Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 493

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 493
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, and this will lead to an increase in value of a long-correlation derivative. Negative correlations suggest that the relationship between underlying references is opposing, i.e., an increase in price of one underlying reference will lead to a reduction in the price of the other. An EBITDA (‘earnings before interest, tax, depreciation and amortization’) multiple approach can be used in the valuation of less liquid securities. Under this approach the enterprise value (‘EV’) of an entity can be estimated via identifying the ratio of the EV to EBITDA of a comparable observable entity and applying this ratio to the EBITDA of the entity for which a valuation is being estimated. Under this approach a liquidity adjustment is often applied due to the difference in liquidity between the generally listed comparable used and the company under valuation. A higher EV/EBITDA multiple will result in a higher fair value.

| 249 |

| Deutsche Bank      |
| Annual Report 2024 |

Financial instruments classified in Level 3 and quantitative information about unobservable inputs

|                                                                                                    |     | Dec 31, 2024 |     |             |     |                         |     |                                            |     |       |     |       |
|:---------------------------------------------------------------------------------------------------|:----|-------------:|:----|------------:|:----|:------------------------|:----|:-------------------------------------------|:----|------:|:----|------:|
|                                                                                                    |     |   Fair value |     |             |     |                         |     |                                            |     |       |     |       |
| in € m.(unless stated otherwise)                                                                   |     |       Assets |     | Liabilities |     | Valuation technique(s)¹ |     | Significant unobservableinput(s) (Level 3) |     | Range |     |       |
| Financial instruments held at fair value –Non-Derivative financial instruments held at fair value: |     |              |     |             |     |                         |     |                                            |     |       |     |       |
| Mortgage and other asset backedsecurities held for trading:                                        |     |              |     |             |     |                         |     |                                            |     |       |     |       |
| Commercial mortgage-backedsecurities                                                               |     |           31 |     |           0 |     | Price based             |     | Price                                      |     |    0% |     |  102% |
|                                                                                                    |     |              |     |             |     | Discounted cash