Europe excl. Germany 26,872 20,085
Americas 11,428 9,963
Africa/Asia/Australia 6,560 5,284
Total 84,890 78,111

29 – Interest income and interest expenses

Interest income from lending and money market business included € 23 million of negative interest, i.e. interest expenses
on receivables which were mainly related to receivables from banks and to trading assets. Interest expenses included
€ 21 million of negative interest, i.e. interest income on liabilities which was mainly related to liabilities to banks.

30 – Administrative and agency services provided for third

parties
The following administrative and agency services were provided for third parties: custody services, referral of mortgages,
insurance policies and home savings contracts, administration of assets held in trust, and asset management.

31 – Other operating income and expenses

Other operating income of € 4.8 billion included the result from non-trading derivatives of € 3.7 billion, releases of
provisions of € 0.5 billion and net interest income from defined benefit plans of € 0.1 billion.

Other operating expenses of € 6.2 billion mainly includes the result from non-trading derivatives of € 4.0 billion and
expenses for provisions of € 1.9 billion.

32 – Extraordinary result
Extraordinary income of € 88 million related to restructuring activities. (2023: gain of € 1 million). Extraordinary expenses
of € 91 million reflected restructuring activities (2023: expenses of € 158 million).

Extraordinary income and expenses netted to an extraordinary result of negative € 4 million (2023: negative € 157 million).

29
Deutsche Bank Notes to the income statement
Annual Financial Statements 34 – Information regarding amount blocked according to Sections 253 (6) and 268 (8) HGB
of Deutsche Bank AG

33 – Taxes
In 2024, the bank recorded a tax expense of € 955 million compared to a benefit of € 646 million in the prior year. The
current year’s tax expense was primarily affected by tax exempt income. Prior year’s tax benefit was mainly impacted by
changes in the recognition and measurement of deferred tax assets.

The Global Minimum Taxation Rules or Pillar 2 rules became applicable to Deutsche Bank starting in 2024, with Deutsche
Bank AG as the ultimate parent. The bank is required to annually determine the global minimum tax or Pillar 2 liability for
group entities in close to 60 jurisdictions. Temporary relief from the detailed Pillar 2 calculations, which is determined on
a jurisdiction-by-jurisdiction basis, may be available under transitional safe harbor provisions. These safe harbor provisions,
which are applicable in tax years 2024-2026, are based on the bank’s country-by-country reports filed annually with the
German tax authorities and certain other financial data. Uncertainties remain regarding the application of the Pillar 2 rules,
further legislative developments and interpretative guidance in many countries are expected over time, and
implementation efforts are ongoing. The bank has estimated the potential impact on its financial position for 2024 on a
best effort basis and recognized a Pillar 2 related current tax expense of € 3 million. The assessment considered a number
of qualitative and quantitative factors applicable to 2024: (1) Deutsche Bank’s blended statutory tax rate is significantly
higher than the minimum tax rate of 15%. (2) Only a few countries apply a statutory tax rate of less than 15% to the bank’s
operations. (3) Based on an analysis of the most recently available country-by-country data, the bank is estimated to qualify
for relief under the transitional safe harbor provisions in most of the jurisdictions it operates in.

34 – Information regarding amount blocked according to

Sections 253 (6) and 268 (8) HGB
The following table presents the amounts pursuant to Sections 253 (6) HGB and 268 (8) HGB that should be considered
for profit distribution. Total distributable reserves of € 16.5 billion plus the distributable profit of € 2.3 billion are covering
the amounts blocked as of December 31, 2024. The individual positions below include deferred tax liabilities, if applicable;
therefore, the amounts shown in the table may deviate from the corresponding balance sheet positions.

in € m. Dec 31, 2024 Dec 31, 2023

Deferred tax assets 6,590 7,154
Self-developed intangible assets 2,997 2,720
Valuation difference related to discounting of provisions for pension obligations 0 56
Unrealized gains of plan assets 4 1
Total undistributable amount 9,590 9,931

30
Deutsche Bank Notes to the income statement
Annual Financial Statements 35 – Shareholdings
of Deutsche Bank AG

35 – Shareholdings
32 Companies, where the holding exceeds 20 %
40 Holdings in large corporations, where the holding exceeds 5 %
of voting rights

The following pages show the Shareholdings of Deutsche Bank AG pursuant to Section 285 Number 11
HGB including information pursuant to Section 285 Number 11a HGB. Pursuant to Section 286 (3)
Sentence 1 Number 1 HGB, Deutsche Bank AG does not disclose own funds and annual result of individual
holdings to the extent that those disclosures are insignificant for the presentation of assets and liabilities,
financial position, and results of operations of Deutsche Bank AG.

Footnotes:

1 Profit and loss transfer agreement, annual result is not disclosed.

2 Own funds and annual result of business year 2023; local GAAP figures for business year 2024 are not yet
available.
3 Own funds and annual result of the subgroup. The following companies starting with a dash are part of the
subgroup; their own funds and annual result are incorporated in the subgroup data.
4 Status as shareholder with unlimited liability pursuant to Section 285 Number 11a HGB.
5 General Partnership.

31
Deutsche Bank Notes to the income statement
Annual Financial Statements 35 – Shareholdings
of Deutsche Bank AG

Companies, where the holding exceeds 20%

Share
Foot of Own Result
Serial Domicile - Capital funds in in €
No. Name of company of company note in % € million million
1 ABATE Grundstücks-Vermietungsgesellschaft mbH i.L. Duesseldorf 50.0
2 ABRI Beteiligungsgesellschaft mbH i.L. Duesseldorf 50.0
3 ACHTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
4 ACHTZEHNTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
5 ACIS Beteiligungsgesellschaft mbH Duesseldorf 50.0
6 ACTIO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
7 ADEO Beteiligungsgesellschaft mbH Duesseldorf 50.0
8 ADLAT Beteiligungsgesellschaft mbH Duesseldorf 50.0
9 AGUM Beteiligungsgesellschaft mbH Duesseldorf 50.0
10 AKA Ausfuhrkredit-Gesellschaft mit beschränkter Haftung Frankfurt 26.9 291.8 8.0
11 ALANUM Beteiligungsgesellschaft mbH i.L. Duesseldorf 50.0
12 Alfred Herrhausen Gesellschaft mbH i.L. Berlin 100.0
13 ALTA Beteiligungsgesellschaft mbH Duesseldorf 50.0
14 ANDOT Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
15 AVOC Beteiligungsgesellschaft mbH i.L. Duesseldorf 50.0
16 Baldur Mortgages Limited London 100.0
17 BANKPOWER GmbH Personaldienstleistungen Frankfurt 30.0
18 Banks Island General Partner Inc. Toronto 50.0
19 Benefit Trust GmbH Luetzen 100.0 6,702.3 215.3
20 Bestra Gesellschaft für Vermögensverwaltung mit beschränkter Haftung Duesseldorf 49.0
21 Betriebs-Center für Banken AG Frankfurt 100.0 167.1 15.2
22 Better Financial Services GmbH Berlin 100.0
23 Better Payment Germany GmbH Berlin 100.0
24 BHW - Gesellschaft für Wohnungswirtschaft mbH Hameln 1 100.0 1,161.3 0.0
25 BHW Bausparkasse Aktiengesellschaft Hameln 1 100.0 1,800.6 0.0
26 BHW Holding GmbH Hameln 1 100.0 727.8 0.0
27 BIMES Beteiligungsgesellschaft mbH i.L. Schoenefeld 50.0
28 BLI Beteiligungsgesellschaft für Leasinginvestitionen mbH Duesseldorf 33.2
29 BLI Internationale Beteiligungsgesellschaft mbH i.L. Duesseldorf 32.0
30 Borfield Sociedad Anonima Montevideo 100.0
31 Breaking Wave DB Limited London 100.0 18.3 0.7
32 BT Globenet Nominees Limited London 100.0
33 Cardea Real Estate S.r.l. Milan 100.0
34 Carpathian Investments Designated Activity Company Dublin 100.0
35 Cathay Advisory (Beijing) Co., Ltd. Beijing 100.0
36 Cathay Asset Management Company Limited Ebène 100.0
37 Cathay Capital Company (No 2) Limited Ebène 67.6 120.0 (33.4)
38 Cathay Strategic Investment Company Limited Hong Kong 100.0 80.5 3.1
39 Cedar (Luxembourg) S.à r.l. Luxembourg 98.2
40 City Leasing (Thameside) Limited London 100.0
41 City Leasing Limited London 100.0
42 Consumo Srl in Liquidazione Milan 100.0
43 D B Investments (GB) Limited London 2 100.0 510.6 (20.3)
44 D&M Turnaround Partners Godo Kaisha Tokyo 100.0 0.0 3.6
45 Danube Properties S.à r.l., en faillite Luxembourg 25.0
46 DB (Barbados) SRL Christ Church 100.0
47 DB (Malaysia) Nominee (Asing) Sdn. Bhd. Kuala Lumpur 100.0
48 DB (Malaysia) Nominee (Tempatan) Sendirian Berhad Kuala Lumpur 100.0
49 DB Advisors SICAV Luxembourg 100.0 6,659.5 (169.9)
50 DB Advisory Services S.A.S. Bogotá 100.0
51 DB Aotearoa Investments Limited George Town 100.0
52 DB Asset Finance I S.à r.l. Luxembourg 2 96.9 5.8 10.9
53 DB Asset Finance II S.à r.l. Luxembourg 2 96.9 5.7 18.8
54 DB Beteiligungs-Holding GmbH Frankfurt 1 100.0 5,667.9 0.0
55 DB Capital Markets (Deutschland) GmbH Frankfurt 1 100.0 530.2 0.0
56 DB Cartera de Inmuebles 1, S.A.U. Madrid 100.0
57 DB Chestnut Holdings Limited (in voluntary liquidation) George Town 100.0
58 DB Commodity Financing Limited London 100.0
59 DB Corporate Advisory (Malaysia) Sdn. Bhd. Kuala Lumpur 100.0
60 DB Covered Bond S.r.l. Conegliano 90.0
61 DB Credit Investments S.à r.l. Luxembourg 2 100.0 0.8 14.3
62 DB Direkt GmbH Frankfurt 1 100.0
63 DB Finance International GmbH Frankfurt 100.0
64 DB Global Technology SRL Bucharest 100.0 48.7 13.0
65 DB Group Services (UK) Limited London 100.0
66 DB HR Solutions GmbH Frankfurt 100.0 8.2 2.9
67 DB Industrial Holdings Beteiligungs GmbH & Co. KG Luetzen 100.0 1,755.0 69.6

32
Deutsche Bank Notes to the income statement
Annual Financial Statements 35 – Shareholdings
of Deutsche Bank AG

Share
Foot of Own Result
Serial Domicile - Capital funds in in €
No. Name of company of company note in % € million million
68 DB Industrial Holdings GmbH Luetzen 100.0 1,490.3 56.9
69 DB Internal Funding Limited London 100.0 349.8 10.6
70 DB International (Asia) Limited Singapore 100.0 473.6 33.0
71 DB International Investments Limited London 100.0
72 DB International Trust (Singapore) Limited Singapore 100.0
73 DB Investment Partners Limited London 100.0 5.4 (9.3)
74 DB Investment Partners Pte. Ltd. Singapore 100.0
75 DB Investment Services GmbH Frankfurt 1 100.0 46.0 0.0
76 DB London (Investor Services) Nominees Limited London 100.0
77 DB Management Support GmbH Frankfurt 100.0
78 DB Municipal Holdings LLC Wilmington 100.0 27.8 65.4
79 DB Nominees (Hong Kong) Limited Hong Kong 100.0
80 DB Nominees (Jersey) Limited St. Helier 100.0
81 DB Nominees (Singapore) Pte Ltd Singapore 100.0
82 DB Operaciones y Servicios Interactivos, S.L.U. Madrid 100.0
83 DB Overseas Holdings Limited London 2 100.0 68.6 6.7
84 DB Placement, LLC Wilmington 100.0
85 DB Print GmbH Frankfurt 1 100.0
86 DB Re S.A. Luxembourg 100.0 10.0 4.7
87 DB Real Estate Global Opportunities IB (Offshore), L.P. Camana Bay 33.6
88 DB Service Centre Limited Dublin 100.0
89 DB Services (Jersey) Limited St. Helier 100.0
90 DB Servizi Amministrativi S.r.l. Milan 100.0
91 DB Strategic Advisors, Inc. Makati City 100.0
92 DB Structured Holdings Luxembourg S.à r.l. Luxembourg 100.0
93 DB Trustee Services Limited London 100.0
94 DB Trustees (Hong Kong) Limited Hong Kong 100.0 5.8 3.0
95 DB UK Bank Limited London 2 100.0 716.7 20.3
96 DB UK Holdings Limited London 2 100.0 84.5 19.8
97 DB UK PCAM Holdings Limited (in members' voluntary liquidation) London 100.0
98 DB USA Corporation (Sub-group) Wilmington 3 100.0 12,792.1 769.0
99 -ABFS I Incorporated Lutherville- 100.0
Timonium
100 -Alex. Brown Financial Services Incorporated Lutherville- 100.0
Timonium
101 -Alex. Brown Investments Incorporated Lutherville- 100.0
Timonium
102 -Argent Incorporated Lutherville- 100.0
Timonium
103 -China Recovery Fund, LLC Wilmington 85.0
104 -DB Alex. Brown Holdings Incorporated Wilmington 100.0
105 -DB Aster II, LLC Wilmington 100.0
106 -DB Aster, Inc. Wilmington 100.0
107 -DB Aster, LLC Wilmington 100.0
108 -DB Boracay LLC Wilmington 100.0
109 -DB Equipment Leasing, Inc. New York 100.0
110 -DB Finance (Delaware), LLC Wilmington 100.0
111 -DB Global Technology, Inc. Wilmington 100.0
112 -DB Holdings (New York), Inc. New York 100.0
113 -DB Intermezzo LLC Wilmington 100.0
114 -DB IROC Leasing Corp. New York 100.0
115 -DB Litigation Fee LLC Wilmington 100.0
116 -DB Omega Ltd. George Town 100.0
117 -DB Overseas Finance Delaware, Inc. Wilmington 100.0
118 -DB Private Clients Corp. Wilmington 100.0
119 -DB Private Wealth Mortgage Ltd. New York 100.0
120 -DB Services Americas, Inc. Wilmington 100.0
121 -DB Structured Derivative Products, LLC Wilmington 100.0
122 -DB Structured Products, Inc. Wilmington 100.0
123 -DB U.S. Financial Markets Holding Corporation Wilmington 100.0
124 -DB USA Core Corporation West Trenton 100.0
125 -DBAH Capital, LLC Wilmington 100.0
126 -DBFIC, Inc. Wilmington 100.0
127 -DBNZ Overseas Investments (No.1) Limited George Town 100.0
128 -Deutsche Bank Americas Holding Corp. Wilmington 100.0
129 -Deutsche Bank Holdings, Inc. Wilmington 100.0
130 -Deutsche Bank Insurance Agency Incorporated Wilmington 100.0
131 -Deutsche Bank National Trust Company Los Angeles 100.0
132 -Deutsche Bank Securities Inc. Wilmington 100.0

