Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 563

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 563
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-2021projection |     | Countryspecifictables |

1 Cash balance interest crediting rate in line with the 30-year US government bond yield

| 298 |

| Deutsche Bank      |
| Annual Report 2024 |

For the Group’s most significant pension plans in the key countries, the discount rate used at each measurement date is set based on a high quality corporate bond yield curve, which is derived using a bond universe sourced from reputable third-party market data providers, and reflects the timing, amount and currency of the future expected benefit payments for the respective plan. In 2023, a refinement was made to the Eurozone discount curve methodology in order to better align to long term market data resulting in a benefit recognized in Other Comprehensive Income of € 70million. The price inflation assumptions in the Eurozone and the United Kingdom are set with reference to market measures of inflation based on inflation swap rates in those markets at each measurement date. For other countries, the price inflation assumptions are typically based on long term forecasts by Consensus Economics Inc. The assumptions for the increases in future compensation levels and for increases to pensions in payment are developed separately for each plan, where relevant. Each is set based on the price inflation assumption and reflecting the Group’s reward structure or policies in each market, as well as relevant local statutory and plan-specific requirements. In 2024, the Group introduced a refinement to the methodology for estimating increases to pensions in payment for its main German pension plan to better reflect the effects of recent short-term inflation, which resulted in a benefit recognized in Other Comprehensive Income of € 100million. Among other assumptions, mortality assumptions can be significant in measuring the Group’s obligations under its defined benefit plans. These assumptions have been set in accordance with current best estimate in the respective countries. Future potential improvements in longevity have been considered and included where appropriate.

| 299 |

| Deutsche Bank      |
| Annual Report 2024 |

Reconciliation in Movement of Liabilities and Assets – Impact on Financial Statements

|                                                                        |     |    2024 |     |       |     |       |     |       |     |        |
| in € m.                                                                |     | Germany |     |    UK |     |  U.S. |     | Other |     |  Total |
| Change in the present value of the defined benefit obligation:         |     |         |     |       |     |       |     |       |     |        |
| Balance, beginning of year                                             |     |  10,