Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 517

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 517
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 overall macroeconomic and regulatory environments. Earnings projections beyond the initial five-year period are, where applicable, adjusted to derive a sustainable level. In case of a going concern, the cash flow to equity is assumed to increase by or converge towards a constant long-term growth rate for the Asset Management CGU of up to 3.3% (2023: up to 3.0%). This is based on projected revenue forecasts of the CGU as well as expectations for the development of gross domestic product and inflation and is captured in the terminal value. Key Assumptions and Sensitivities Key Assumptions:The DCF value of a CGU is sensitive to the earnings projections, to the discount rate (cost of equity) applied and, to a lesser extent, to the long-term growth rate. The discount rates applied have been determined based on the capital asset pricing model and comprise a risk-free interest rate, a market risk premium and a factor covering the systematic market risk (beta factor). The values for the risk-free interest rate, the market risk premium and the beta factors are determined using external sources of information. CGU-specific beta factors are determined based on a respective group of peer companies. Variations in all of these components might impact the discount rates. For the Asset Management CGU, the discount rates (after tax) applied for 2024 and 2023 were 10.4% and 10.9%, respectively. Management determined the values for the key assumptions in the following table based on a combination of internal and external analysis. Estimates for efficiency and the cost reduction program are based on progress made to date and scheduled future projects and initiatives.

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| Deutsche Bank      |
| Annual Report 2024 |

Key management assumptions are:

| Primary goodwill-             
 carrying cash-generating unit | Description of key assumptions                                                                                                                                         |     | Uncertainty associated with key assumptions and potential events/circumstances that could have a negative effect                                                                                                      |
| Asset Management              | —Strong organic growth: Build out Xtrackers and Alternatives offering, maintain robust performance in Active and further building out client channels and partnerships 
 —Future of Finance: Emerge as a winner from disruption in the Asset Management space caused by digital distribution channels                                           
 —Gateway to Europe: Leverage global franchise and roots in Europe to become the first point of contact for global investors targeting Europe                           |     | —Challenging and continued uncertainty around the market environment and volatility unfavourable to its investment strategies                                                                                         
 —Unfavorable margin