33
Deutsche Bank Notes to the income statement
Annual Financial Statements 35 – Shareholdings
of Deutsche Bank AG

Share
Foot of Own Result
Serial Domicile - Capital funds in in €
No. Name of company of company note in % € million million
133 -Deutsche Bank Trust Company Americas New York 100.0
134 -Deutsche Bank Trust Company Delaware Wilmington 100.0
135 -Deutsche Bank Trust Company, National Association New York 100.0
136 -Deutsche Bank Trust Corporation New York 100.0
137 -Deutsche Leasing New York Corp. New York 100.0
138 -Deutsche Mortgage & Asset Receiving Corporation Wilmington 100.0
139 -GAC-HEL, Inc. Wilmington 100.0
140 -German American Capital Corporation Lutherville- 100.0
Timonium
141 -GWC-GAC Corp. Wilmington 100.0
142 -Kelsey Street LLC Wilmington 100.0
143 -87 Leonard Development LLC Wilmington 100.0
144 -MIT Holdings, Inc. Baltimore 100.0
145 -MortgageIT Securities Corp. Wilmington 100.0
146 -MortgageIT, Inc. New York 100.0
147 -New 87 Leonard, LLC Wilmington 100.0
148 -PARTS Funding, LLC Wilmington 100.0
149 -QR Tower 2, LLC Wilmington 100.0
150 -Route 28 Receivables, LLC Wilmington 100.0
151 -Sharps SP I LLC Wilmington 100.0
152 -Singer Island Tower Suite LLC Wilmington 100.0
153 -Zumirez Drive LLC Wilmington 100.0
154 DB Valoren S.à r.l. Luxembourg 100.0 609.5 40.5
155 DB Value S.à r.l. Luxembourg 100.0 45.9 2.5
156 DB VersicherungsManager GmbH Frankfurt 1 100.0
157 DB Vita S.A. Luxembourg 84.0 48.5 2.0
158 DBCIBZ1 George Town 100.0
159 DBOI Global Services (UK) Limited London 2 100.0 8.2 2.5
160 DBR Investments Co. Limited George Town 100.0 28.4 (46.2)
161 DBRE Global Real Estate Management IB, Ltd. George Town 100.0
162 DBRE Global Real Estate Management US IB, L.L.C. Wilmington 100.0
163 DBRMSGP1 George Town 4, 5 100.0 438.0 24.4
164 DBUSBZ2, S.à r.l. Luxembourg 100.0
165 DBX Advisors LLC Wilmington 100.0 14.4 4.1
166 DEE Deutsche Erneuerbare Energien GmbH Frankfurt 100.0
167 DEUKONA Versicherungs-Vermittlungs-GmbH Frankfurt 100.0 3.3 2.6
168 Deutsche (Aotearoa) Capital Holdings New Zealand Auckland 100.0
169 Deutsche (Aotearoa) Foreign Investments New Zealand Auckland 100.0
170 Deutsche Alternative Asset Management (UK) Limited London 100.0 12.9 2.7
171 Deutsche Asia Pacific Holdings Pte Ltd Singapore 100.0 289.0 2.0
172 Deutsche Asset Management (India) Private Limited Mumbai 100.0 10.5 0.1
173 Deutsche Australia Limited (Sub-group) Sydney 2, 3 100.0 184.3 13.3
174 -Deutsche Capital Markets Australia Limited Sydney 100.0
175 -Deutsche Group Services Pty Limited Sydney 100.0
176 Deutsche Bank (Cayman) Limited George Town 100.0 54.5 3.8
177 Deutsche Bank (China) Co., Ltd. Beijing 100.0 1,373.6 97.8
178 Deutsche Bank (Malaysia) Berhad Kuala Lumpur 100.0 417.1 48.6
179 Deutsche Bank (Suisse) SA Geneva 100.0 634.0 11.1
180 Deutsche Bank (Uruguay) Sociedad Anónima Institución Financiera Externa Montevideo 100.0
181 DEUTSCHE BANK A.S. Istanbul 100.0 170.4 65.6
182 Deutsche Bank Europe GmbH Frankfurt 1 100.0 10.0 0.0
183 Deutsche Bank Financial Company George Town 100.0 5.5 (28.1)
184 Deutsche Bank Immobilien GmbH Hameln 1 100.0
185 Deutsche Bank Luxembourg S.A. Luxembourg 100.0 4,999.0 306.2
186 Deutsche Bank Mutui S.p.A. Milan 100.0 24.6 (2.3)
187 Deutsche Bank Polska Spólka Akcyjna Warsaw 100.0 412.5 (402.6)
188 Deutsche Bank Representative Office Nigeria Limited Lagos 100.0
189 Deutsche Bank S.A. - Banco Alemão Sao Paulo 100.0 439.4 (17.4)
190 Deutsche Bank Securities Limited Toronto 100.0 43.8 1.3
191 Deutsche Bank Società per Azioni Milan 99.9 2,999.8 120.3
192 Deutsche Bank, Sociedad Anónima Española Unipersonal Madrid 100.0 1,113.8 60.3
193 Deutsche Capital Finance (2000) Limited George Town 100.0
194 Deutsche Cayman Ltd. Camana Bay 100.0
195 Deutsche Colombia S.A.S. - en Liquidacion Bogotá 100.0
196 Deutsche Custody N.V. Amsterdam 100.0
197 Deutsche Equities India Private Limited Mumbai 100.0 50.0 14.1
198 Deutsche Finance No. 2 Limited (in voluntary liquidation) George Town 100.0 0.0 (28.9)
199 Deutsche Gesellschaft für Immobilien-Leasing mit beschränkter Haftung i.L. Duesseldorf 100.0
200 Deutsche Global Markets Limited Tel Aviv 100.0 16.5 1.4

34
Deutsche Bank Notes to the income statement
Annual Financial Statements 35 – Shareholdings
of Deutsche Bank AG

Share
Foot of Own Result
Serial Domicile - Capital funds in in €
No. Name of company of company note in % € million million
201 Deutsche Group Holdings (SA) Proprietary Limited Johannesburg 100.0 0.0 18.7
202 Deutsche Grundbesitz-Anlagegesellschaft mit beschränkter Haftung Frankfurt 1 99.8
203 Deutsche Holdings (Grand Duchy) Luxembourg 100.0 54.4 0.0
204 Deutsche Holdings (Luxembourg) S.à r.l. Luxembourg 100.0 1,622.5 182.4
205 Deutsche Holdings Limited London 2 100.0 429.0 0.0
206 Deutsche Holdings No. 2 Limited London 2 100.0 175.2 26.0
207 Deutsche Holdings No. 3 Limited London 2 100.0 226.9 73.5
208 Deutsche Holdings No. 4 Limited (in members' voluntary liquidation) London 100.0
209 Deutsche Immobilien Leasing GmbH Duesseldorf 1 100.0 26.5 0.0
210 Deutsche India Holdings Private Limited Mumbai 100.0 90.7 16.6
211 Deutsche India Private Limited Mumbai 100.0 219.6 87.5
212 Deutsche International Corporate Services (Ireland) Limited Dublin 100.0
213 Deutsche Investments (Netherlands) N.V. in liquidatie Amsterdam 100.0
214 Deutsche Investments India Private Limited Mumbai 100.0 109.8 8.2
215 Deutsche Investor Services Private Limited Mumbai 100.0
216 Deutsche Knowledge Services Pte. Ltd. Singapore 100.0 95.0 3.7
217 Deutsche Mexico Holdings S.à r.l. Luxembourg 2 100.0 127.3 21.1
218 Deutsche Morgan Grenfell Group Limited (in members' voluntary liquidation) London 100.0
219 Deutsche Nederland N.V. Amsterdam 100.0
220 Deutsche New Zealand Limited (Sub-group) Auckland 3 100.0
221 -Deutsche (New Munster) Holdings New Zealand Limited Auckland 100.0
222 -Deutsche Domus New Zealand Limited Auckland 100.0
223 -Deutsche Foras New Zealand Limited Auckland 100.0
224 -Deutsche Overseas Issuance New Zealand Limited Auckland 100.0
225 Deutsche Nominees Limited London 100.0
226 Deutsche Oppenheim Family Office AG Cologne 1 100.0 203.4 0.0
227 Deutsche Postbank Finance Center Objekt GmbH Schuettringen 100.0
228 Deutsche Postbank Funding LLC I Wilmington 100.0
229 Deutsche Postbank Funding LLC III Wilmington 100.0
230 Deutsche Postbank Funding Trust I Newark 100.0
231 Deutsche Postbank Funding Trust III Newark 100.0
232 Deutsche River Investment Management Company S.à r.l., en faillite clôturée Luxembourg 49.0
233 Deutsche Securities (India) Private Limited New Delhi 100.0
234 Deutsche Securities (Proprietary) Limited Johannesburg 100.0
235 Deutsche Securities (SA) (Proprietary) Limited Johannesburg 100.0
236 Deutsche Securities Asia Limited Hong Kong 100.0 118.9 4.0
237 Deutsche Securities Inc. Tokyo 2 100.0 673.5 110.2
238 Deutsche Securities Israel Ltd. Tel Aviv 100.0 1.9 (5.1)
239 Deutsche Securities Korea Co. Seoul 100.0 58.9 (0.3)
240 Deutsche Securities Saudi Arabia (a closed joint stock company) Riyadh 100.0 81.3 0.5
241 Deutsche Securities, S.A. de C.V., Casa de Bolsa Mexico City 100.0 123.8 10.5
242 Deutsche Services (CI) Limited St. Helier 100.0 205.8 8.5
243 Deutsche Services Polska Sp. z o.o. Warsaw 100.0
244 Deutsche StiftungsTrust GmbH Frankfurt 1 100.0
245 Deutsche Strategic Investment Holdings Yugen Kaisha Tokyo 100.0
246 Deutsche Trustee Company Limited London 100.0 20.9 4.1
247 Deutsche Trustee Services (India) Private Limited Mumbai 100.0
248 Deutsche Trustees Malaysia Berhad Kuala Lumpur 100.0
249 Deutsche Wealth Management S.G.I.I.C., S.A. Madrid 100.0
250 Deutsche Zurich Pensiones Entidad Gestora de Fondos de Pensiones, S.A. Barcelona 50.0
251 Deutscher Pensionsfonds Aktiengesellschaft Cologne 25.1 12.8 0.3
252 Deutsches Institut für Altersvorsorge GmbH Frankfurt 78.0
253 DI Deutsche Immobilien Treuhandgesellschaft mbH Frankfurt 1 100.0
254 DIL Internationale Leasinggesellschaft mbH i.L. Duesseldorf 50.0
255 DISCA Beteiligungsgesellschaft mbH Duesseldorf 1 100.0
256 Domus Beteiligungsgesellschaft der Privaten Bausparkassen mbH Berlin 21.1
257 DONARUM Holding GmbH i.L. Duesseldorf 50.0
258 DREIZEHNTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
259 DRITTE Fonds-Beteiligungsgesellschaft mbH Duesseldorf 50.0
260 DRITTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
261 Durian (Luxembourg) S.à r.l. Luxembourg 98.0
262 DWS Alternatives France Paris 100.0
263 DWS Alternatives Global Limited London 100.0 114.4 (21.7)
264 DWS Alternatives GmbH Frankfurt 1 100.0 19.5 0.0
265 DWS Asset Management (Korea) Company Limited Seoul 100.0 14.1 (1.0)
266 DWS Beteiligungs GmbH Frankfurt 1 98.5 336.4 0.0
267 DWS CH AG Zurich 100.0 20.6 5.2
268 DWS Consulting Shanghai Limited Shanghai 100.0
269 DWS Corporate Management Shanghai Limited Shanghai 100.0

35
Deutsche Bank Notes to the income statement
Annual Financial Statements 35 – Shareholdings
of Deutsche Bank AG

Share
Foot of Own Result
Serial Domicile - Capital funds in in €
No. Name of company of company note in % € million million
270 DWS Distributors, Inc. Wilmington 100.0 29.8 9.5
271 DWS EREP Lux 1 S.à r.l. Luxembourg 100.0
272 DWS European Real Estate Partners S.C.A. SICAV-RAIF Luxembourg 99.9
273 DWS Far Eastern Investments Limited Taipei 60.0 12.4 1.9
274 DWS Global Business Services Inc. Taguig City 99.9
275 DWS Group GmbH & Co. KGaA Frankfurt 79.5 7,826.4 605.3
276 DWS Group Services UK Limited London 100.0 42.6 (3.3)
277 DWS Grundbesitz GmbH Frankfurt 1 99.9 27.7 0.0
278 DWS India Private Limited Mumbai 100.0 11.1 5.2
279 DWS International GmbH Frankfurt 1 100.0 86.3 0.0
280 DWS Investment GmbH Frankfurt 1 100.0 393.6 0.0
281 DWS Investment Management Americas, Inc. Wilmington 100.0 711.3 (3.8)
282 DWS Investment S.A. Luxembourg 100.0 417.7 30.6
283 DWS Investments Australia Limited Sydney 100.0
284 DWS Investments Hong Kong Limited Hong Kong 100.0 41.9 (5.6)
285 DWS Investments Japan Limited Tokyo 100.0 21.6 0.5
286 DWS Investments Singapore Limited Singapore 100.0 418.9 41.8
287 DWS Investments UK Limited London 100.0 203.8 94.3
288 DWS Management GmbH Frankfurt 100.0
289 DWS Offshore Infrastructure Debt Opportunities Feeder LP George Town 26.3 37.0 4.6
290 DWS Real Estate GmbH Frankfurt 1 99.9 52.7 0.0
291 DWS Service Company Wilmington 100.0 2.9 (7.5)
292 DWS Trust Company Concord 100.0 29.1 1.3
293 DWS USA Corporation Wilmington 100.0 1,505.7 58.2
294 EC EUROPA IMMOBILIEN FONDS NR. 3 GmbH & CO. KG i.I. Hamburg 65.2
295 EINUNDZWANZIGSTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
296 Elbe Properties S.à r.l., en faillite clôturée Luxembourg 25.0
297 ELC Logistik-Centrum Verwaltungs-GmbH Duesseldorf 50.0
298 ELFTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH i.L. Duesseldorf 50.0
299 Elm (Luxembourg) S.à r.l. Luxembourg 98.0
300 Emerald Asset Repackaging Designated Activity Company Dublin 100.0
301 Erste Frankfurter Hoist GmbH i.L. Frankfurt 100.0
302 European Value Added I (Alternate G.P.) LLP London 100.0
303 Evroenergeiaki Anonymi Etaireia Athens 40.0
304 Fiduciaria Sant' Andrea S.r.l. Milan 100.0
305 Finanzberatungsgesellschaft mbH der Deutschen Bank Berlin 100.0
306 Fir (Luxembourg) S.à r.l. Luxembourg 100.0
307 Franz Urbig- und Oscar Schlitter-Stiftung Gesellschaft mit beschränkter Frankfurt 100.0
Haftung
308 FSDB Merchant Services GmbH Frankfurt 49.0
309 FÜNFTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
310 Fünfte SAB Treuhand und Verwaltung GmbH & Co. "Leipzig-Magdeburg" KG Bad Homburg 41.2
311 Fünfte SAB Treuhand und Verwaltung GmbH & Co. Dresden "Louisenstraße" Bad Homburg 30.6
KG
312 Fünfte SAB Treuhand und Verwaltung GmbH & Co. Suhl "Rimbachzentrum" Bad Homburg 74.9
KG
313 FÜNFZEHNTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
314 G.O. IB-US Management, L.L.C. Wilmington 100.0
315 Gesellschaft für Kreditsicherung mit beschränkter Haftung Berlin 36.7 9.7 7.6
316 Global Tokenization Holdings Limited Dublin 33.3
317 Glor Music Production GmbH & Co. KG Rottach-Egern 29.5
318 GLOR Music Production II GmbH & Co. KG Rottach-Egern 28.6
319 Greenheart (Luxembourg) S.à r.l. Luxembourg 100.0
320 Grundstücksgesellschaft Frankfurt Bockenheimer Landstraße GbR Troisdorf 98.7
321 Grundstücksgesellschaft Karlsruhe Kaiserstraße GbR Troisdorf 40.1
322 Grundstücksgesellschaft Kerpen-Sindorf Vogelrutherfeld GbR Troisdorf 94.0
323 Grundstücksgesellschaft Köln Oppenheimstraße GbR Troisdorf 100.0
324 Grundstücksgesellschaft Köln-Merheim Winterberger Straße GbR Troisdorf 41.6
325 Grundstücksgesellschaft Leipzig Petersstraße GbR Troisdorf 62.1
326 Grundstücksgesellschaft Mietwohnhäuser Leipzig-Gohlis GbR Troisdorf 25.0
327 Grundstücksgesellschaft München Synagogenplatz GbR Troisdorf 26.0
328 Grundstücksgesellschaft Wiesbaden Luisenstraße/Kirchgasse GbR Troisdorf 78.7
329 Harvest Fund Management Co., Ltd. Shanghai 30.0 1,181.2 201.7
330 HR "Simone" GmbH & Co. KG i.I. Jork 24.3
331 Huarong Rongde Asset Management Company Limited Beijing 40.7 362.8 (62.4)
332 ILV Immobilien-Leasing Verwaltungsgesellschaft Düsseldorf mbH Duesseldorf 50.0
333 Immobilienfonds Büro Center Erfurt am Flughafen Bindersleben III GbR Troisdorf 20.7
334 Immobilienfonds Büro-Center Erfurt am Flughafen Bindersleben I GbR Troisdorf 90.0
335 Immobilienfonds Bürohaus Düsseldorf Grafenberg GbR Troisdorf 39.0

