Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 586

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 586
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 31, 2023. Other liabilities related to transactions with associated companies were € 0 million as of December 31, 2024, and € 7 million as of December 31, 2023.

Transactions with Pension Plans

Under IFRS, post-employment benefit plans are considered related parties. The Group has business relationships with a number of its pension plans pursuant to which it provides financial services to these plans, including investment management services.

Transactions with related party pension plans

| in € m.                                                         |     |  2024 |     |  2023 |
| Equity shares issued by the Group held in plan assets           |     |     0 |     |     0 |
| Other assets                                                    |     |     2 |     |     1 |
| Fees paid from plan assets to asset managers of the Group       |     |    16 |     |    21 |
| Market value of derivatives with a counterparty of the Group    |     |   679 |     |   698 |
| Notional amount of derivatives with a counterparty of the Group |     | 9,730 |     | 8,146 |

| 316 |

| Deutsche Bank      |
| Annual Report 2024 |

37 – Information on Subsidiaries

Composition of the Group

Deutsche Bank AG is the direct or indirect holding company for the Group’s subsidiaries.

The Group consists of 521 (2023: 520 ) consolidated entities, thereof 229 (2023: 212 ) consolidated structured entities. 328 (2023: 346 ) of the entities controlled by the Group are directly or indirectly held by the Group at 100 % of the ownership interests (share of capital). Third parties also hold ownership interests in 193 (2023: 174 ) of the consolidated entities (noncontrolling interests). As of December 31, 2024, and 2023, one subsidiary has material noncontrolling interests. Noncontrolling interests for all other subsidiaries are neither individually nor cumulatively material to the Group.

Subsidiaries with material noncontrolling interests

|                                                                                      |     | Dec 31, 2024 |     | Dec 31, 2023 |
|:-------------------------------------------------------------------------------------|:----|:-------------|:----|:-------------|
| DWS Group GmbH & Co. KGaA                                                            |     |              |     |              |
| Proportion of ownership interests and voting rights held by non