Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 582

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 582
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 of the designated risk. The change in both the hypothetical and hedging instrument fair value used for effectiveness testing is driven by FX spot risk only, and is expected to offset (subject to a positive capacity test result).

| 313 |

| Deutsche Bank      |
| Annual Report 2024 |

As of December 31, 2024 the longest term cash flow hedge matures in 2036.

As of December 31, 2024 the longest FX CFH matures in 2032.

The financial instruments designated as cash flow hedges are recognized as Loans at amortized cost in the Group’s Consolidated Balance Sheet.

Financial instruments designated in the FX CFH are recognized as Debt Securities HTC at amortized cost in the Groups Consolidated Balance Sheet.

Net investment hedge accounting

Derivatives held as net investment hedges

|                                           |     | Dec 31, 2024 |     |             |     |                |     |                                         2024 |     | Dec 31, 2023 |     |             |     |                |     |                                         2023 |
|:------------------------------------------|:----|-------------:|:----|------------:|:----|---------------:|:----|---------------------------------------------:|:----|-------------:|:----|------------:|:----|---------------:|:----|---------------------------------------------:|
| in € m.                                   |     |       Assets |     | Liabilities |     | Nominal amount |     | Fair Valuechanges usedfor hedgeeffectiveness |     |       Assets |     | Liabilities |     | Nominal amount |     | Fair Valuechanges usedfor hedgeeffectiveness |
| Derivatives held as net investment hedges |     |          189 |     |       1,595 |     |         45,517 |     |                                       -2,442 |     |          736 |     |         157 |     |         42,751 |     |                                          317 |

|                                 |     |                                   2024 |     |                      |     |                                   2023 |     |                      |
| in € m.                         |     | Fair value changesrecognized inEquity1 |     | Hedgeineffectiveness |     | Fair value changesrecognized inEquity1 |     | Hedgeineffectiveness |
| Result of net investment hedges |     |                                 -2,384 |     |                  -81 |     |                                   -169 |     |                 -138 |

1 Reported in equity refers to accumulated