36
Deutsche Bank Notes to the income statement
Annual Financial Statements 35 – Shareholdings
of Deutsche Bank AG

Share
Foot of Own Result
Serial Domicile - Capital funds in in €
No. Name of company of company note in % € million million
336 Immobilienfonds Köln-Deutz Arena und Mantelbebauung GbR Troisdorf 28.9
337 Immobilienfonds Köln-Ossendorf II eGbR Gelsenkirchen 40.3
338 Immobilienfonds Wohn- und Geschäftshaus Köln-Blumenberg V GbR Troisdorf 99.0
339 Ingrid S.à r.l. Luxembourg 23.8
340 Inn Properties S.à r.l., en faillite Luxembourg 25.0
341 Intermodal Finance I Ltd. George Town 49.0
342 Isaac Newton S.à r.l. Capellen 98.2 0.8 18.9
343 Isar Properties S.à r.l., en faillite Luxembourg 25.0
344 ISTRON Beteiligungs- und Verwaltungs-GmbH Cologne 100.0
345 IZI Düsseldorf Informations-Zentrum Immobilien Gesellschaft mit Duesseldorf 23.5
beschränkter Haftung i.L.
346 IZI Düsseldorf Informations-Zentrum Immobilien GmbH & Co. Duesseldorf 23.5
Kommanditgesellschaft i.L.
347 Joint Stock Company Deutsche Bank DBU Kyiv 100.0 17.9 2.0
348 Jyogashima Godo Kaisha Tokyo 100.0 0.1 9.5
349 KEBA Gesellschaft für interne Services mbH Frankfurt 1 100.0
350 Kidson Pte Ltd Singapore 100.0 18.5 0.7
351 Kinneil Leasing Company London 35.0
352 Konsul Inkasso GmbH Essen 1 100.0
353 KVD Singapore Pte. Ltd. (in liquidation - members' voluntary winding up) Singapore 26.0
354 LA Water Holdings Limited George Town 75.0
355 LAWL Pte. Ltd. Singapore 100.0 26.5 1.1
356 Leasing Verwaltungsgesellschaft Waltersdorf mbH Schoenefeld 100.0
357 Leonardo III Initial GP Limited London 100.0
358 LES Essex Crossing Holdings Acquisition LLC Wilmington 100.0
359 LES Essex Crossing Parent LLC Wilmington 100.0
360 LES Essex Crossing Property Holdings LLC Wilmington 100.0
361 Lindsell Finance Limited (in dissolution) St. Julian's 100.0
362 London Industrial Leasing Limited London 100.0
363 M Cap Finance Mittelstandsfonds GmbH & Co. KG Frankfurt 77.1 12.2 1.3
364 M Cap Finance Mittelstandsfonds III GmbH & Co. KG Frankfurt 35.4 39.1 1.8
365 1800 M Chaperone Investor LLC Wilmington 100.0
366 MCT Südafrika 3 GmbH & Co. KG i.I. Hamburg 39.0
367 MEF I Manager, S. à r.l. Munsbach 100.0
368 MorgenFund GmbH Frankfurt 30.0 133.5 (33.1)
369 Motion Picture Productions One GmbH & Co. KG Frankfurt 100.0
370 MPP Beteiligungsgesellschaft mbH Frankfurt 100.0
371 MT "CAPE BEALE" Tankschiffahrts GmbH & Co. KG i.I. Hamburg 34.0
372 MT "KING DANIEL" Tankschiffahrts UG (haftungsbeschränkt) & Co. KG i.L. Hamburg 32.8
373 MT "KING DOUGLAS" Tankschiffahrts UG (haftungsbeschränkt) & Co. KG i.L. Hamburg 33.0
374 Navegator - SGFTC, S.A. Lisbon 100.0
375 NCW Holding Inc. Vancouver 100.0
376 NEUNTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
377 NEUNZEHNTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
378 Nexus Infrastruktur Beteiligungsgesellschaft mbH i.L. Duesseldorf 50.0
379 NOFA Grundstücks-Vermietungsgesellschaft mbH i.L. Duesseldorf 50.0
380 norisbank GmbH Bonn 1 100.0 433.9 0.0
381 North Coast Wind Energy Corp. Port Moody 50.0
382 Numis Corporation Limited London 100.0
383 Numis Europe Limited Dublin 100.0 5.7 (3.1)
384 Numis Nominees (Client) Limited London 100.0
385 Numis Nominees (NSI) Limited London 100.0
386 Numis Nominees Limited London 100.0
387 Numis Securities Limited London 100.0
388 Oder Properties S.à r.l., en faillite Luxembourg 25.0
389 OOO "Deutsche Bank TechCentre" Moscow 100.0
390 OOO "Deutsche Bank" Moscow 100.0 295.6 55.5
391 OPB Verwaltungs- und Treuhand GmbH Cologne 100.0
392 OPB-Oktava GmbH Cologne 100.0
393 OPPENHEIM Buy Out GmbH & Co. KG i.L. Cologne 27.7
394 OPPENHEIM Capital Advisory GmbH Cologne 100.0
395 OPPENHEIM PRIVATE EQUITY Verwaltungsgesellschaft mbH Cologne 100.0
396 PADEM Grundstücks-Vermietungsgesellschaft mbH i.L. Duesseldorf 50.0
397 PADUS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 100.0
398 PALDO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
399 Palma Topco Limited St. Helier 22.8
400 PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
401 PB Factoring GmbH Bonn 1 100.0 32.6 0.0
402 PCC Services GmbH der Deutschen Bank Essen 1 100.0 32.4 0.0

37
Deutsche Bank Notes to the income statement
Annual Financial Statements 35 – Shareholdings
of Deutsche Bank AG

Share
Foot of Own Result
Serial Domicile - Capital funds in in €
No. Name of company of company note in % € million million
403 PEIF II SLP Feeder 2 LP Edinburgh 100.0
404 PEIF III SLP Feeder, SCSp Senningerberg 57.1
405 PEIF IV SLP DWS Feeder 2, SCSp Senningerberg 100.0
406 PEIF IV SLP DWS Feeder, SCSp Senningerberg 100.0
407 PENDIS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
408 PENTUM Beteiligungsgesellschaft mbH Duesseldorf 50.0
409 PERGUM Grundstücks-Vermietungsgesellschaft mbH i.L. Duesseldorf 50.0
410 PERILLA Beteiligungsgesellschaft mbH Duesseldorf 50.0
411 PERLIT Mobilien-Vermietungsgesellschaft mbH i.L. Duesseldorf 50.0
412 PERLU Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
413 PERNIO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
414 PERXIS Beteiligungsgesellschaft mbH Duesseldorf 50.0
415 PETA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
416 Philippine Opportunities for Growth and Income (SPV-AMC), INC. Makati City 95.0
417 Plantation Bay, Inc. St. Thomas 100.0
418 PONTUS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
419 Postbank Direkt GmbH Bonn 1 100.0 15.9 0.0
420 Postbank Filialvertrieb AG Bonn 1 100.0 37.1 0.0
421 Postbank Finanzberatung AG Hameln 1 100.0 85.8 0.0
422 Postbank Leasing GmbH Bonn 1 100.0
423 PRADUM Beteiligungsgesellschaft mbH Duesseldorf 50.0
424 PRASEM Beteiligungsgesellschaft mbH Duesseldorf 50.0
425 PRISON Grundstücks-Vermietungsgesellschaft mbH Schoenefeld 50.0
426 Private Equity Invest Beteiligungs GmbH Duesseldorf 50.0
427 Private Equity Life Sciences Beteiligungsgesellschaft mbH Duesseldorf 50.0
428 PT Deutsche Sekuritas Indonesia Jakarta 99.0
429 PUDU Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
430 QUANTIS Grundstücks-Vermietungsgesellschaft mbH Schoenefeld 50.0
431 QUOTAS Grundstücks-Vermietungsgesellschaft mbH i.L. Duesseldorf 50.0
432 REDUS DTHG, LLC Wilmington 49.9
433 Rhine Properties S.à r.l., en faillite Luxembourg 25.0
434 RoPro U.S. Holding, Inc. Wilmington 100.0 385.7 48.8
435 RREEF America L.L.C. Wilmington 100.0 276.9 49.9
436 RREEF Core Plus Residential Fund LP Wilmington 26.9
437 RREEF DCH, L.L.C. Wilmington 100.0
438 RREEF European Value Added I (G.P.) Limited London 100.0
439 RREEF Fund Holding LLC Wilmington 100.0 151.8 5.8
440 RREEF India Advisors Private Limited Mumbai 100.0
441 RREEF Management L.L.C. Wilmington 100.0 (35.1) 6.2
442 SABIS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
443 SAGITA Grundstücks-Vermietungsgesellschaft mbH i.L. Duesseldorf 100.0
444 Sal. Oppenheim jr. & Cie. Beteiligungs GmbH Cologne 100.0 12.8 (1.4)
445 SALIX Grundstücks-Vermietungsgesellschaft mbH i.L. Duesseldorf 50.0
446 SALUS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
447 SANCTOR Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
448 SANDIX Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
449 SANO Grundstücks-Vermietungsgesellschaft mbH i.L. Duesseldorf 50.0
450 SAPIO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 100.0
451 SARIO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
452 SCANDO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
453 Schumacher Beteiligungsgesellschaft mbH Duesseldorf 33.2
454 SCITOR Grundstücks-Vermietungsgesellschaft mbH i.L. Duesseldorf 50.0
455 SECHSTE Fonds-Beteiligungsgesellschaft mbH Duesseldorf 50.0
456 SECHSTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
457 SECHZEHNTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
458 SEGES Grundstücks-Vermietungsgesellschaft mbH i.L. Duesseldorf 50.0
459 SEGU Grundstücks-Vermietungsgesellschaft mbH i.L. Duesseldorf 50.0
460 SELEKTA Grundstücksverwaltungsgesellschaft mbH i.L. Duesseldorf 50.0
461 SENA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
462 SENA Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Kamenz KG Duesseldorf 100.0
463 SERICA Grundstücks-Vermietungsgesellschaft mbH i.L. Duesseldorf 50.0
464 SGI SLP Feeder SCSp Senningerberg 57.6
465 SIDA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
466 SIEBTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
467 SIEBZEHNTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
468 SIFA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 100.0
469 SILEX Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
470 SILUR Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
471 SOLATOR Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0

38
Deutsche Bank Notes to the income statement
Annual Financial Statements 35 – Shareholdings
of Deutsche Bank AG

Share
Foot of Own Result
Serial Domicile - Capital funds in in €
No. Name of company of company note in % € million million
472 SOLUM Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
473 SOMA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
474 Somkid Immobiliare S.r.l. Conegliano 100.0
475 SOREX Grundstücks-Vermietungsgesellschaft mbH i.L. Duesseldorf 50.0
476 SOSPITA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
477 SPV I Sociedad Anónima Cerrada Lima 99.9
478 SPV II Sociedad Anónima Cerrada Lima 99.8
479 SRC Security Research & Consulting GmbH Bonn 22.5
480 STAGIRA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
481 Starpool Finanz GmbH Berlin 49.9
482 Stelvio Immobiliare S.r.l. Bolzano 100.0
483 Sunrise Turnaround Partners G.K. Tokyo 100.0 0.0 2.9
484 SUPERA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
485 SUPLION Beteiligungsgesellschaft mbH Duesseldorf 50.0
486 SUSIK Grundstücks-Vermietungsgesellschaft mbH i.L. Duesseldorf 50.0
487 300 SW Parent LLC Wilmington 100.0
488 300 SW Property Holdings LLC Wilmington 100.0
489 Swabia 1. Vermögensbesitz-GmbH i.L. Frankfurt 100.0
490 Süddeutsche Vermögensverwaltung Gesellschaft mit beschränkter Haftung Frankfurt 100.0
491 TABA Grundstücks-Vermietungsgesellschaft mbH Schoenefeld 50.0
492 TACET Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
493 TAGO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
494 Tagus - Sociedade de Titularização de Creditos, S.A. Lisbon 100.0
495 TAGUS Beteiligungsgesellschaft mbH Duesseldorf 50.0
496 TAKIR Grundstücks-Vermietungsgesellschaft mbH i.L. Duesseldorf 100.0
497 TELO Beteiligungsgesellschaft mbH Schoenefeld 100.0
498 TESATUR Beteiligungsgesellschaft mbH i.L. Duesseldorf 50.0
499 Thai Asset Enforcement and Recovery Asset Management Company Limited Bangkok 100.0
500 TIEDO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
501 TOSSA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 100.0
502 TRAGO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
503 Trave Properties S.à r.l., en faillite Luxembourg 25.0
504 TREMA Grundstücks-Vermietungsgesellschaft mbH Berlin 50.0
505 TRENTO Grundstücks-Vermietungsgesellschaft mbH i.L. Duesseldorf 50.0
506 Treuinvest Service GmbH Frankfurt 100.0
507 TRIPLA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 100.0
508 Triton Beteiligungs S.à r.l., en liquidation volontaire Luxembourg 33.1
509 TYRAS Beteiligungsgesellschaft mbH i.L. Duesseldorf 50.0
510 U.S.A. ITCF XCI L.P. New York 99.9
511 VCJ Lease S.à r.l. Luxembourg 100.0
512 VIERTE Fonds-Beteiligungsgesellschaft mbH i.L. Duesseldorf 50.0
513 VIERTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
514 VIERUNDZWANZIGSTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
515 VIERZEHNTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH i.L. Duesseldorf 50.0
516 Volbroker.com Limited Rochford 22.5 10.1 1.4
517 VÖB-ZVD Processing GmbH Bonn 1 100.0 28.6 0.0
518 WEPLA Beteiligungsgesellschaft mbH Frankfurt 100.0 181.8 7.8
519 Weser Properties S.à r.l., en faillite clôturée Luxembourg 25.0
520 5353 WHMR LLC Wilmington 100.0
521 XELLUM Grundstücks-Vermietungsgesellschaft mbH i.L. Duesseldorf 50.0
522 XENTIS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
523 XERA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
524 ZABATUS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
525 ZARGUS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
526 ZEA Beteiligungsgesellschaft mbH Schoenefeld 25.0
527 ZEHNTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH i.L. Duesseldorf 50.0
528 zeitinvest-Service GmbH Frankfurt 25.0
529 ZENO Grundstücks-Vermietungsgesellschaft mbH i.L. Duesseldorf 50.0
530 ZEREVIS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
531 ZERGUM Grundstücks-Vermietungsgesellschaft mbH i.L. Duesseldorf 50.0
532 Zhong De Securities Co., Ltd Beijing 33.3 132.1 (9.8)
533 ZIDES Grundstücks-Vermietungsgesellschaft mbH i.L. Schoenefeld 50.0
534 ZIMBEL Grundstücks-Vermietungsgesellschaft mbH i.L. Schoenefeld 50.0
535 ZINUS Grundstücks-Vermietungsgesellschaft mbH i.L. Schoenefeld 50.0
536 ZIRAS Grundstücks-Vermietungsgesellschaft mbH Schoenefeld 50.0
537 ZITON Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0
538 ZITUS Grundstücks-Vermietungsgesellschaft mbH i.L. Schoenefeld 50.0
539 ZONTUM Grundstücks-Vermietungsgesellschaft mbH i.L. Duesseldorf 50.0
540 ZWANZIGSTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0

