Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 518

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 518
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 development and adverse competition levels in key markets and products beyond expected levels                                                                                                     
 —Business/execution risks, e.g., underachievement of net flow targets from market uncertainty, loss of high-quality client facing employees, unfavorable investment performance, lower than expected efficiency gains 
 —Uncertainty around regulation and its potential implications not yet anticipated                                                                                                                                     |

Sensitivities : In order to test the resilience of the recoverable amount, key assumptions used in the DCF model (for example, the discount rate and the earnings projections) are sensitized. Currently, in Asset Management the recoverable amount exceeds the carrying amount by 24 % / € 1.7 billion.

Change in certain key assumptions to cause the recoverable amount to equal the carrying amount

| Change in Key Assumptions                             |     | Asset Management |
| Discount rate (post tax) increase                     |     |                  |
| from                                                  |     | 10.4%            |
| to                                                    |     | 12.3%            |
| Change in projected future earnings in each period by |     | (16.9) %         |
| Long term growth rate                                 |     |                  |
| from                                                  |     | 3.3%             |
| to                                                    |     | N/M              |

N/M – Not meaningful, as a rate of 0% would still lead to a recoverable amount in excess of the carrying amount

| 272 |

| Deutsche Bank      |
| Annual Report 2024 |

Other Intangible Assets

Changes of other intangible assets by asset classes for the years ended December 31, 2024 and December 31, 2023

|                                               |     |          Purchased intangible assets |     |       |     |                                           |     |                                  |     |                                |     |                  |     |                                         |     | Internallygeneratedintangibleassets |     | Total otherintangibleassets |
|                                               |     |                          Unamortized |     |       |     |                                           |     |                        Amortized |     |                                |     |                  |     |                                         |     |                           Amortized |     |                             |
| in € m.                                       |     | Retailinvestmentmanagementagreements |     | Other |     | Totalunamortizedpurchasedintangibleassets |     | Customer-relatedintangibleassets |     | Contract-basedintangibleassets |     | Softwareandother |     | Totalamortizedpurchasedintangibleassets |     |                            Software |