39
Deutsche Bank Notes to the income statement
Annual Financial Statements 35 – Shareholdings
of Deutsche Bank AG

Share
Foot of Own Result
Serial Domicile - Capital funds in in €
No. Name of company of company note in % € million million
541 ZWEITE Fonds-Beteiligungsgesellschaft mbH Duesseldorf 50.0
542 ZWEITE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
543 ZWÖLFTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0
544 ZYLUM Beteiligungsgesellschaft mbH i.L. Schoenefeld 25.0
545 ZYRUS Beteiligungsgesellschaft mbH i.L. Schoenefeld 25.0

Holdings in large corporations, where the holding exceeds 5% of voting rights

Share
Foot of Own Result
Serial - capital funds in in €
No. Name of company Domicile of company note in % € million million
546 BÜRGSCHAFTSBANK BRANDENBURG GmbH Potsdam 8.5
547 Bürgschaftsbank Hamburg GmbH Hamburg 8.7
548 Bürgschaftsbank Mecklenburg-Vorpommern GmbH Schwerin 8.4
549 Bürgschaftsbank Sachsen GmbH Dresden 6.3
550 Bürgschaftsbank Sachsen-Anhalt GmbH Magdeburg 8.2
551 Bürgschaftsbank Schleswig-Holstein Gesellschaft mit beschränkter Haftung Kiel 5.6
552 Bürgschaftsbank Thüringen GmbH Erfurt 8.7
553 Latitude Group Holdings Limited Melbourne 16.5
554 MTS S.p.A. Rome 5.0
555 Prader Bank S.p.A. Bolzano 9.0
556 Private Export Funding Corporation Wilmington 6.0
557 Saarländische Investitionskreditbank Aktiengesellschaft Saarbruecken 11.8
558 Yensai.com Co., Ltd. Tokyo 7.8

40
Deutsche Bank Other information
Annual Financial Statements 36 - Declaration of Backing
of Deutsche Bank AG

Other information

36 - Declaration of Backing

Deutsche Bank AG ensures, except in the case of political risk, that the following subsidiaries are able to meet their
contractual liabilities:

D B Investments (GB) Limited, London Deutsche Holdings (Grand Duchy), Luxembourg

DB International (Asia) Limited, Singapore Deutsche Immobilien Leasing GmbH, Düsseldorf

Deutsche Australia Limited, Sydney Deutsche Morgan Grenfell Group Limited i. L.,
London
DEUTSCHE BANK A.Ş., Istanbul
Deutsche Securities, S.A. de C.V., Casa de Bolsa,
Deutsche Bank Americas Holding Corp., Wilmington Mexico

Deutsche Bank (China) Co., Ltd., Beijing Deutsche Securities Inc., Tokyo

Deutsche Bank Europe GmbH, Frankfurt am Main Deutsche Securities Asia Limited, Hong Kong

Deutsche Bank Luxembourg S.A., Luxembourg Deutsche Securities Saudi Arabia (a closed joint
stock company), Riyadh
Deutsche Bank (Malaysia) Berhad, Kuala Lumpur
norisbank GmbH, Bonn
Deutsche Bank Polska Spółka Akcyjna, Warsaw
Joint Stock Company Deutsche Bank DBU, Kiev

Deutsche Bank S.A. – Banco Alemão, São Paulo OOO “Deutsche Bank”, Moscow

Deutsche Bank, Sociedad Anónima Española, Madrid Deutsche Oppenheim Family Office AG, Cologne

Deutsche Bank Società per Azioni, Milan BHW Bausparkasse Aktiengesellschaft, Hameln

Deutsche Bank (Suisse) SA, Geneva PB Factoring GmbH, Bonn

Deutsche Bank Trust Company Americas, New York

41
Deutsche Bank Other information
Annual Financial Statements 37 – Disclosures according to Section 28 of the Pfandbrief Act
of Deutsche Bank AG

37 – Disclosures according to Section 28 of the Pfandbrief Act

The following tables show the disclosures required by Section 28 of the Pfandbrief Act. These disclosures contain
information to Mortgage Pfandbriefe and Public-Sector Pfandbriefe which Deutsche Bank AG held as of December 31,
2024.

Overall exposure (Section 28 (1) S. 1 No. 1 and 3 Pfandbrief Act)

Mortgage Pfandbriefe*
Dec 31, 2024
Present Value -
Present Value - Present Value - Worst Case
High Interest Low Interest Interest and FX
Rate Stress Rate Stress Rate Stress
in € m. Nominal Value Present Value Scenario3 Scenario3 Scenario3
Mortgage Pfandbriefe 12,938.5 12,947.9 11,762.8 14,411.5 11,762.8
Cover Assets 15,146.3 14,607.9 12,616.9 17,182.9 12,616.9
Cover Assets acc. to Section 12 (1) 14,413.3 13,927.7 12,032.3 16,384.0 12,032.3
Cover Assets acc. to Section 19 (1)
0 0 0 0 0
S. 1 Nos. 2a, 2b
as % of Mortgage Pfandbriefe 0 0 0 0 0
Cover Assets acc. to Section 19 (1)
0 0 0 0 0
S. 1 No. 3a - 3c1
as % of Mortgage Pfandbriefe 0 0 0 0 0
Cover Assets acc. To Section 19 (1)
733.0 680.3 584.6 798.9 584.6
S. 1 No. 42
as % of Mortgage Pfandbriefe 5.7 5.3 5.0 5.5 5.0
Over-Collateralization 2,207.8 1,660.0 854.1 2,771.4 854.1
as % of Mortgage Pfandbriefe 17.1 12.8 0 19.2 7.3
acc. to statutory proportions 537.9 509.1 451.3 582.4 451.3
acc. to contractual proportions 0 0 0 0 0
acc. to voluntary proportions 1,669.9 1,150.9 402.8 2,189.0 402.8
* Acc. to § 28 par. 1 sentence 1 no. 1 and 3 PfandbriefAct
¹ Incl. Cover Assets acc. to § 4 (1) sentence 3 No 2a Pfandbrief Act
2
Incl. Cover Assets acc. To § 4 (1) sentence 3 No 1 Pfandbrief Act
3
According to Section 5 (1) S. 1 No. 1 Pfandbrief Act and Section 6 (2) No. 1 PfandBarwertV static approach

Dec 31, 2023

Present Value -
Present Value - Present Value - Worst Case
High Interest Low Interest Interest and FX
Rate Stress Rate Stress Rate Stress
in € m. Nominal Value Present Value Scenario3 Scenario3 Scenario3
Mortgage Pfandbriefe 13,725.0 13,545.5 12,165.6 15,263.8 12,165.6
Cover Assets 16,421.1 15,570.1 13,447.0 18,330.8 13,447.0
Cover Assets acc. to Section 12 (1) 15,324.1 14,570.3 12,586.0 17,159.7 12,586.0
Cover Assets acc. to Section 19 (1) S. 1 Nos. 2a, 2b 0 0 0 0 0
as % of Mortgage Pfandbriefe 0 0 0 0 0
Cover Assets acc. to § 19 (1)
1,097.0 999.8 861.0 1,171.0 861.0
S. 1 No. 3a - 3c1
as % of Mortgage Pfandbriefe 8.0 7.4 7.1 7.7 7.1
Cover Assets acc. To Section 19 (1)
0 0 0 0 0
S. 1 No. 42
as % of Mortgage Pfandbriefe 0 0 0 0 0
Over-Collateralization 2,696.1 2,024.6 1,281.4 3,067.0 1,281.4
as % of Mortgage Pfandbriefe 19.6 15.0 10.5 20.1 10.5
acc. to statutory proportions 571.7 531.9 468.8 612.7 468.8
acc. to contractual proportions 0 0 0 0 0
acc. to voluntary proportions 2,124.4 1,492.7 812.6 2,454.3 812.6
* Acc. to § 28 par. 1 sentence 1 no. 1 and 3 PfandbriefAct
¹ Incl. Cover Assets acc. to § 4 (1) sentence 3 No 2a Pfandbrief Act
2
Incl. Cover Assets acc. To § 4 (1) sentence 3 No 1 Pfandbrief Act
3
According to Section 5 (1) S. 1 No. 1 Pfandbrief Act and Section 6 (2) No. 1 PfandBarwertV static approach

All cover assets are receivables from customers which are secured by mortgages and further cover assets are bonds and
other fixed income securities as per Pfandbrief Act.

42
Deutsche Bank Other information
Annual Financial Statements 37 – Disclosures according to Section 28 of the Pfandbrief Act
of Deutsche Bank AG

Public-Sector Pfandbriefe
Nominal value Net present value Riskadjusted net present value1
in € m. Dec 31, 2024 Dec 31, 2023 Dec 31, 2024 Dec 31, 2023 Dec 31, 2024 Dec 31, 2023
Public-sector Pfandbriefe 90.0 90.0 95.5 95.8 95.5 101.1
Cover assets 122.0 119.0 113.9 112.3 113.9 115.8
thereof derivatives 0 0 0 0 0 0
Over-collateralization 32.0 29.0 18.4 16.5 18.4 14.7
as % of Public-Sector Pfandbriefe 35.6 32.2 19.3 17.2 17.2 14.6
acc. to statutory proportions 3.8 3.9 3.6 3.7 3.6 3.7
acc. to contractual proportions 0 0 0 0 0 0
acc. to voluntary proportions 28.2 25.1 14.8 12.8 14.8 11.0
1
According to Section 5 (1) S. 1 No. 1 Pfandbrief Act and Section 6 (2) No. 1 PfandBarwertV dynamic approach

Maturity profile (Section 28 (1) S. 1 No. 4 Pfandbrief Act)

Maturity Structure of the Mortgage and Fixed Interest Periods of the Cover Assets.

Mortgage Pfandbriefe
Maturity structure of
outstanding Pfandbriefe Fixed rate terms for cover pool
in € m. Dec 31, 2024 Dec 31, 2023 Dec 31, 2024 Dec 31, 2023
less than 6 months 255.0 1,212.5 577.9 722.0
from 6 to 12 months 557.0 55.0 346.3 459.1
from 12 to 18 months 1,506.0 250.0 311.1 396.0
from 18 months to 2 years 625.0 557.0 324.2 380.5
from 2 to 3 years 2,848.0 2,131.0 768.2 711.8
from 3 to 4 years 1,532.0 2,348.0 940.7 1,159.3
from 4 to 5 years 1,240.0 1,532.0 1,293.3 1,058.9
from 5 to 10 years 2,598.0 3,712.0 5,780.3 6,214.2
more than 10 years 1,777.5 1,927.5 4,804.4 5,319.3
Total 12,938.5 13,725.0 15,146.4 16,421.1

Maturity Structure of the Public-Sector Pfandbriefe and Fixed Interest Periods of the Cover Assets.

Public-Sector Pfandbriefe
Cover assets Public-sector Pfandbriefe
in € m. Dec 31, 2024 Dec 31, 2023 Dec 31, 2024 Dec 31, 2023
less than 6 months 0 0 10.0 0
from 6 to 12 months 58.5 37.0 40.0 0
from 12 to 18 months 0 0 0 10.0
from 18 months to 2 years 0 58.5 0 40.0
from 2 to 3 years 8.5 0 0 0
from 3 to 4 years 0 8.5 0 0
from 4 to 5 years 0 0 0 0
from 5 to 10 years 55.0 15.0 40.0 40.0
more than 10 years 0 0 0 0
Total 122.0 119.0 90.0 90.0

Maturity profile with extension of 12 months (Section 28 (1) S. 1 No. 5 Pfandbrief

Act)
Mortgage Pfandbriefe

Maturity displacement (12 months)

in € m. Dec 31, 2024 Dec 31, 2023
less than 6 months 0 0
from 6 to 12 months 0 0
from 12 to 18 months 255.0 1,212.5
from 18 months to 2 years 557.0 55.0
from 2 to 3 years 2,131.0 807.0
from 3 to 4 years 2,848.0 2,131.0
from 4 to 5 years 1,532.0 2,348.0
from 5 to 10 years 3,682.0 4,569.0
more than 10 years 1,933.5 2,602.5
Total 12,938.5 13,725.0

43
Deutsche Bank Other information
Annual Financial Statements 37 – Disclosures according to Section 28 of the Pfandbrief Act
of Deutsche Bank AG

Public-Sector Pfandbriefe
Maturity displacement (12 months)
in € m. Dec 31, 2024 Dec 31, 2023
less than 6 months 0 0
from 6 to 12 months 0 0
from 12 to 18 months 10.0 0
from 18 months to 2 years 40.0 0
from 2 to 3 years 0 50.0
from 3 to 4 years 0 0
from 4 to 5 years 0 0
from 5 to 10 years 40.0 40.0
more than 10 years 0 0
Total 90.0 90.0

Portion of derivatives included in the cover pool (Section 28 (1) S. 1 No. 7

Pfandbrief Act)
As of December 31, 2024 and December 31, 2023, there were no derivatives in the cover pool.

Cover assets by nominal value (Section 28 (2) No. 1a Pfandbrief Act)

Single cover assets included in the total amount of € 14.4 billion (2023: € 15.3 billion) with a nominal value of less than €
0.3 million amounted to € 11.5 billion (2023: € 12.3 billion), with a nominal value between € 0.3 million and € 1 million
amounted to € 2.3 billion (2023: € 2.4 billion), with a nominal value between € 1 million and € 10 million amounted to €
604 million (2023: € 690 million) and with a nominal value of more than € 10 million amounted to € 0 million (2022: € 0
million).

Additional cover of Pfandbriefe (nominal value) by country / registered office

(Section 28 (1) S. 1 No. 8, 9, 11 and 12 Pfandbrief Act)
As of December 31, 2024 and December 31, 2023, there were no additional cover of Pfandbriefe.

Loans used as cover for Mortgage Pfandbriefe by country in which mortgaged re-
al estate is based and by type of use (Section 28 (2) No. 1b and 1c Pfandbrief Act)
Mortgage Pfandbriefe

Dec 31, 2024 Residential Commercial

Other
com- Land
Single Multi- mercially held
Apart- Family family Office Retail Industrial used for
in € m. ments Houses Houses Other Total buildings buildings buildings buildings Total building Total
Germany 3,169.6 8,087.9 2,279.8 0 13,537.2 458.6 131.8 126.1 159.5 876.2 0 14,413.4
Total 3,169.6 8,087.9 2,279.8 0 13,537.2 458.6 131.8 126.1 159.5 876.2 0 14,413.4
−

Dec 31, 2023 Residential Commercial

Other
com- Land
Single Multi- mercially held
Apart- Family family Office Retail Industrial used for
in € m. ments Houses Houses Other Total buildings buildings buildings buildings Total building Total
Germany 3,239.7 8,642.4 2,491.0 0 14,373.1 497.1 142.8 133.2 177.9 951.0 0 15,324.1
Total 3,239.7 8,642.4 2,491.0 0 14,373.1 497.1 142.8 133.2 177.9 951.0 0 15,324.1

44
Deutsche Bank Other information
Annual Financial Statements 37 – Disclosures according to Section 28 of the Pfandbrief Act
of Deutsche Bank AG

Payments outstanding on mortgage loans used as cover for Mortgage Pfand-

briefe (Section 28 (2) S. 1 No. 2 Pfandbrief Act)
As of December 31, 2024 and December 31, 2023 there were no payments 90 days or more past due used as cover for
Mortgage Pfandbriefe.

Payments outstanding used as cover for Public-Sector Pfandbriefe (Section 28

(3) S. 3 No. 3 Pfandbrief Act)
As of December 31, 2024 and December 31, 2023 there were no payments 90 days or more past due used as cover for
Public-Sector Pfandbriefe.

Additional information on mortgage loans (Section 28 (2) No. 4 Pfandbrief Act)

At year end 2024 and 2023 there were no foreclosures pending. In 2024 and 2023, no foreclosures were performed and
Deutsche Bank AG did not take over properties to prevent losses on the mortgages. Furthermore, there were no arrears on
interest payable for loans in the cover pool.

Characteristic Factors of Liquidity (Section 28 (1) S. 1 No. 6 Pfandbrief Act)

Mortgage Pfandbriefe

in €
Dec 31, 2024 Dec 31, 2023
(unless stated otherwise)
Maximum aggregated daily liquidity requirements for the next 180 days acc. to Section 4 (1a) S. 3 Pfandbrief
(218,073,437) (982,692,414)
Act1
1,097,000,00
Cover acc. to Section 4 (1a) (Excess cover + eligible bonds for central bank credit) 733,000,000
0
1
The aggregated daily liquidity requirement is shown on January 30, 2025 for 2024 (2023: April 29, 2024)

Public-Sector Pfandbriefe
in €
Dec 31, 2024 Dec 31, 2023
(unless stated otherwise)
Maximum aggregated daily liquidity requirements for the next 180 days acc. to Section 4 (1a) S. 3 Pfandbrief
(11,950,750) (1,950,750)
Act1
Cover acc. to Section 4 (1a) (Excess cover + eligible bonds for central bank credit) 8,500,000 8,500,000
1
The aggregated daily liquidity requirement is shown on April 14, 2025 for 2024 (2023: April 12, 2024)

Fixed interest share comparison (Section 28 (1) No. 9 Pfandbrief Act)

Mortgage Pfandbriefe
Nominal Value
in € m.
(if not stated otherwise) Dec 31, 2024 Dec 31, 2023
Fixed Interest Mortgage Pfandbriefe 11,459 12,745
As % of Mortgage Pfandbriefe 89 93
Fixed Interest Cover Assets 15,067 16,346
As % of Total Cover Assets 99 100

Net present value per currency (Section 28 (1) No. 10 Pfandbrief Act)
As of December 31, 2024 and December 31, 2023, there were no foreign currencies mortgage loans used as cover for
Mortgage Pfandbriefe.

45
Deutsche Bank Other information
Annual Financial Statements 37 – Disclosures according to Section 28 of the Pfandbrief Act
of Deutsche Bank AG

Additional characteristic factors (Section 28 (1) No. 7, Section 28 (1) No. 11, Sec-
tion 28 (2) No. 3 Pfandbrief Act)
in € m.
Dec 31, 2024 Dec 31, 2023
(unless stated otherwise)
Average Loan-to-Value Ratio weighted using the Mortgage Lending Value (in %)1 54 54
Volume-weighted Average in Years of the Maturity that has passed since the Mortgage Loan was granted2 6 6
Total Claims exceeding the Limits of § 13 (1) PfandBG (Countries without preferential right) 3 0 0
Total nominal value acc. to Section 19 (1) exceeding the limits of Section 19 (1) S. 73 0 0
1
According to § 28 (2) S. 1 No. 3 Pfandbrief Act
2
According to § 28 (2) S. 1 No. 4 Pfandbrief Act
3
According to § 28 (1) S. 1 No. 11 Pfandbrief Act

Receivables applied to cover Public-Sector Pfandbriefe issued, categorized by

size (nominal value) (Section 28 (3) No. 1 Pfandbrief Act)
in € m. Dec 31, 2024 Dec 31, 2023
up and including € 10 million 0.0 0.0
€ 10 million to € 100 million 113.50 110.50
more than € 100 million 0.0 0.0
Total 113.50 110.50

Receivables applied to cover Public-Sector Pfandbriefe issued (nominal value),

by type of debtor respectively guaranteeing body and its registered office
(country) (Section 28 (3) No. 2 Pfandbrief Act)
Dec 31, 2024 Dec 31, 2023
in € m. owed guaranteed owed guaranteed
Germany
Country 0 0 0 0
Regional authorities 0 0 37.0 0
Local authorities 0 0 0 0
Other debtors 0 0 0 0
Total for Germany 0 0 37.0 0
Guaranteed resp. guarantees granted for reasons of export promotion 0 0 0 0
Netherlands
Country 113.5 0 73.5 0
Regional authorities 0 0 0 0
Local authorities 0 0 0 0
Other debtors 0 0 0 0
Total for the Netherlands 113.5 0 73.5 0
Guaranteed resp. guarantees granted for reasons of export promotion 0 0 0 0
Total for owed / guaranteed 0 0 0 0
Total 113.5 0 110.5 0

Characteristics of outstanding Public-Sector Pfandbriefe issued and cover assets

applied (Section 28 (1) S. 1 No. 13 and 14 Pfandbrief Act)
in € m. Dec 31, 2024 Dec 31, 2023
Fixed interest share comparison
Fixed interest public-sector Pfandbriefe (in %) 100.00 100.00
Fixed interest cover assets (in %) 100.00 100.00
Net present value acc. to section 6 of the Pfandbrief- Barwertverordnung by foreign currencies (€ m)
0.0 0.0

46
Deutsche Bank Other information
Annual Financial Statements 40 – Employees
of Deutsche Bank AG

38 – Information pursuant to section 160 (1) number 8 AktG

As of December 31, 2024, Deutsche Bank was aware of the following shareholders who reported a share of at least 3% in
the voting rights each pursuant to Section 33 of the German Securities Trading Act (Wertpapierhandelsgesetz):

BlackRock, Inc., Wilmington, DE, has notified Deutsche Bank that as of October 1, 2024 it held 6.005% of the bank’s shares.
Deutsche Bank has received no further notification by BlackRock, Inc., Wilmington, DE, through December 31, 2024.

Paramount Service Holding Ltd. S.ÀR.L., British Virgin Islands, has notified Deutsche Bank that as of January 25, 2023 it
held 4.54% of the bank’s shares. Deutsche Bank has received no further notification by Paramount Service Holding Ltd.
S.ÀR.L., British Virgin Islands, through December 31, 2024.

Supreme Universal Holdings Ltd., Cayman Islands, has notified Deutsche Bank that as of August 20, 2015 it held 3.05% of
the bank’s shares. Deutsche Bank has received no further notification by Supreme Universal Holdings Ltd., Cayman Islands,
through December 31, 2024.

The Capital Group Companies, Inc., Los Angeles, CA, has notified Deutsche Bank that as of April 10, 2024 it held 3.04% of
the bank’s shares. Deutsche Bank has received no further notification by The Capital Group Companies, Inc., Los Angeles,
CA, through December 31, 2024.

39 – Management Board and Supervisory Board

The members of the Management Board collectively received in the 2024 financial year a total compensation of
€ 50,394,830 (2023: € 55,004,064). The number of share awards granted or pro-forma reported to the members of the
Management Board for the 2024 financial year was 1,683,651 shares (2023: 1,622,508 shares). The corresponding value,
based on the relevant share price of € 20.011 (2023: 12.20 €) per share, was € 33,691,540 (2023: € 19,794,598). For the
first time this includes 392,848 virtual shares which are predominantly cash settled with a corresponding value of €
7,861,281 as well as 1,281,418 pro- forma reported shares with a corresponding target value of € 25,642,455. These units
will be determined on the basis of the final achievement level at the end of the performance period 2024 – 2026 and
legally granted in 2027. For additional information please refer to the Compensation Report in the Annual Report.

Former members of the Management Board or their surviving dependents received € 35,841,194 and € 26,222,817 for the
years ended December 31, 2024 and 2023, respectively. Provisions for pension obligations to former members of the
Management Board and their surviving dependents amounted to € 162,536,491 and € 182,659,862 at December 31, 2024
and 2023, respectively.

The Supervisory Board compensation is regulated in Section 14 of the Articles of Association of Deutsche Bank AG. New
compensation provisions were last adopted by resolution at the Annual General Meeting on May 17, 2023. The total
compensation for the members of the Supervisory Board in 2024 was € 7,775,000 (2023: € 7,404,172). The bank does not
provide members of the Supervisory Board with any benefits after they have left the Supervisory Board.

Loans and advances granted, and contingent liabilities assumed for members of the Management Board amounted to
€ 52,119 and € 28,429 and for members of the Supervisory Board amounted to € 1,256,722 and € 638,839 for the years
ended December 31, 2024 and 2023, respectively. Members of the Management Board repaid no loans in 2024 (2023:
€ 196,810) and members of the Supervisory Board repaid € 67,238 loans in 2024 (2023: € 62,058). Any loans to members
of the Management Board and members of the Supervisory Board are granted at market terms and conditions, or, if
applicable, at the terms and conditions of programs widely available to employees of the bank.

The members of the Management Board and the Supervisory Board are listed on pages 49 to 50.

40 – Employees
The average number of full-time equivalent staff employed during the reporting year was 36,815 (2023: 36,285), 15,866
of whom were women (2023: 15,481). Part-time employees are included proportionately in these figures based on their
working hours. An average of 13,309 (2023: 13,384) staff members worked at branches outside Germany.

47
Deutsche Bank Other information
Annual Financial Statements 43 – Events after the reporting period
of Deutsche Bank AG

41 – Corporate Governance
The Management Board and Supervisory Board of Deutsche Bank AG in October 2024 issued the declaration of conformity
with the German Corporate Governance Code pursuant to section 161 of the Stock Corporation Act (AktG) and made it
permanently accessible on its website (www.db.com/ir/en/documents.htm).

42 – Additional services rendered by the auditor

Deutsche Bank AG and its subsidiaries have received certain audit-related and tax-related services by Deutsche Bank AG’s
auditor of the annual financial statements, EY GmbH & Co. KG Wirtschaftsprüfungsgesellschaft (“EY”).

The audit fees include fees for professional services for the audit of Deutsche Bank AG’s annual financial statements and
consolidated financial statements and do not include the audit fees for DWS and its subsidiaries that are not audited by
EY. The audit-related fees include fees for other assurance services required by law or regulations, in particular for financial
service specific attestation, for quarterly reviews, for spin-off audits and for merger audits, as well as fees for voluntary
assurance services, like voluntary audits for internal management purposes and the issuance of comfort letters. Tax-
related fees include fees for services relating to the preparation and review of tax returns and related compliance
assistance and advice, tax consultation and advice relating to tax planning initiatives and assistance with assessing
compliance with tax regulations.

Information on the fees paid to Deutsche Bank AG’s auditor are disclosed in the Group’s Annual Report.

43 – Events after the reporting period

After the reporting date no material events occurred which had a significant impact on the bank’s results of operations,
financial position and net assets.

48
Deutsche Bank Management bodies
Annual Financial Statements Management Board
of Deutsche Bank AG

Management bodies

Management Board
In the year 2024 the following members belonged
to the Management Board:

Christian Sewing
Chief Executive Officer

James von Moltke

President

Fabrizio Campelli

Bernd Leukert

Alexander von zur Mühlen

Laura Padovani
(since July 1, 2024)

Claudio de Sanctis

Rebecca Short

Prof. Dr. Stefan Simon

Olivier Vigneron

49
Deutsche Bank Management bodies
Annual Financial Statements Supervisory Board
of Deutsche Bank AG

Supervisory Board
In the year 2024 the following members belonged to the Supervisory Board.
In addition, the place of residence of the members of the Supervisory Board is specified.

Alexander Wynaendts Birgit Laumen*

- Chairman - until January 12, 2024

The Hague Alfter

Netherlands Germany

Frank Schulze* Gerlinde M. Siebert*

- Deputy Chairman Frankfurt am Main
Germany
Hanau
Germany

Professor Dr. Norbert Winkeljohann Yngve Slyngstad

- Deputy Chairman Oslo
Norway
Osnabrück
Germany

Susanne Bleidt* Stephan Szukalski*

Bell Ober-Mörlen
Germany Germany

Mayree Clark John Thain

New Canaan Rye
USA USA

Jan Duscheck* Jürgen Tögel*

Berlin Horgau
Germany Germany

Manja Eifert* Michele Trogni

Berlin Riverside
Germany USA

Claudia Fieber* Dr. Dagmar Valcárcel

Berlin Madrid
Germany Spain

Sigmar Gabriel Dr. Theodor Weimer

Goslar Wiesbaden
Germany Germany

Florian Haggenmiller* Frank Witter

- since January 16, 2024 Braunschweig
Germany
Kempten (Allgäu)
Germany

Timo Heider*
Emmerthal
Germany

* Employee representative

50
Deutsche Bank Management bodies
Annual Financial Statements Committees
of Deutsche Bank AG

Committees

Chairman’s Committee
Alexander Wynaendts, Chairman
Timo Heider*, Frank Schulze*, Professor Dr. Norbert Winkeljohann

Nomination Committee
Alexander Wynaendts, Chairman
Mayree Clark, Timo Heider*, Frank Schulze*, Professor Dr. Norbert Winkeljohann

Audit Committee
Frank Witter, Chairman
Susanne Bleidt*, Manja Eifert*, Claudia Fieber* (since January 31, 2024), Birgit Laumen* (until January 12, 2024),
Gerlinde M. Siebert*, Dr. Dagmar Valcárcel, Dr. Theodor Weimer, Professor Dr. Norbert Winkeljohann

Risk Committee
Mayree Clark, Chairperson
Jan Duscheck*, Gerlinde M. Siebert*, Stephan Szukalski*, Michele Trogni, Professor Dr. Norbert Winkeljohann, Alexander
Wynaendts

Regulatory Oversight Committee

Dr. Dagmar Valcárcel, Chairperson
Jan Duscheck*, Sigmar Gabriel, Timo Heider*, Stephan Szukalski*, Alexander Wynaendts

Compensation Control Committee

Professor Dr. Norbert Winkeljohann, Chairman
Jan Duscheck*, Timo Heider*, Jürgen Tögel*, Dr. Dagmar Valcárcel, Alexander Wynaendts

Strategy and Sustainability Committee

John Alexander Thain, Chairman
Mayree Clark, Claudia Fieber*, Florian Haggenmiller* (since January 31, 2024), Birgit Laumen* (until January 12, 2024),
Frank Schulze*, Jürgen Tögel*, Michele Trogni, Alexander Wynaendts

Technology, Data and Innovation Committee

Michele Trogni, Chairperson
Susanne Bleidt*, Manja Eifert*, Claudia Fieber* (until January 31, 2024), Florian Haggenmiller* (since January 31, 2024),
Yngve Slyngstad, Alexander Wynaendts

Mediation Committee
Alexander Wynaendts, Chairman
Timo Heider*, Frank Schulze*, Professor Dr. Norbert Winkeljohann

*Employee representative

51
Deutsche Bank List of mandates
Annual Financial Statements Supervisory Board
of Deutsche Bank AG

List of mandates

Supervisory Board
Mandates according to § 285 No. 10 German Commercial Code (HGB) in
conjunction with § 125 (1) sentence 5 Stock Corporation Act (AktG)
Memberships in statutory supervisory boards as well as in comparable supervisory bodies of German and foreign business
enterprises. Changes in memberships during the year are noted with the date of joining and/or leaving.

As of: February 2025

For Supervisory Board members who left earlier, the mandates are shown as of the date they left. For new Supervisory
Board members, the mandates shown are as of the date they joined.

Members of the Supervisory Board

Mandate-Holder Position Company Mandate
Alexander Wynaendts Chairman of the Supervisory Board, External mandates
Deutsche Bank AG Air France-KLM Group S.A. Member of the Board of Directors
Puissance Holding B.V. Non-Executive Director, Chairman
Uber Payments B.V. Non-Executive Director, Chairman
Uber Technologies, Inc. Member or the Board of Directors
Susanne Bleidt Staff Council Member External mandates

Postbeamtenkrankenkasse Member of the Advisory Board

Mandates in the Group
Postbank Filialvertrieb AG Member of the Supervisory Board
Mayree Clark Supervisory Board Member External mandates
Ally Financial, Inc. Member of the Board of Directors
Allvue Systems Holdings, Inc. Member of the Board of Directors
Jan Duscheck Head of National Working Group No memberships or directorships
Banking, ver.di (Vereinte Dienst- subject to disclosure
leistungsgewerkschaft (United
Services Union))
Manja Eifert Staff Council Member No memberships or directorships
subject to disclosure
Claudia Fieber Staff Council Member No memberships or directorships
subject to disclosure
Sigmar Gabriel Former German Federal Government External mandates
Minister
Heristo AG Member of the Supervisory Board
Siemens Energy AG Member of the Supervisory Board
Siemens Energy Management GmbH Member of the Supervisory Board
ThyssenKrupp Steel Europe AG Chairman of the Supervisory Board
(until September 2024)
Florian Haggenmiller Head of National Working Group External mandates
Information and Communications
Technology, ver.di (Vereinte
Dienstleistungsgewerkschaft (United
Services Union))
IBM Deutschland GmbH Member of the Supervisory Board
IBM Central Holding GmbH Member of the Supervisory Board
Timo Heider Staff Council Member Mandates in the Group
BHW Bausparkasse AG Deputy Chairman of the Supervisory
Board
PCC Services GmbH der Deutschen Deputy Chairman of the Supervisory
Bank Board
Pensionskasse der BHW
Bausparkasse VVaG Deputy Chairman of the Supervisory
Board
Frank Schulze Deputy Chairman of the Supervisory No memberships or directorships
Board Deutsche Bank AG; Staff subject to disclosures
Council Member
Gerlinde M. Siebert Global Head of Governance, No memberships or directorships
Deutsche Bank AG subject to disclosure

52
Deutsche Bank List of mandates
Annual Financial Statements Supervisory Board
of Deutsche Bank AG

Members of the Supervisory Board

Mandate-Holder Position Company Mandate
Yngve Slyngstad Chief Executive Officer, Aker Asset No memberships or directorships
Management AS subject to disclosure
Stephan Szukalski Federal Chairman, Deutscher Mandates in the Group
Bankangestellten-Verband e.V. (DBV)
(German Association of Bank
Employees) – Gewerkschaft der
Finanzdienstleister (Financial Services
Providers Union)
PCC Services GmbH der Deutschen Member of the Supervisory Board
Bank (until August 2024)
John Alexander Thain Supervisory Board Member External mandates
Aperture Investors LLC Member of the Board of Directors
Pine Island Capital Partners LLC Chairman
Uber Technologies, Inc. Member of the Board of Directors
Jürgen Tögel Staff Council Member External mandates

BVV Versicherungsverein des Member of the Supervisory Board

Bankgewerbes a.G.
BVV Versorgungskasse des Member of the Supervisory Board
Bankgewerbes e.V.
Mandates in the Group
BKK Deutsche Bank AG Member of the Advisory Board
Michele Trogni Chief Executive Officer, Zinnia External mandates
Corporate Holdings, LLC;
Operating Partner, Eldridge (until
March 2024)
Everly Life, LLC Member of the Non-Executive Board

Zinnia Corporate Holdings, LLC Chairperson of the Board of Directors

Dr. Dagmar Valcárcel Supervisory Board Member External mandates
amedes Holding GmbH Member of the Supervisory Board
Antin Infrastructure Partners S.A. Member of the Board of Directors
Dr. Theodor Weimer Supervisory Board Member; External mandates
Chairman of the Executive Board
(until September 2024), Co-Chairman
of the Executive Board (from October
2024 until December 2024), Deutsche
Börse AG
Knorr Bremse AG Member of the Supervisory Board
Professor Dr. Norbert Deputy Chairman of the Supervisory External mandates
Winkeljohann Board of Deutsche Bank AG; Bayer AG Chairman of the Supervisory Board
Self-employed Corporate Bohnenkamp AG Chairman of the Supervisory Board
Consultant Norbert Winkeljohann Georgsmarienhütte Holding GmbH Member of the Supervisory Board
Advisory & Investments Sievert SE Chairman of the Supervisory Board
Frank Witter Supervisory Board Member External mandates
CGI Inc. Member of the Board of Directors
Traton SE Member of the Supervisory Board
VfL Wolfsburg-Fußball GmbH Chairman of the Supervisory Board
(until July 2024)

53
Deutsche Bank List of mandates
Annual Financial Statements Management Board
of Deutsche Bank AG

Management Board
Mandates according to § 285 No. 10 German Commercial Code (HGB) in
conjunction with § 125 (1) sentence 5 Stock Corporation Act (AktG)
Memberships in statutory supervisory boards as well as in comparable supervisory bodies of German and foreign business
enterprises. Changes in memberships during the year are noted with the date of joining and/or leaving.

Memberships in statutory supervisory bodies of large German and foreign corporations according to Section 340a (4) No.
1 of the German Commercial Code (HGB) are marked with *.

As of: February 2025

For Management Board members who left earlier, the mandates are shown as of the date they left. For new Management
Board members, the mandates shown are as of the date they joined.

Member of the Management Board

Mandate-Holder Position Company Mandate
Christian Sewing Chairman of the Management Board No memberships or directorships
subject to disclosure
James von Moltke President No memberships or directorships
subject to disclosure
Fabrizio Campelli Member of the Management Board External mandates
BVV Versicherungsverein des Member of the Supervisory Board
Bankgewerbes a.G.* (until June 2024)
BVV Versorgungskasse des Member of the Supervisory Board
Bankgewerbes e.V. (until June 2024)
Bernd Leukert Member of the Management Board External mandates
Bertelsmann SE & Co.KGaA* Member of the Supervisory Board
Mandates in the Group
DWS Group GmbH & Co. KGaA* Member of the Supervisory Board
(until June 2024)
Alexander von zur Mühlen Member of the Management Board No memberships or directorships
subject to disclosure
Laura Padovani Member of the Management Board No memberships or directorships
(since July 1, 2024) subject to disclosure
Claudio de Sanctis Member of the Management Board No memberships or directorships
subject to disclosure
Rebecca Short Member of the Management Board No memberships or directorships
subject to disclosure
Professor Dr. Stefan Simon Member of the Management Board External mandates
The Clearing House Payments Member of the Supervisory Board
Company LLC
Leop. Krawinkel GmbH & Co. KG Chairman of the Advisory Council
Olivier Vigneron Member of the Management Board No memberships or directorships
subject to disclosure

54
Deutsche Bank List of mandates
Annual Financial Statements Employees of Deutsche Bank AG
of Deutsche Bank AG

Employees of Deutsche Bank AG

Mandates according to Section 340a (4) No. 1 of the German Commercial Code
(HGB)
Memberships in statutory supervisory bodies of large German and foreign corporations.

As of: December 31, 2024

Employees of Deutsche Bank AG

Mandate-Holder Company Mandate
Martin Ball Mandates in the Group
DWS Grundbesitz GmbH Member of the Supervisory Board
Ina Bandemer Mandates in the Group
Deutsche Bank Polska Spólka Akcyjna Member of the Supervisory Board
Manuel Beermann Mandates in the Group
PCC Services GmbH der Deutschen Bank Member of the Supervisory Board
Postbank Finanzberatung AG Member of the Supervisory Board
Sigrid Bowenkamp Mandates in the Group
BHW Bausparkasse AG Member of the Supervisory Board
PCC Services GmbH der Deutschen Bank Member of the Supervisory Board
Rüdiger Bronn Mandates in the Group
Deutsche Bank Luxembourg S.A. Chairman of the Supervisory Board
Matthias Buck Mandates in the Group
Deutsche Bank Società per Azioni Member of the Supervisory Board
Dr. Volker Büttner Mandates in the Group
Postbank Direkt GmbH Chairman of the Supervisory Board
Boudewijn Dornseiffen Mandates in the Group
OOO „Deutsche Bank“ Member of the Supervisory Board
Tanja Engelbrecht Mandates in the Group
Deutsche Bank Luxembourg S.A. Member of the Supervisory Board
Sameen Farooqui Mandates in the Group
Deutsche Bank A.S. Member of the Board of Directors
David Feldmann External mandates
Eurex Clearing AG Member of the Supervisory Board
Jan-Philipp Gillmann Mandates in the Group
Deutsche Bank, Sociedad Anónima Española Member of the Supervisory Board
Ramesh Gopal Mandates in the Group
OOO „Deutsche Bank“ Member of the Supervisory Board
Carola Günther External mandates
BVV Pensionsfonds des Bankgewerbes AG Member of the Supervisory Board
BVV Versicherungsverein des Bankgewerbes a.G. Member of the Supervisory Board
Sandra Heinrich Mandates in the Group
Deutsche Bank Polska Spólka Akcyjna Member of the Supervisory Board
Dr. Dominik Hennen Mandates in the Group
BHW Bausparkasse AG Member of the Supervisory Board
Postbank Filialvertrieb AG Chairman of the Supervisory Board
Postbank Finanzberatung AG Chairman of the Supervisory Board
Britta Hercher External mandates
Bankpower GmbH Personaldienstleistungen Member of the Supervisory Board
Jutta Herzog Mandates in the Group
Postbank Filialvertrieb AG Member of the Supervisory Board
Jennifer Hörl Mandates in the Group
Postbank Finanzberatung AG Member of the Supervisory Board
Marissa Horvatin Mandates in the Group
Deutsche Bank Società per Azioni Member of the Supervisory Board
Borislav Ivanov Mandates in the Group
Deutsche Bank Polska Spólka Akcyjna Member of the Supervisory Board
OOO „Deutsche Bank“ Member of the Supervisory Board
Salah Jaidah External mandates
Al Mahar Holding Non-Executive Board Member
TechnoQ Non-Executive Director

55
Deutsche Bank List of mandates
Annual Financial Statements Employees of Deutsche Bank AG
of Deutsche Bank AG

Atul Jain Mandates in the Group

Deutsche Bank A.S. Member of the Board of Directors
Anke Kirn Mandates in the Group
Betriebs-Center für Banken AG Member of the Supervisory Board
PCC Services GmbH der Deutschen Bank Member of the Supervisory Board
Achim Kuhn Mandates in the Group
BHW Bausparkasse AG Chairman of the Supervisory Board
Ralf Leiber Mandates in the Group
Deutsche Bank Società per Azioni Member of the Supervisory Board
Anna Lucarelli External mandates
MTS Spa Mercato Telematico dei Titoli di Stato Non-Executive Director
Chandra Mallika Mandates in the Group
Deutsche India Private Limited Member of the Board of Directors
Bas Marteijn Mandates in the Group
Deutsche Bank Luxembourg S.A. Member of the Supervisory Board
Ole Matthiessen External mandates
S.W.I.F.T. SC Member of the Board of Directors
Mandates in the Group
Deutsche Bank (China) Co., Ltd. Member of the Board of Directors
Christinan Nolting Mandates in the Group
Deutsche Bank, Sociedad Anónima Española Non-Executive Director
Patrick O-Connell Mandates in the Group
DB International (Asia) Limited Member of the Board of Directors
Kirsten Oppenländer Mandates in the Group
Betriebs-Center für Banken AG Chairperson of the Supervisory Board
PCC Service GmbH der Deutschen Bank Chairperson of the Supervisory Board
Dr. Gerald Podobnik Mandates in the Group
Deutsche Bank Luxembourg S.A. Member of the Supervisory Board
Numis Corporation Limited Non-Executive Director
Numis Securities Limited Non-Executive Director
Beaux Pontak External mandates
Latitude Group Holdings Limited Member of the Board of Directors
Sandra Primiero External mandates
AKA Ausfuhrkredit-Gesellschaft mbH Deputy Chairperson of the Supervisory
Board
Barbara Roerig External mandates
AGR Abfallentsorgungs-Gesellschaft Ruhrgebiet mbH Member of the Supervisory Board
Theater + Philharmonie Essen GmbH Chairperson of the Supervisory Board
Dr. Friederike Rotsch External mandates
SAP SE Member of the Supervisory Board
Karsten Rusch External mandates
Postbank SICAV Member of the Advisory Board
Roland Sahr External mandates
Investitionsbank Sachsen-Anhalt Anstalt des öffentlichen Rechts Member of the Board of Directors
(formerly Investitionsbank Sachsen-Anhalt – Anstalt der
Norddeutschen Landesbank Girozentrale)
Nicole Scheidt Mandates in the Group
Betriebs-Center für Banken AG Member of the Supervisory Board
Dr. Tatjana Schierack Mandates in the Group
BHW Bausparkasse AG Member of the Supervisory Board
Postbank Direkt GmbH Member of the Supervisory Board
Rainer Schmitt Mandates in the Group
Betriebs-Center für Banken AG Member of the Supervisory Board
Andrea Schriber Mandates in the Group
Deutsche India Private Limited Member of the Board of Directors
Kaushik Shaparia Mandates in the Group
Deutsche India Private Limited Member of the Board of Directors
Jaishankar Srinivasan Mandates in the Group
DWS Investments Singapore Limited Member of the Board of Directors
Thomas Stahl Mandates in the Group
OOO “Deutsche Bank” Member of the Supervisory Board
Fabian Steinhoff Mandates in the Group
Betriebs-Center für Banken AG Member of the Supervisory Board
Postbank Direkt GmbH Member of the Supervisory Board

56
Deutsche Bank List of mandates
Annual Financial Statements Employees of Deutsche Bank AG
of Deutsche Bank AG

Volker Steuer External mandates

BVV Versicherungsverein des Bankgewerbes a.G. Member of the Supervisory Board
Mandates in the Group
Deutsche Bank Luxembourg S.A. Member of the Supervisory Board
Jana Symmossek Mandates in the Group
Postbank Filialvertrieb AG Member of the Supervisory Board
Dr. Meike Webler Mandates in the Group
Postbank Filialvertrieb AG Member of the Supervisory Board
Daniela Weeth Mandates in the Group
BHW Bausparkasse AG Member of the Supervisory Board
Dr. Jan Dirk Wiedei Mandates in the Group
Betriebs-Center für Banken AG Member of the Supervisory Board
PCC Services GmbH der Deutschen Bank Member of the Supervisory Board
Postbank Filialvertrieb AG Member of the Supervisory Board
Juliane Zimbehl Mandates in the Group
Postbank Direkt GmbH Member of the Supervisory Board

57
Deutsche Bank
Annual Financial Statements
of Deutsche Bank AG

Frankfurt am Main, March 6, 2025

Deutsche Bank Aktiengesellschaft

The Management Board

Christian Sewing James von Moltke Fabrizio Campelli

Bernd Leukert Alexander von zur Mühlen Laura Padovani

Claudio de Sanctis Rebecca Short Stefan Simon

Olivier Vigneron

58
Deutsche Bank Responsibility Statement by the Management Board
Annual Financial Statements
of Deutsche Bank AG

Responsibility Statement by the Management Board

To the best of our knowledge, and in accordance with the applicable reporting principles, the financial statements of
Deutsche Bank AG give a true and fair view of the assets, liabilities, financial position and profit or loss of the Deutsche
Bank AG and the management report of Deutsche Bank AG, which has been combined with the Group management report,
includes a fair review of the development and performance of the business and the position of Deutsche Bank AG, together
with a description of the principal opportunities and risks associated with the expected development of the Deutsche Bank
AG.

Frankfurt am Main, March 6, 2025

Christian Sewing James von Moltke Fabrizio Campelli

Bernd Leukert Alexander von zur Mühlen Laura Padovani

Claudio de Sanctis Rebecca Short Stefan Simon

Olivier Vigneron

59
Deutsche Bank Independent Auditor’s Report
Annual Financial Statements
of Deutsche Bank AG

Independent Auditor’s Report

To Deutsche Bank Aktiengesellschaft, Frankfurt am Main

Report on the audit of the annual financial statements and of

the management report
Opinions
We have audited the annual financial statements of Deutsche Bank Aktiengesellschaft, Frankfurt am Main (which, together
with its dependent branches, forms the Group as defined in ISA [DE] 600 (Revised)), which comprise the balance sheet as
at 31 December 2024, and the income statement for the fiscal year from 1 January 2024 to 31 December 2024, and notes
to the financial statements, including the recognition and measurement policies presented therein. In addition, we have
audited the management report of Deutsche Bank Aktiengesellschaft, which is combined with the group management
report, for the fiscal year from 1 January 2024 to 31 December 2024. In accordance with the German legal requirements,
we have not audited the last paragraph of the section “Risk management principles (chapter risk report)” of the
management report regarding management’s statement on the risk management framework and internal control system
and the content of the combined Corporate Governance Statement pursuant to Sec. 289f and 315d HGB which is
published on the website stated in the management report and is part of the management report and the content of the
non-financial statement pursuant to Sec. 289b and 315d HGB in section “Sustainability Statement” of the group
management report.

In our opinion, on the basis of the knowledge obtained in the audit,

– the accompanying annual financial statements comply, in all material respects, with the requirements of German
commercial law applicable to institutions and give a true and fair view of the assets, liabilities and financial position of
the Institution as at 31 December 2024 and of its financial performance for the fiscal year from 1 January 2024 to
31 December 2024 in compliance with German legally required accounting principles, and
– the accompanying management report as a whole provides an appropriate view of the Institution’s position. In all
material respects, this management report is consistent with the annual financial statements, complies with German
legal requirements and appropriately presents the opportunities and risks of future development. We do not express an
opinion on the last paragraph of the section “Risk management principles” (chapter “risk report”) of the management
report regarding management’s statement on the risk management framework referred to above and internal control
system referred to above and on the content of the combined Corporate Governance Statement referred to above or
the non-financial statement referred to above.

Pursuant to Sec. 322 (3) Sentence 1 HGB, we declare that our audit has not led to any reservations relating to the legal
compliance of the annual financial statements and of the management report.

Basis for the opinions

We conducted our audit of the annual financial statements and of the management report in accordance with Sec. 317
HGB and the EU Audit Regulation (No 537/2014, referred to subsequently as "EU Audit Regulation") and in compliance
with German Generally Accepted Standards for Financial Statement Audits promulgated by the Institut der
Wirtschaftsprüfer [Institute of Public Auditors in Germany] (IDW). Our responsibilities under those requirements and
principles are further described in the "Auditor’s responsibilities for the audit of the annual financial statements and of the
management report" section of our auditor’s report. We are independent of the Institution in accordance with the
requirements of German commercial and professional law, and we have fulfilled our other German professional
responsibilities in accordance with these requirements. In addition, in accordance with Art. 10 (2) f) of the EU Audit
Regulation, we declare that we have not provided non-audit services prohibited under Art. 5 (1) of the EU Audit Regulation.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinions on
the annual financial statements and on the management report.

60
Deutsche Bank Independent Auditor’s Report
Annual Financial Statements
of Deutsche Bank AG

Key audit matters in the audit of the annual financial statements

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the annual
financial statements for the fiscal year from 1 January 2024 to 31 December 2024. These matters were addressed in the
context of our audit of the annual financial statements as a whole, and in forming our opinion thereon; we do not provide
a separate opinion on these matters.

Below, we describe what we consider to be the key audit matters:

1. Valuation of financial instruments with related inputs not quoted in active

markets
Reasons why the matter was determined to be a key audit matter
Management uses valuation techniques to establish the fair value financial instruments with related inputs not quoted in
active markets. The Bank held trading assets and trading liabilities of EUR 301,057m and EUR 216,798m respectively as of
31 December 2024. Both accounts also contain financial instruments whose valuation is based on unobservable inputs.

Financial instruments with related inputs that are not quoted in active markets include structured derivatives valued using
complex models; more-complex or illiquid OTC derivatives; distressed debt; highly-structured bonds; illiquid loans,
including those relating to commercial real estate; credit spreads used to determine valuation adjustments; and other
significant inputs which cannot be observed for financial instruments with longer-dated maturities.

As the valuation of financial instruments with related inputs not quoted in active markets is based on a high degree on
management’s assumptions and judgments due to the complex nature of the valuation techniques and models being
utilized and the unobservability of the significant inputs used, this is a key audit matter.

Auditor’s response
We obtained an understanding, evaluated the design and tested the operating effectiveness of the controls over
management’s processes to determine fair value of financial instruments and determination of significant unobservable
inputs therein. This includes controls relating to independent price verification; independent validation of valuation
models, including assessment of model limitations; monitoring of valuation model usage; and calculation of fair value
adjustments.

We evaluated the valuation techniques, models and methodologies, and tested the significant inputs used in those models.
We performed an independent revaluation of a sample of derivatives and other financial instruments at fair value that are
not quoted in active markets, using independent models and inputs. We also independently assessed the reasonableness
of a sample of proxy inputs used by comparing to market data sources and evaluated their relevance to the related financial
instruments.

In addition, we evaluated the methodology and inputs used by management in determining fair value adjustments against
the requirements of Sec. 340e HGB and performed recalculations for a sample of these valuation adjustments using our
own independent data and methodology.

We involved internal financial instruments valuation specialists in the procedures related to valuation models, independent
revaluation and fair value adjustments.

Our procedures did not lead to any reservations relating to the valuation of financial instruments with related inputs not
quoted in active markets.

Reference to related disclosure

Information on the valuation techniques, models and methodologies used in the measurement of fair value is provided in
the sections "General Information, Basis of Presentation" and "Notes to the Balance Sheet, Trading Assets and Liabilities"
in the notes to the annual financial statements.

61
Deutsche Bank Independent Auditor’s Report
Annual Financial Statements
of Deutsche Bank AG

2. Inclusion of forward-looking information in the model-based calculation of

expected credit losses
Reasons why the matter was determined to be a key audit matter
Management has adopted the requirements of IDW AcP BFA 7 and recognizes a credit loss allowance in accordance with
IFRS 9 for financial assets which are considered to have experienced a significant increase in credit risk since initial
recognition.

The estimated probabilities of default (PD) used in the model-based calculation of expected credit losses on non-defaulted
financial instruments (IFRS 9 stage 1 and stage 2) are based on historical information, combined with current economic
developments and forward-looking macroeconomic forecasts (e.g. gross domestic product and unemployment rates).
Statistical techniques are used to transform the base scenario for future macroeconomic developments into multiple
scenarios. These scenarios are the basis for deriving multi-year PD curves for different rating and counterparty classes,
which are used in the calculation of expected credit losses.

Given the economic uncertainties regarding pronounced movements in interest rates, current geopolitical conflicts and
other sources of volatility impacting macroeconomic variables, the estimation of forward-looking information requires
significant judgment. To reflect these uncertainties, management must assess whether to make adjustments to its
standard process for inclusion of macroeconomic variables into the expected credit loss model and forecasting methods,
either by adjusting the macroeconomic variables or through the inclusion of management overlays.

In view of the significant holdings of non-defaulted financial instruments subject to impairment under IFRS 9 and the
economic uncertainty and significant use of judgment, we consider the inclusion of forward-looking information in the
model-based calculation of expected credit losses, any adjustments thereof, to be a key audit matter.

Auditor’s response
We obtained an understanding of the processes implemented by management, assessed the design of the controls over
the selection, determination, monitoring and validation of forward-looking information in respect of the requirements
under IFRS 9, and tested their operating effectiveness.

We evaluated management’s review of its expected credit loss model and forecasting methods conducted through the
model validation process. Furthermore, we evaluated the methods used to include the selected variables in the baseline
scenario and the derivation of the multiple scenarios.

We assessed the baseline macroeconomic forecasts by comparing them with macroeconomic forecasts published by
external sources.

We also evaluated the methodology applied by management to determine whether to adjust its standard process for
inclusion of macroeconomic variables or to adjust the model results through management overlays. In doing so, we
assessed the results of management’s sensitivity analysis and compared the macroeconomic variables used to our own
benchmark analysis. We also assessed that the adjustments were included in the calculation of expected credit losses
according to management’s methodology.

To assess the inclusion of forward-looking information in the model-based calculation of expected credit losses, we
involved internal credit risk modelling specialists.

Our procedures did not lead to any reservations relating to the inclusion of forward-looking information in the model-
based calculation of expected credit losses.

Reference to related disclosures

Information on the inclusion of forward-looking information in the model-based calculation of expected credit losses is
provided in section "General Information, Basis of Presentation" in the notes to the annual financial statements.

62
Deutsche Bank Independent Auditor’s Report
Annual Financial Statements
of Deutsche Bank AG

3. Expected credit losses for defaulted commercial real estate loans

Reasons why the matter was determined to be a key audit matter
Management has adopted the requirements of IDW AcP BFA 7 and recognizes a credit loss allowance in accordance with
IFRS 9 for financial assets which are considered to have experienced a significant increase in credit risk since initial
recognition.

Identifying and calculating the expected credit losses for defaulted loan exposures involves various assumptions and
estimation of inputs, particularly regarding the solvency of the borrower, expectations of future cash flows, observable
market prices and expected proceeds from the realization of collateral.

In view of an increase in defaulted loan exposures relating to the commercial real estate business and the economic
uncertainty and significant use of judgment, we consider expected credit losses (ECL) for defaulted commercial real estate
loans as a key audit matter.

Auditor’s response
We obtained an understanding of the processes for identifying and calculating expected credit losses for borrowers in the
commercial real estate loans business. We assessed the design and tested the operating effectiveness of controls related
to credit risk rating, the application of default criteria and transfer to stage 3 in accordance with IFRS 9 and the calculation
of the expected credit loss.

We evaluated the criteria used by management to determine defaulted loans in accordance with IFRS 9.

For a sample of commercial real estate loans we analyzed the application of default criteria used for ECL-Staging. For
loans classified as stage 3 we assessed the significant assumptions concerning the estimated future cash flows from the
loan exposures, by assessing the collateral value, the solvency of the borrower and the publicly available market and
industry forecasts. We searched for and evaluated information that corroborates or contradicts management’s forecasted
assumptions. We also tested the arithmetical accuracy of the expected credit loss calculated for defaulted exposures.

We involved internal specialists to assess the valuation of commercial real estate collateral on a sample basis.

Our procedures did not lead to any reservations relating to the expected credit losses for defaulted commercial real estate
loans.

Reference to related disclosures

Information on the Bank’s commercial real estate loans business is included in the section “General Information, Basis of
Presentation” in the notes to the annual financial statements as well as the section “Commercial Real Estate” in the chapter
“Credit Risk Exposure” (Focus Areas in 2024) of the Risk Report (in the combined management report).

4. Valuation of investments in affiliated companies

Reasons why the matter was determined to be a key audit matter
As of 31 December 2024, the Bank reported investments in affiliated companies of EUR 31,683m.

Investments in affiliated companies are carried at acquisition cost or, in the case of a permanent impairment, at the lower
fair value. The fair value is determined using a discounted cash flow model for the respective affiliated company. In this
context, significant assumptions are made regarding, the earnings projections and the discount rate. The discount rate is
derived using the Capital Asset Pricing Model.

As the measurement of investments in affiliated companies involves a high degree of judgment due to the earnings
projections and discount rate contained in the discounted cash flow model this is a key audit matter.

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Annual Financial Statements
of Deutsche Bank AG

Auditor’s response
We obtained an understanding of the process for preparing the earnings projections and calculating the fair value of
investments in affiliates. In this respect, we also obtained an understanding of management’s controls regarding the
earnings projections and the discount assessed the design of such controls and tested their operating effectiveness.

We analyzed the significant assumptions described above with a focus on significant changes compared with the prior
year. In this regard, we assessed the consistency and reasonableness of the significant assumptions used in the discounted
cash flow model by comparing them with external market expectations.

In analyzing the expected future cash flows of the investments in affiliates, we compared the earnings projections with the
prior fiscal year’s projections and with the actual results achieved and evaluated any significant deviations. Furthermore,
we assessed the discount rate by comparing it to a range of externally available forecasts. To assess the above
assumptions made in the recoverability of investments in affiliated companies we involved internal business valuation
specialists.

Our procedures did not lead to any reservations relating to the valuation of investments in affiliated companies.

Reference to related disclosures

Information on the valuation of investments in affiliated companies is provided in the notes to the annual financial
statements in the sections "General Information, Basis of Presentation" and in the "Notes to the Balance Sheet, Information
on Affiliated, Associated and Related Companies".

5. Recognition and measurement of deferred tax assets

Reasons why the matter was determined to be a key audit matter
As of 31 December 2024, the Bank reported deferred taxes of EUR 6,121m.

The recognition and measurement of deferred tax assets is based on the estimation of the ability to utilize unused tax
losses and deductible temporary differences against potential future taxable income. This estimate is based, among others,
on assumptions regarding forecasted operating results based upon the approved business plan.

In light of the use of judgment in estimation of future taxable income and the ability to use tax losses the recognition and
measurement of deferred tax assets is a key audit matter.

Auditor’s response
We obtained an understanding of the process to determine whether deductible temporary differences and unused tax
losses are identified in different jurisdictions and measured in accordance with the provisions of tax law and rules for
accounting for deferred taxes under Sec. 274 HGB, evaluated the design and tested the operating effectiveness of the
related controls.

We tested the assumptions used to develop and allocate elements of the approved business plan as a basis for estimating
the future taxable income of the relevant controlled companies and tax groups.

Furthermore, we evaluated the recognition of deferred tax assets by analyzing the key assumptions made in estimating
future taxable income. We assessed the estimates made in the forecasted operating results by comparing the underlying
key assumptions with historical and prospective data available externally. We compared the historical forecasts with the
actual results. In addition, we assessed the estimated tax adjustments and we performed sensitivity analyses on the
utilization periods of the respective deferred tax assets.

To assess the assumptions used in the recoverability of the deferred tax assets, we involved our tax professionals and
internal business valuation specialists.

Our procedures did not lead to any reservations relating to the recognition and measurement of the deferred tax assets.

Reference to related disclosures

Information on the recognition and measurement of deferred taxes is provided in the sections "General Information, Basis
of Presentation" and "Notes to the Balance Sheet, Deferred Taxes" in the notes to the annual financial statements.

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Annual Financial Statements
of Deutsche Bank AG

6. Provisions and contingent liabilities for civil litigation and regulatory

enforcement
Reasons why the matter was determined to be a key audit matter
As of 31 December 2024, the Bank´s provisions for civil litigation and regulatory enforcement were EUR 969 million.

The Bank operates in a legal and regulatory environment that exposes it to significant litigation risks. The estimates for
recognition and measurement of provisions or disclosure of contingent liabilities are based upon currently available
information and a variety of assumptions and variables.

Significant judgment is required in assessing probability and estimating the amount of an outflow of economic resources
given the inherent uncertainties that exist in civil litigation and regulatory enforcement matters.

Due to the significant subjectivity involved in management’s estimate of the probability and amount of outflow of
economic resources for selected civil litigation and regulatory enforcement matters, this is a key audit matter.

Auditor’s response
We obtained an understanding, evaluated the design and tested the operating effectiveness of management’s controls
over the process for recognising and measuring provisions and disclosing contingent liabilities for civil litigation and
regulatory enforcement.

During the audit, we evaluated the assessment of probability and the estimate of economic resources expended by
management, including the assumptions and variables applied to the relevant issue. Our audit procedures included the
inspection of internal and external legal opinions, which provide a detailed explanation of legal judgment and
interpretation. We also reviewed the minutes of key management committee meetings (including the Executive Board) and
related correspondence, such as legal proceedings, settlement agreements, regulatory investigations, and investigation
reports. To assess the information provided by management, we obtained information directly from external legal counsel
and consulted external lawyers as necessary.

We consulted internal valuation specialists to assess the measurement methods for the provision amounts in relevant
matters and internal legal specialists to assess the probability of an outflow and the amount of the provision recognized
for selected matters.

Our audit procedures did not lead to any reservations relating to the completeness and accuracy of the provisions for civil
and regulatory proceedings.

Reference to related disclosures

Disclosures on the measurement of provisions for legal cases are contained in notes 1 and 20 to the annual financial
statements.

7. IT Access and Change Management in the financial reporting

Reasons why the matter was determined to be a key audit matter
The accuracy of the Bank’s financial reporting is highly dependent on the reliability and the continuity of the used
information technology due to the significant number of transactions that are processed daily.

Given the high dependency on reliable and continuing data processing and given the pervasive nature of IT controls on
the internal control system, we consider IT Access and Change Management in the Bank’s financial reporting as a key audit
matter.

Auditor’s response
We assessed the IT control environment including the IT general controls as well as the IT application controls relevant to
the Bank’s financial reporting. Our procedures also covered the changes during the year on the current IT control
environment.

Moreover, we tested the operating effectiveness of prevent and detect IT general controls related to user access
management and change management across applications, databases and operating systems. Additionally, we tested IT
application controls over automated data processing, data feeds and interfaces. Our audit procedures related to IT access
management included, but were not limited to, user access provisioning and removal, privileged user access, periodic
access right recertifications, system security settings and user authentication controls.

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Annual Financial Statements
of Deutsche Bank AG

Our audit procedures related to IT change management included, but were not limited to, evaluating if changes in the
productive environment were tested and approved prior to implementation and the ability to deploy changes was
restricted to authorized users.

To assess the IT Access and Change Management in the Bank’s financial reporting process, we involved internal
professionals who have particular expertise in the area of IT audits.

Our procedures relating to the IT access and change management did not lead to any reservations in the Bank’s financial
reporting.

Reference to related disclosures

For a general description of internal controls over the financial reporting, we refer to the combined management report in
section "Internal Control over Financial Reporting".

Other information
The executive directors are responsible for the other information. The other information comprises

– the non-financial statement referred to above,

– the last paragraph of the section risk management principles (chapter “risk report”) of the management report regarding
management’s statement on the risk management framework and internal control system referred to above,
– the summarized "Declaration on Corporate Governance pursuant to Sec. 289f and 315d HGB" published on the website
stated in the management report,

and the following other parts to be included in the annual report, of which we obtained a version prior to issuing this
auditor’s report:

– the Responsibility Statement pursuant to Sec. 264 (2) Sentence 3 HGB in conjunction with Sec. 289 (1) Sentence 5 HGB,

but not the annual financial statements, not the management report disclosures whose content is audited and not our
auditor’s report thereon.

Our opinions on the annual financial statements and on the management report do not cover the other information, and
consequently we do not express an opinion or any other form of assurance conclusion thereon.

In connection with our audit, our responsibility is to read the other information and, in so doing, to consider whether the
other information

– is materially inconsistent with the annual financial statements, with the management report or our knowledge obtained
in the audit, or
– otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we
are required to report that fact. We have nothing to report in this regard.

Responsibilities of the executive directors and the Supervisory Board for the
annual financial statements and the management report
The executive directors are responsible for the preparation of the annual financial statements that comply, in all material
respects, with the requirements of German commercial law applicable to institutions, and that the annual financial
statements give a true and fair view of the assets, liabilities, financial position and financial performance of the Institution
in compliance with German legally required accounting principles. In addition, the executive directors are responsible for
such internal control as they, in accordance with German legally required accounting principles, have determined
necessary to enable the preparation of annual financial statements that are free from material misstatement, whether due
to fraud (i.e., fraudulent financial reporting and misappropriation of assets) or error.

In preparing the annual financial statements, the executive directors are responsible for assessing the Institution’s ability
to continue as a going concern. They also have the responsibility for disclosing, as applicable, matters related to going
concern. In addition, they are responsible for financial reporting based on the going concern basis of accounting, provided
no actual or legal circumstances conflict therewith.

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Annual Financial Statements
of Deutsche Bank AG

Furthermore, the executive directors are responsible for the preparation of the management report that, as a whole,
provides an appropriate view of the Institution’s position and is, in all material respects, consistent with the annual financial
statements, complies with German legal requirements and appropriately presents the opportunities and risks of future
development. In addition, the executive directors are responsible for such arrangements and measures (systems) as they
have considered necessary to enable the preparation of a management report that is in accordance with the applicable
German legal requirements, and to be able to provide sufficient appropriate evidence for the assertions in the management
report.

The Supervisory Board is responsible for overseeing the Institution’s financial reporting process for the preparation of the
annual financial statements and of the management report.

Auditor’s responsibilities for the audit of the annual financial statements and of
the management report
Our objectives are to obtain reasonable assurance about whether the annual financial statements as a whole are free from
material misstatement, whether due to fraud or error, and whether the management report as a whole provides an
appropriate view of the Institution’s position and, in all material respects, is consistent with the annual financial statements
and the knowledge obtained in the audit, complies with the German legal requirements and appropriately presents the
opportunities and risks of future development, as well as to issue an auditor’s report that includes our opinions on the
annual financial statements and on the management report.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
Sec. 317 HGB and the EU Audit Regulation and in compliance with German Generally Accepted Standards for Financial
Statement Audits promulgated by the Institut der Wirtschaftsprüfer (IDW) will always detect a material misstatement.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of these annual financial
statements and this management report.

We exercise professional judgment and maintain professional skepticism throughout the audit. We also:

– Identify and assess the risks of material misstatement of the annual financial statements and of the management report,
whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis for our opinions. The risk of not detecting a material misstatement
resulting from fraud is higher than the risk of not detecting a material misstatement resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
– Obtain an understanding of internal control relevant to the audit of the annual financial statements and of
arrangements and measures (systems) relevant to the audit of the management report in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Banks’s internal control and of such arrangements and measures.
– Evaluate the appropriateness of accounting policies used by the executive directors and the reasonableness of
estimates made by the executive directors and related disclosures.
– Conclude on the appropriateness of the executive directors’ use of the going concern basis of accounting and, based
on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the Institution’s ability to continue as a going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in the auditor’s report to the related disclosures in the annual financial
statements and in the management report or, if such disclosures are inadequate, to modify our respective opinion. Our
conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or
conditions may cause the Institution to cease to be able to continue as a going concern.
– Evaluate the overall presentation, structure and content of the annual financial statements, including the disclosures,
and whether the annual financial statements present the underlying transactions and events in a manner that the annual
financial statements give a true and fair view of the assets, liabilities, financial position and financial performance of the
Institution in compliance with German legally required accounting principles.
– Plan and perform the audit as we would a group audit as defined in ISA [DE] 600 (Revised) to obtain sufficient
appropriate audit evidence regarding the financial information of the dependent branches within the Group as defined
in ISA [DE] 600 (Revised) as a basis for forming opinions on the annual financial statements and on the management
report. We are responsible for the direction, supervision and review of the work performed for the group audit. We
remain solely responsible for our audit opinions.
– Evaluate the consistency of the management report with the annual financial statements, its conformity with German
Trading Law, and the view of the Institution’s position it provides.
– Perform audit procedures on the prospective information presented by the executive directors in the management
report. On the basis of sufficient appropriate audit evidence we evaluate, in particular, the significant assumptions used
by the executive directors as a basis for the prospective information and evaluate the proper derivation of the

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Annual Financial Statements
of Deutsche Bank AG

prospective information from these assumptions. We do not express a separate opinion on the prospective information
and on the assumptions used as a basis. There is a substantial unavoidable risk that future events will differ materially
from the prospective information.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of
the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our
audit.

We also provide those charged with governance with a statement that we have complied with the relevant independence
requirements, and communicate with them all relationships and other matters that may reasonably be thought to bear on
our independence and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the annual financial statements of the current period and are therefore the key audit matters.
We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter.

Other legal and regulatory requirements

Report on the assurance on the electronic rendering of the annual financial statements and the management report
prepared for publication purposes in accordance with Sec. 317 (3a) HGB

Opinion
We have performed assurance work in accordance with Sec. 317 (3a) HGB to obtain reasonable assurance about whether
the rendering of the annual financial statements and the management report (hereinafter the “ESEF documents”)
contained in Deutsche_Bank_AG_JA+LB_ESEF-2024-12-31.zip and prepared for publication purposes complies in all
material respects with the requirements of Sec. 328 (1) HGB for the electronic reporting format (“ESEF format”). In
accordance with German legal requirements, this assurance work extends only to the conversion of the information
contained in the annual financial statements and the management report into the ESEF format and therefore relates
neither to the information contained within these renderings nor to any other information contained in the file identified
above.

In our opinion, the rendering of the annual financial statements and the management report contained in the file identified
above and prepared for publication purposes complies in all material respects with the requirements of Sec. 328 (1) HGB
for the electronic reporting format. Beyond this assurance opinion and our audit opinions on the accompanying annual
financial statements and the accompanying management report for the fiscal year from 1 January 2024 to 31 December
2024 contained in the “Report on the audit of the annual financial statements and of the management report” above, we
do not express any assurance opinion on the information contained within these renderings or on the other information
contained in the file identified above.

Basis for the opinion

We conducted our assurance work on the rendering of the annual financial statements and the management report
contained in the file identified above in accordance with Sec. 317 (3a) HGB and the IDW Assurance Standard: Assurance
on the Electronic Rendering of Financial Statements and Management Reports Prepared for Publication Purposes in
Accordance with Sec. 317 (3a) HGB (IDW AsS 410) (06.2022) and the International Standard on Assurance Engagements
3000 (Revised). Our responsibility in accordance therewith is further described in the “Auditor’s responsibilities for the
assurance work on the ESEF documents” section. Our audit firm applies the IDW Standard on Quality Management 1:
Requirements for Quality Management in the Audit Firm (IDW QMS 1(09.2022)).

Responsibilities of the executive directors and the Supervisory Board for the
ESEF documents
The executive directors of the Company are responsible for the preparation of the ESEF documents including the
electronic rendering of the annual financial statements and the management report in accordance with Sec. 328 (1)
Sentence 4 No. 1 HGB.

In addition, the executive directors of the Company are responsible for such internal control as they have determined
necessary to enable the preparation of ESEF documents that are free from material intentional or unintentional non-
compliance with the requirements of Sec. 328 (1) HGB for the electronic reporting format.

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Annual Financial Statements
of Deutsche Bank AG

The supervisory board is responsible for overseeing the process for preparing the ESEF documents as part of the financial
reporting process.

Auditor’s responsibilities for the assurance work on the ESEF documents

Our objective is to obtain reasonable assurance about whether the ESEF documents are free from material intentional or
unintentional non-compliance with the requirements of Sec. 328 (1) HGB. We exercise professional judgment and maintain
professional skepticism throughout the assurance work. We also:

– Identify and assess the risks of material intentional or unintentional non-compliance with the requirements of Sec. 328
(1) HGB, design and perform assurance procedures responsive to those risks, and obtain assurance evidence that is
sufficient and appropriate to provide a basis for our assurance opinion.
– Obtain an understanding of internal control relevant to the assurance on the ESEF documents in order to design
assurance procedures that are appropriate in the circumstances, but not for the purpose of expressing an assurance
opinion on the effectiveness of these controls.
– Evaluate the technical validity of the ESEF documents, i.e., whether the file containing the ESEF documents meets the
requirements of Commission Delegated Regulation (EU) 2019/815, in the version in force at the date of the financial
statements, on the technical specification for this file.
– Evaluate whether the ESEF documents enable an XHTML rendering with content equivalent to the audited annual
financial statements and to the audited management report.

Further information pursuant to Art. 10 of the EU Audit Regulation

We were elected as auditor by the Annual General Meeting on 16 May 2024. We were engaged by the Supervisory Board
on 30 June 2024. We have been the auditor of Deutsche Bank Aktiengesellschaft without interruption since fiscal year
2020.

We declare that the opinions expressed in this auditor’s report are consistent with the additional report to the Audit
Committee pursuant to Art. 11 of the EU Audit Regulation (long-form audit report).

Other matter – use of the auditor’s report

Our auditor’s report must always be read together with the audited annual financial statements and the audited
management report as well as the assured ESEF documents. The annual financial statements and the management report
converted to the ESEF format – including the versions to be published in the Unternehmensregister–[ German Company
Register] are merely electronic renderings of the audited annual financial statements and the audited management report
and do not take their place. In particular, the ESEF report and our assurance opinion contained therein are to be used solely
together with the assured ESEF documents made available in electronic form.

German Public Auditor responsible for the engagement

The German Public Auditor responsible for the engagement is Mr. Holger Lösken.

Eschborn/Frankfurt am Main, 10 March 2025

EY GmbH & Co. KG

Wirtschaftsprüfungsgesellschaft

Lösken Mai
Wirtschaftsprüfer Wirtschaftsprüfer
[German Public Auditor] [German Public Auditor]

69
2025 2026
Financial Calendar Financial Calendar

January 30, 2025 January 29, 2026

Preliminary results for the 2024 financial year Preliminary results for the 2025 financial year

March 13, 2025 March 12, 2026

Annual Report 2024 and Form 20-F Annual Report 2025 and Form 20-F

April 29, 2025 April 29, 2026

Earnings Report as of March 31, 2025 Earnings Report as of March 31, 2026

May 22, 2025 May 21, 2026

Annual General Meeting Annual General Meeting

July 24, 2025 July 29, 2026

Interim Report as of June 30, 2025 Interim Report as of June 30, 2026

October 29, 2025 October 28, 2026

Earnings Report as of September 30, 2025 Earnings Report as of September 30, 2026

Contact for inquiries

Deutsche Bank AG
Frankfurt, Germany
Phone: +49 69 910-00
[email protected]